'More innovation needed' in house selling

There needs to be more innovation when it comes to the buying and selling of homes, it has been asserted.

According to the Office of Fair Trading (OFT), legislation needs to be updated to allow more new entrants on to the market, which could lead to better deals among property buyers and sellers.

A survey conducted by the group revealed that 27 per cent of sellers who used a traditional Estate Agent had considered using an alternative method to sell their home.

However, current legislation makes it difficult for the market to move forwards in order to accommodate such people.

John Fingleton, OFT chief executive, said: "Encouraging new business models, online Estate Agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers."

Britons who do not wish to deal with Estate Agents and who do not feel ready to climb the property ladder could find flats to rent in Blackheath or another part of London provide their housing solution.

Renting may be a particularly attractive option, after Timothy Lambert, head of consulting at Ducalian, said recovery within the mortgage lending market is likely to take some time.

Written Charles Mackay

Published 19th February, 2010

© 2010 Estates IT Limited