Complaints Against Estate Agents Soar
It has been reported that the Ombudsman for Estate Agents received a massive 8,000 complaints in 2006, up by over one third on the numbers for 2005. While this has risen in line with the buoyant property market, there are concerns that it may only be the tip of the iceberg.
The majority of the complaints seems to centre around poor administration, fees and incorrect sales details although there are a variety of other subjects which have cropped up. It is perhaps a sign of the times that people are actually willing to make formal complaints, assisted by advice on the internet, and unprecedented competition in the sector.
The increase in complaints is also matched by a massive increase in pressure with regards to the process of buying and selling a house. Ever shorter time limits, expensive cost over runs and potential loss of a sale are all adding to the complicated process of house buying and selling. Will the new government sponsored Home Information Packs (HIPs) actually help the situation?
From the 1st June HIPs will be compulsory in England and Wales, and while they have been designed to assist with the process, many are expecting a barrage of complaints in the short term. A lack of inspectors needed to complete the reports is only one of many concerns highlighted by the Estate Agent industry. What will happen in the longer term is uncertain at this moment in time, but it will inevitably be a rocky road.
Will HIPs also cause a stall in the property market, with delays likely to effect the chain of transactions so common in the UK.
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