What has the DTI said?
More than nine out of 10 people buying and selling a home in England and Wales use an estate agent: the industry is worth an estimated 2.5bn annually. But anyone can set themselves up as an estate agent and play a crucial role in the most important purchase most people will ever make. Under new proposals, estate agents will have to join an industry-wide ombudsman scheme. Failure to join the scheme could lead to firms being banned, the DTI says. In addition, agents will be required to keep written records of all sales. But Consumer Minister Gerry Sutcliffe has ruled out licensing of estate agents on the grounds that it could deter good estate agents from setting up businesses. The DTI’s proposals follow a critical report from the Office of Fair Trading, the UK’s trading watchdog, and are a response to growing complaints about the activities of some estate agents. How widespread are complaints about agents? During 2002 the industry ombudsman saw complaints rise by 16%. The majority of co
