The Office Of Fair Trading On Online Estate Agents

The Office of Fair Trading said in its most recent report into the estate agency industry that the internet had changed the way that people search for a home but had not yet altered the culture of sellers' habits. They were surprised that given that buyers rarely venture into a High Street estate agency anymore that sellers still felt the need to approach 'expensive' High Street firms whereby the seller would inevitably pay an average of £3000 in fees or more.

The OFT stated that online estate agents should be encouraged. They feel that internet estate agents are the most likely way that commissions will be driven downwards to the benefit of the consumer. The OFT even went as far as to suggest that Government should consider diluting legislation such as the Property Misdescriptions Act in order to open up the market to more online property selling companies.

Here's a link to the OFT's press release on the subject http://www.oft.gov.uk/news-and-updates/press/2010/18-10