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First time buyers could be helped by new OFT findings
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First time buyers could find it much easier to get on the property ladder, if the market is reformed to make estate agents more competitive.

A report from the Office of Fair Trading (OFT) found that updating legislation and innovating through online services could have a "dramatic impact" on the costs involved in buying and selling homes.

The standards body believe that the current legislation, dating from 1979, may hold back new business models, which can suffer unduly from red tape.

The report highlights, in particular, services that only introduce private sellers to each other.

More than a quarter of prospective buyers (27 per cent) wanted to explore alternative methods to using the traditional estate agent, according to the OFT.

In addition, opening up the market to other brokerage models would make the regular ways of buying and selling the home more competitive – offering more choice to first time home buyers.
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Date Published: 18 February 2010

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