As the UK's largest property ombudsman scheme, with more than 22,000 sales and lettings branches registered, Ombudsman Christopher Hamer responds to today's OFT market study.
Commenting on the report issued today, Mr Hamer said:
'This report reveals that there is yet another area of the property sector where there is no formal regulatory framework. As with the residential lettings sector there is a minority, albeit sizeable, number of 'quick house sale' firms that do not appear to follow established standards or acceptable trading practices. The result is an unsafe environment for consumers at a time when they are making important decisions concerning the sale of their home perhaps when under severe financial or health pressures.
'Consumers using 'quick house sale' firms have no access to independent redress and the risks associated with this are significant. Whilst I note that the OFT is pursuing a self-regulatory approach, the only way of realistically ensuring all such firms provide consistent service is through legislation.'