Industry leader responds at last to BBC Panorama revelations

Industry leader responds at last to BBC Panorama revelations


Todays other news
The Property Franchise Group (TPFG) has labelled the latest landlord...
Tenants are spending an average of 39% of their income...
Deposit alternative provider Reposit has partnered with seven letting agency...
Carvers has expanded its town centre office in Darlington....
Industry leader responds at last to BBC Panorama revelations

While many individual agents responded rapidly to the BBC’s reports online, TV and radio about conditional selling scandals, Propertymark took until yesterday morning to issues its first official comment.

In the BBC Panorama programme on Monday evening, reporter Lucy Vallance uncovered evidence suggesting that Connells prioritises buyers who use its in-house mortgage services over others.

During her time inside a Connells branch, Vallance captured footage and recordings that suggested buyers were being favoured based on whether they agreed to purchase Connells’ in-house mortgage and conveyancing services – a practice known as ‘conditional selling.’ Despite often receiving higher offers or cash bids, estate agents appeared to prioritise those buyers who committed to using these financial services.

Connells has denied unfair treatment of customers.

The findings of the investigation were extensively covered across the BBC from late Sunday evening onwards.

Nathan Emerson, chief executive, said in a statement yesterday: “Agents must provide a full duty of care and ensure impartiality to all participants throughout the entire sales and transactional process. Buyers and sellers must have freedom to choose products and services that meet their needs and preferences.

“It is important that agents display an understanding of the impact of key factors which interact with the buying and selling process. This includes areas such as contract law, conveyancing, and mortgage application processes.

“Agents must adhere to the terms of undertaking full due diligence on all parties such as compliance, anti-money laundering regulations, proof of funds and the ability to purchase. They can offer to introduce services which provide appropriate advice and products, but there must be full transparency and absolutely no conflict of interest.

“Due to continuous progression within many areas of law, the housing sector has far greater levels of consumer protection in place than at any point previously, and these standards are constantly evaluated and evolved to ensure they remain fit for purpose.  

“Should anyone feel a service offered to them might fall short on standards – they can raise a case with organisations such as Trading Standards, The Property Ombudsman or the Property Redress Scheme as well as the organisations own internal complaints procedures. In addition, if the agent is a member of a professional body such as Propertymark, they may have additional options for remedy too.”

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Letting Agent Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Recommended for you
Related Articles
Deposit service will ‘buy debt’ if tenant leaves unpaid arrears
There’s been a three year project led by Trading Standards...
Will the big corporate landlords be let off National Insurance?
Propertymark has identified Budget measures which may impact agency businesses....
Rent Smart Wales is 10 years old this week...
Mandatory training and qualifications for agents on the way - government
Better qualified agents do a better job for the industry...
It was thought at one stage that the Bill would...
It appears Knight Frank was involved at one stage...
Recommended for you
Latest Features
The Property Franchise Group (TPFG) has labelled the latest landlord...
Tenants are spending an average of 39% of their income...
Sponsored Content

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.