According to Which? Some estate agents are guilty of under valuing house prices by up to £125,000. Under the inspection of the consumer group, the Halifax valued a home in Tyne & Wear at £200,000 while another estate agents valuation was £325,000 for the same property.
A homeowner involved in the investigation had two agencies value his property at £250,000, and it was only when he went to a third agency that the value was put at £325,000. It eventually sold for £320,000.
Which? Is continuing to campaign for estate agents to become regulated and a proper redress system to be implemented, as they consider that current consumer protection system is ineffective. It believes that the government should put new legislation in place to protect consumers.
Our view
The agent is supposed to act in the best interests of the seller and it is their job to get the best price they can. If the price is under stated to get a quick sale then we consider this fraud!
The agent should be sent to jail. We agree with Which? on regulation.