OFT to investigate estate agents - papers 12th June

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Estate agents are to face a year-long investigation into their £4bn-a-year ($5.8bn) business in Engl...

Estate agents are to face a year-long investigation into their £4bn-a-year ($5.8bn) business in England and Wales. The move follows a doubling in the number of official complaints about the profession in the past five years, says the FT. The Office of Fair Trading (OFT) will examine fee structures, how effectively competition operates among the 9,000 to 10,000 firms and how well the Estate Agents Act is working. It will also study the very different selling practices and legal arrangements in Scotland, the US and European countries. The inquiry was announced by John Vickers, the d...

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