OFT rules out estate agency regulation

At present, it is possible to open an estate agency without qualifications or permission from any official body. Trade bodies such as the National Assocaition of Estate Agents (NAEA) have been campaigning for regulation in this area for the last few years but the OFT has dismissed the calls as it believes the current situation is working well for consumers. However, it does believe more can be done to help consumers without further regulation including negotiating on commissions paid to estate agents. The watchdog estimates sellers are losing as much as £570m a year collectively by pa...