National Property Trade are disappointed with a recent announcement by the Office of Fair Trading
National Property Trade, a leading UK home buyer, are disappointed with a recent announcement by the Office of Fair Trading (OFT) (now closed), where they mentioned that they will not be taking any further action into the quick house sale industry.
Despite calls from the public, from the property industry and from the quick sale industry itself, the OFT has decided not to hold any companies to account.
Four companies, Gateway Homes UK, Property Rescue Ltd, Box MX and BTA Properties, have ‘agreed to improve their practices’ and Gaucho Rasmussen, Director at the OFT states “it is our intention that other businesses within the sector take note of our investigation and the advice we have provided and review their own practices.”
Cormac Henderson, Director of National Property Trade, explains: “As a market leader, National Property Trade were consulted by the OFT at the roundtable meetings. It was the OFT’s intentions to protect the consumer from rogue companies who were engaged in shoddy practices. We supported the investigation into the four companies, albeit a small number it does quite rightly highlight the rogue practices which have been taking place. Although consumer enforcement has taken place, unfortunately, the OFT has chosen not to penalise them with any retrospective penalties or action and we believe it doesn’t go far enough. We believe it has missed an opportunity. We are dedicated to giving consumers the confidence to sell to an ethical and genuine firm. To this end, we will be voluntarily joining the Property Ombudsman which means National Property Trade will regulate us under the Property Buyers code of conduct. Any vendor who isn’t happy with us can simply make a complaint under the TPO redress scheme”
National Property Trade is very disappointed on behalf of sellers and urges them to beware of false promises. Checks that can be undertaken are…
1. Check the company’s financial records to ensure they hold their own cash reserves or have access to finance to complete a sale within a set timescale – alternatively you can also ask to see proof of funds from their solicitor and this should be provided within 24 hours.
2. Check the company has a clear and transparent code of conduct.
3. Do not sign any option agreement or pay an up-front fee.
4. Ensure the company offers a no-obligation service
Key facts about National Property Trade
•Leading UK Home Buyer
•UK’s fastest growing Home Buyer with 118% growth in the 2013/2014 and forecasted to grow by 66% in 2014/2015.
•Directors buying UK property since 2003
•Bought over 1,000 properties
•Annual turnover of £12 million in 2013/2014
•Annual with a forecast for £20 Million in 2014/2015.
Website – https://www.nationalpropertytrade.co.uk
Freephone – 0800 298 3140