Consumers, Estate Agents and Redress Act

Canucklehead

Good morning: Does the Act still come into effect this month and will it address the problems raised by the Which? campaign?

http://www.which.co.uk/reports_and_campaigns/house_and_home/Campaigns/Estate%20agents/Move%20it%20campaign/Move_it_campaign_overview_560_53904.jsp

Canucklehead

jimc_2

No it's been delayed because one of the proposed bidders dropped out and there were more questions about criteria.

The OFT website says that it is waiting for submissions until 10 April and will then 'consider' these. How long consideration will take is anyone's guess.

Canucklehead

jimc wrote: »

No it's been delayed because one of the proposed bidders dropped out and there were more questions about criteria.

The OFT website says that it is waiting for submissions until 10 April and will then 'consider' these. How long consideration will take is anyone's guess.

Cheers for that! I'll keep my eyes open for updates...interested to see how and when the Act is finally implemented...echoes of HIPS?

Canucklehead

jimc_2

The actual quote on the OFT website is:

"The Consumers, Estate Agents and Redress (CEAR) Act 2007 enables the Secretary of State to require those engaging in estate agency work in relation to residential property to be members of an OFT approved estate agents redress scheme." (My emphasis)

I was talking to the Estate Agents Enforcement section a few weeks ago and there was no mention of a rolling membership or phased roll-out.

It does however look as if there will be more than one redress scheme and agents will be able to choose which to belong to.