New build code of conduct 'to increase market confidence'

Posted: 30 Sep 2008 12:27:36 GMT

            Property News - New build code of conduct 'to increase market confidence'

The new code of conduct and redress scheme being set up by home builders for unsatisfied homebuyers will increase consumer confidence in the UK housing market, it has been claimed.

An agreement to develop a new code, to come into force by 2010, was reached by representatives from across the new build property sector following the release of a report from the Office of Fair Trade (OFT).

Although it found no evidence that homebuilders are restricting supply in order to inflate prices, the report did suggest that new homebuyers are experiencing delays in moving in, faults in new homes and potentially unfair terms and conditions in their contracts.

Steve Turner, of the Home Builder's Federation, said: "The code alone won't kick start the housing market; it's going to take a range of measures to kick start the housing market.

"But obviously the code of conduct is an additional guarantee for people, it strengthens the code already in existence, and should give people confidence that the property which they buy is of the highest quality."

According to a survey by the National Consumer Council conducted last year, 29 per cent of new build houses were considered to be of poor quality.

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