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The Masked Tulip

Finally Estate Agents Obliged To Reveal Property Problems, Rather Than Keep Quiet

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Finally estate agents obliged to reveal property problems, rather than keep quiet

This appears to be a code of conduct rather than a legal requirement so I can't see many EAs adhering to it - can you?

The days of estate agents singing a property’s praises without mentioning its drawbacks are over. At least, that’s what the Office of Fair Trading has ruled in new guidelines aimed at ensuring buyers are given full and honest details.

In the past, it was up to the buyer to ask the questions. The seller or agent did not have to volunteer every detail about a property — their only obligation was to give truthful answers.

Now the onus is on the agent to be frank and disclose any information that could affect a decision — not only to purchase but even view in the first place.

http://www.dailymail.co.uk/money/mortgageshome/article-2315200/Learn-new-house-rules-Estate-agents-reveal-property-problems-says-OFT.html#ixzz2RqE0WdVA

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Finally estate agents obliged to reveal property problems, rather than keep quiet

This appears to be a code of conduct rather than a legal requirement so I can't see many EAs adhering to it - can you?

http://www.dailymail.co.uk/money/mortgageshome/article-2315200/Learn-new-house-rules-Estate-agents-reveal-property-problems-says-OFT.html#ixzz2RqE0WdVA

So no legal comeback after the purchase?

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The rules, which come under the Consumer Protection from Unfair Trading Regulations, were first drawn up in 2008, but will be more rigorously enforced.

So 5 years later the Mail headlines with

Learn the new house rules: Finally estate agents obliged to reveal property problems, rather than keep quiet

Then

The days of estate agents singing a property’s praises without mentioning its drawbacks are over. At least, that’s what the Office of Fair Trading has ruled in new guidelines aimed at ensuring buyers are given full and honest details.

In the past, it was up to the buyer to ask the questions. The seller or agent did not have to volunteer every detail about a property — their only obligation was to give truthful answers.

Now the onus is on the agent to be frank and disclose any information that could affect a decision — not only to purchase but even view in the first place.

All a bit contradictory - if the rules were drawn up in 2008.

So what's changed since 2008 - they don't explain except to say the"rules" will be "more rigorously enforced".

It sounds like they might (heavy emphasis on might) be more rigorously enforced for a while but is it likely to be permanent. Very unlikely. It's not a great confidence builder for house buyers even though they would like it to be. First Time Buyers shouldn't assume the rules will be rigorously applied when seemingly they haven't been for the last 5 years.

There were similar pseudo promises about improving estate agent's behaviour during the 80s/90s housing recession. Quite worthless they evidently turned out to be as well.

Edited by billybong

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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