Following the Office of Fair Trading’s (OFT's) year-long investigation into the estate agency sector, the regulator has proposed changes to the law which would allow supermarkets and search engines, for example, to sell property for a flat fee, a change from current levels of 1.5% to 3.5% of the sale price.
This means that multiple retailers and online search engines (Tesco and Google, for those needing pointing) can opetrate via a (low) flat fee....
Under the OFT proposals, a firm such as Tesco would be exempt from the need to check the accuracy of each house sale advertisement on its website. The seller would be responsible.
OFT spokeswoman: "…. we just need enough to start shaking things up and putting pressure on the traditional model.”
Wanna bet?
Have a de-regulated weekend, from the Namnews Team!
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