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Daniel Lowerson and I attended a round table meeting today on the invitation of the office of fair trade to discuss solutions for the quick house sale industry. It was a very open debate at their offices off Fleet Street and made for a thoroughly enjoyable couple of hours.
The OFT hosted an opportunity for the main players in the industry to contribute their views on what the “right picture” looked like from the vendor perspective. Around the table we debated the issues vendors face in the industry especially from unscrupulous buyers who mislead and mistreat our sectors consumer or property sellers. From my point of view, the OFT were particularly positive and stressed the importance of a quick house sale sector especially highlighting the benefits that sellers gain from having the option to sell to a quick cash buyer.
The general views in the room were that both vendors and genuine quick property buyers would benefit from a voluntary code of standards where mistreated vendors could find redress through a body or industry association. This would involve not only clear operating standards but also emphasised the importance of educating vendors on English property law. In doing so they can fully understand their position in a property transaction and consequently perhaps those more vulnerable vendors can make a better informed decision for their situation.
National Property Trade look forward to contributing further during the next stage of the process and we will be involved in establishing a more transparent and open sector for the benefit of all.
Cormac Henderson, Director NPT.
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