Home buying 'an important transaction'

Posted: 18 Feb 2010 12:19:06 GMT

Purchasing a home usually represents one of the most significant transactions in a person's life, according to the National Association of Estate Agents (NAEA).

Commenting after the release of the Office of Fair Trading's Home Buying and Selling Report, Peter Bolton King, chief executive of the NAEA, said his organisation is "very happy" to see "high levels of consumer satisfaction" with estate agents.

However, he called on a higher level of regulation for the property buying and selling market, as consumers would benefit from "robust and appropriate" levels of protection on this important purchase.

"The need for consumer protection in the form of a more professional industry is the driving force behind our plans to introducing a licensing scheme for our members later this year," he added.

Earlier this month, the NAEA's Gary Smith commented that first-time buyer purchases account for nearly one in every four property sales made in the UK.

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