Could buyers cut out estate agents?
A new ruling designed to update existing legislation could allow more online Estate Agents to compete in the property market, it has been revealed.
The Office of Fair Trading (OFT) has released a report outlining changes which could see both buyers and sellers getting better deals, as the market is made more competitive, rather than over-run with traditional Estate Agents.
At the moment, the OFT has warned as property prices rise during housing booms, so too do Estate Agents' fees, while there is also weak competition between them when it comes to price.
Commenting on the report, David Amstell, founder of Briffy.com, said people selling their property may soon be able to cut out the middle man of Estate Agents.
"The vendors that want to sell or rent property can go on the site and put their property on themselves and cut out the Estate Agent and all the nonsense that comes along with them," he explained.
Mr Amstell noted one of the main reasons house prices are going up in the UK is because of the "hype" Estate Agents create and that prices may be lower if it were not for this.
Britons who feel house prices continue to be out of their reach may instead wish to choose flats to rent in Blackheath or another part of London which could be a more economical option.
Written by Andy Britten
Published 22nd February, 2010
© 2010 Estates IT Limited
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Buyers may soon be able to cut out traditional estate agents following a new ruling, although for the time being Britons may wish to save money by choosing property to rent in London.