The Office Of Fair Trading (OFT) today release the findings of their study into the quick house sale market.
There have been concerns that some potentially vulnerable people have been pressured into selling a property significantly below market value and that some unfair practises such as last minute price reductions have been used by certain companies.
Sellers are generally attracted by promises of fast cash online or in newspaper advertisements only to later find out that the price offered is less than they had originally expected.
We welcome the OFT report and look forward to continuing to work towards improving the reputation of this important sector of the market and hope that sellers will take this opportunity to carefully weigh up all of their options when considering a sale.
The sector represents around 1% of all UK residential transactions with total sales in the region of £0.5 to 0.9 billion a year.
The OFT will look to regulate the sector and encourage sellers to take basic steps to protect their interests such as seeking independent legal advice prior to signing documents and ensuring that they are aware of the true timescale involved.
Jonathan Rolande is on Daybreak this morning at 06:20 AM and 07:10 AM with members of The Office Of Fair Trading.
You can download the report here.
For any specific queries please contact Jonathan Rolande at firstname.lastname@example.org.