National Property Trade is a leading UK home buyer, are disappointed with a recent announcement by the Office of Fair Trading (OFT), where they mentioned that they will not be taking any further action into the quick house sale industry.
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.”
OFT Consumer enforcement action taken can be seen here.
Cormac Henderson, Director of National Property Trade, explains: “As a market leader, National Property Trade were consulted by the OFT at the round table 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 have 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. As a market leader we are dedicated to giving consumers the confidence to sell to ethical and genuine firms. To this end we will be voluntarily be joining the Property Ombudsman and where they will regulate us as under the National House Buyer Association code of conduct.”
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
•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 forecast for £20 Million in 2014/2015.
Website – https://www.nationalpropertytrade.co.uk
Freephone – 0800 298 3140
National Property Trade is rated 4.91 stars by Reviews.co.uk based on 211 merchant reviews