Tuesday, October 14, 2008

Sale and rent-back sharks in spotlight

Sale and rent-back industry should be regulated says OFT

The Office of Fair Trading (OFT) has called for urgent regulation of the sale and rent-back industry. The competition watchdog said In a report published today that more than 50,000 householders had agreed to sell their home to landlords, often for a sum less than its market value, on the assumption that they will be allowed to remain as tenants. However, the OFT found evidence that vulnerable tenants often had no protection against being evicted from their homes months after the sale of their property. Around 1,000 companies are operating in the sector, according to the report.

Posted by peter_2008 @ 10:10 PM (486 views)
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3 thoughts on “Sale and rent-back sharks in spotlight

  • Buy it from the vulnerable for a song with a max 12 month tenancy agreement attached, then kick ’em out as quick as you can before prices fall further. Nasty little people.

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  • It is not an industry. It is a cheap and nasty money making scheme, which I suspect, the government have little or no appetite to regulate.

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  • Sell House Fast says:

    The Times Online has reported a strange phenomenon last week. Apparently many property sellers are starting to ask for far higher prices than normal to sell their house – because buyers are expecting deeper discounts. Here in the UK, pries are already down 14% and are expected to drop by another 10-15% by the end of 2009.

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