At National Property Trade we welcome the study and investigation by the Office of Fair Trade. Having attended both meetings with the Office of Fair trade National Property Trade have been part of the process and contributed to the round table meetings. In a report released today Wednesday 7th August the OFT found the sector to be dynamic and innovative, with some businesses dealing with customers in an open and fair manner. However, the OFT’s report also found that some firms risk giving the industry a bad name by using trading practices that may prevent customers from making informed choices when selling their home, or exploit their difficult financial circumstances.
We support this viewpoint entirely, as a leading UK property buyer. National Property Trade directors have been buying property for ten years and our intention is to continue for the next twenty years. To achieve this goal we are very aware that the industry needs to improve its reputation and essentially we need to ensure that the industry is cleaned up for the benefit of the consumer. A reputable industry will benefit vendors and ethical operators and ensure that bad business practices are eradicated. The office of fair trade have also announced that they will be investigating three quick house sale firms. We welcome this enforcement and it should send a serious message to those operators in the industry who practice illegal or immoral business.
House Buyer Association – it needs to go further.
Our view is that a House Buyer Association should be compulsory for anyone advertising a quick house sale service. That would include all 120 companies who were investigated by the OFT. As has been recommended by the OFT, we believe strongly that a voluntary association without an independent redress scheme would not be in the interests of the consumer or the industry. We don’t believe it goes far enough. We would support a House Buyer Association where an independent body such as The Property Ombudsman could offer redress to vendors who were mistreated and more importantly those vendors could seek compensation.
We want an industry where vendors can sell in the confidence that they are dealing with an ethical business who is answerable to an independent body. An association where the redress is decided by the industry players themselves does not fit our vision for the right quick house sale industry.
Gaucho Rasmussen, OFT Director, said:
“Responsible quick house sale firms offer a valuable service to consumers who want a fast sale” We look forward to continuing to offer this service to our vendors and remain committed to an open and transparent approach in dealing with our vendors.
Full OFT Report
The full report can be found on this link below from the OFT website. We recommend vendors consider the “Top Tips” section which has good advice for those who may be considering a quick sale. Be well informed, do your research, make sure you understand the process and make sure you ask plenty of questions of the company you choose to sell to.
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