The Office of Fair Trading (OFT) have said that many Local Authorities are overcharging consumers for property searches, which range from £55 to £269. With sellers having to provide Home Information Packs by 2007, the OFT have recommended that local authorities make their property information available to third parties on non-discriminatory terms that do not advantage their own property search activities over competing search providers, making the information more accessible to buyers, sellers and estate agents.
Property information is available through three main routes. The first is via a direct request to the information holder. The second is through an electronic gateway that acts as a centralised point of contact between information holders, consumers and their conveyancers. The third way is through a property search company which co-ordinates searches to provide a single data package. The OFT believe that their suggestion should create more consumer choice and more effective competition in the market place for property information.
Our view
Seems a logical and fair move.