OFT shake-up to offer 'better deals for home buyers'

Posted: 22 Feb 2010 10:30:57 GMT

A new ruling from the Office of Fair Trading (OFT) could mean that home buyers and sellers will get better deals from the housing market, it has been revealed.

The report suggested that existing legislation should be updated so new entrants are allowed to enter the sector, meaning that traditional estate agents would no longer be able to dominate the property market.

According to one expert, estate agents' fees tend to rise during housing booms, which leads to property prices becoming more expensive on the whole.

David Amstell, founder of Briffy.com, says: "One of the main reasons for property prices going up is because of all the hype that the agents put into the market. If it wasn't for agents, property prices would probably be a lot lower."

He advises that such a development from the OFT could mean that homeowners would be able to advertise their property online and in doing so, avoid paying estate agents fees.

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