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Saving For a Space Ship

Foxtons Journo On Gmtv Now

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The Foxtons tv doc undercover Journo & NAEA trade Assoc spokesman, interviewed on Gmtv now discussing if Ea's should be regulated.

Had a statement from Foxtons saying something like 'those who've done wrong will be disciplined & some involved have left etc'

NAEA guy said they had a thick file asking Gov for EA regulation & presenter said 'doesn't this just confirm what we all already suspected about Ea's'


Should estate agents be better regulated? vote online here http://www.gm.tv/index.cfm?articleid=19709...d=788&pollpos=1

As journalists uncover the unscrupulous nature of property dealers we ask - do you trust estate agents?

Two BBC reporters have gone undercover to reveal the underhand tactics used by estate agents to line their pockets while cheating trusting buyers and sellers out of thousands of pounds.

Using hidden cameras and microphones, they captured damning evidence of illegal practices and a series of tricks being perpetrated on the public. In the worst, a property developer was offered a £190,000 property for £140,000 by an estate agent in Fulham - as long as he threw in £10,000 for the agent.

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BBC reporter Anna Adams said: "He would have cheated the owner out of £50,000. That money was his nest egg and he'd put his trust in an agency that has a good reputation. That was when I really saw how unscrupulous estate agents can be."

Another common practice highlighted included not passing on buyers' offers to encourage higher bids. Calls are being stepped up for a full system of regulation on the industry.

Dirty tricks

Some of the other tricks the estate agents used include:

Overvaluing houses to secure business from sellers

Supplying customers with fake documents to secure a mortgage

Not passing on buyers offers to encourage them to make a higher bid

Faking signatures to speed up tenancy agreements

Fair trading

The report comes as the Office of Fair Trading launches a code of practice for agents. The Ombudsman for Estate Agents Company Limited's code of practice is aimed at trying to ensure home buyers and sellers get a fairer deal when using the services of estate agents who are OEA members.

Estate agents with the OFT Approved code logo promise:

access for complainants to a free dispute resolution via the Ombudsman for Estate Agents scheme

surveys to test consumer satisfaction and code compliance levels

a disciplinary council to deal with members who do not deliver the standards required by the code

best practice in giving property valuations

To find out if your estate agent is OFT approved, click here http://www.codes.oft.gov.uk/default.aspx

Have you ever felt let down by an estate agent? Let us know by filling in the form on this page below

Edited by Saving For a Space Ship

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  • 301 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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