Petition: Estate agents are overvaluing houses and pricing people out

FreeBear

walesrocks_123 said: I Anyone can become an estate agent and it's not a regulated industry despite contributing £101.2bn to the UK economy.

Whilst it is true that anyone can become an estate agent, there are laws governing their activities. If they are involved in residential sales, then they are required to belong to an approved redress scheme. For more information, please have a read of this - https://commonslibrary.parliament.uk/who-regulates-estate-agents/

AdrianC

Comms69 said:

The vendor determines the price. 

The buyer determines the price, by placing an offer.

If the vendor doesn't agree with it, then the offer doesn't get accepted, and there's no sale.

Hannimal

This is so incredibly naive. 

NortheastEA

There is arguably alot wrong with the buying and selling process and if there was a wish list of things to be changed or campaigned for this would be very low on my list. The conveyancing process hasnt really changed and could be alot more user friendly and quicker with the use of technology for example - having some kind of home condition report ie knowing the issues with the house before you view or buy it would also be useful to stop sales falling through at survey - I could write essays on changes I would like
However the system works to a fashion and there isnt the appetite from some within the industry or the govt to really push through major change so whilst i appreciate the sentiment of what your trying to do your flogging a dead horse.

Jumblebumble

walesrocks_123 said:

I've started a petition to get estate agents to use a chartered surveyor to value the properties they sell. I believe they are artificially inflating the housing market for their own gain. They have no qualifications. Anyone can become an estate agent and it's not a regulated industry despite contributing £101.2bn to the UK economy. 

With no need to support their valuations with facts, estate agents can easily say your house is worth £50,000 more than you thought. Realistically house price is not determined by trivial things estate agents use to value a house and it's wrong to convince sellers they can get more.

Long term I believe their lack of correct valuations will contribute to out-pricing younger generations from the market and prevent a healthy turnover of the housing market.

Thank you

Do you understand how business works? I suspect not.

Crashy_Time

JGB1955 said:

I wouldn't worry about it - it's apparent that valuations for mortgages are bringing some 'sense' to the market.

Exactly, just chill and have a laugh at the agents instead of getting stressed about them.

hazyjo

So if I put my house up for >50k more it would automatically be worth that lol? You think some muppet would not look at what else they could get for their money (like an extra bedroom) and blindly pay it?

Love it 🤣

SpiderLegs

A perfect example of why the govt petitions website is a total waste of time.

AdrianC

SpiderLegs said:

A perfect example of why the govt petitions website is a total waste of time.

Not really. Just because somebody makes a misguided petition over their pet peeve doesn't make it a waste of time.

What DOES makes it a waste of time is the government completely ignoring petitions with millions of signatures.

Owain_Moneysaver

theoretica said:

Scotland has a system where all houses on the market have a basic survey and a valuation.  Hasn't noticeably made prices fall or buying easier for young people.

No, it just puts the cost of a mandatory survey and valuation on top of the asking price as the seller has to pay it. It also discourages people putting houses on the market unless they're sure they want to sell.