Home buyers need more protection, consumer groups say
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A code of practice to govern the estate agency industry has gained approval from the competition watchdog, the Office of Fair Trading (OFT).
The OFT only approves codes which it deems to offer greater consumer protection than is available under law.
The Ombudsman for Estate Agency (OEA) scheme can award compensation to buyers or sellers of property if it finds they have been badly treated.
However, at present, only four in 10 UK estate agents are scheme members.
But this will increase to nearly seven in 10 in April when the scheme is joined by all members of the National Association of Estate Agents.
Higher standards
From Tuesday, estate agents who belong to OEA scheme can display the OFT Approved code logo to show they are committed to higher standards of customer service.
"Consumers can be assured that when they choose an estate agent that is displaying the OEA/OFT Approved code logo, they will be treated fairly if they have a complaint," said John Fingleton, OFT chief executive.
This is the first time the OFT has approved a code for estate agents.
It already approves codes of practice in the travel agency and vehicle repair industries.
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