JUNGLEdrum News

Tesco moving in?


TescoThe sub text of the OFT’s report on selling homes quite possibly contains the real reason for the study.

The mighty power of Tesco (and others of course) who want to become estate agents without the hassle. The hassle being the issue of ensuring that property details are accurate and not misleading. This part of the Property Misdescriptions Act is the bit that costs money – supporting staff who visit houses, meet the owners, take the details, discuss values etc. in order to do a professional job.

What the OFT seems to be suggesting is that this requirement would be relaxed if the home was sold through an online agent, leaving the responsibility for the accuracy and honesty of the published details to the seller.
This will mean that Tesco could restart their portal that offers cheap sales, taking a single fee and providing very little service at all.

What can be done? Please share your views with PROPERTYdrum by emailing the editor, Sheila@propertydrum.com.

Published in: JUNGLEdrum! The newsbeat from PROPERTYdrum

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