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It has been revealed in a report by the Office of Fair Trading (OFT), that sellers and home buyers urgently need an alternative to traditional estate agents.
The call comes at a time when many conveyancing experts believe that the industry needs to be shaken up in order to survive the difficult economic climate and to ensure better value.
The OFT states that commission rates are ‘sticky' and price competition between traditional agents remains weak and poor.
This usually means an increase in agent fees during property booms and hot prices, only for them to plummet when activity cools down and off.
The report acknowledged that whilst web pages have transformed mortgage access, finding conveyancing solicitors and aids people when moving to different properties - the portals are still dominated by traditional estate agents.
Times are changing – so should property practices
It is not difficult to see why many are calling for a change in the sector. A recent survey found that just 32% of those who had used a traditional estate agent said they believed that the fees they had paid represented slightly or very poor value for money, although 64% of sellers in England and Wales admitted that they had not negotiated a lower fee.
Responding to the findings, the OFT and consumer groups urged home sellers to negotiate on price when choosing an agent.
"We also encourage home sellers to negotiate hard on commission fees and consider using alternatives to traditional estate agents," John Fingleton, chief executive of group.
The year-long report claims that innovation could have a ‘dramatic impact' on the cost of selling and buying a home, especially via online services.
The OFT therefore urged policymakers and regulators to consider ways of clamping down on potential conflicts of interest within the home-buying system - particularly payments for related services such as such as mortgage advice, surveys, and conveyancing.
The organisation said: "Legislation should therefore be updated to accommodate alternatives to traditional estate agency, and ensure the market is as open as possible to new entry and innovation."
Fingleton stated: "Encouraging new business models, online estate agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers.
"The government can help this process by updating legislation and making sure regulation only applies where it is essential to protect consumers," he said.
Industry professionals however believe that more needs to be done in the sector, in order to give clients the best possible service, and in turn, help revive the property market.
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