Categories:Real Estate,UK

OFT investigates 'quick house sale' firms

By Sarah Reynolds

The Office of Fair Trading (OFT) has carried out a study into the quick house sales sector and the alleged unfair practices of some of the businesses involved with these sales that may have led to certain customers losing tens of thousands of pounds.

Quick house sale providers offer to buy a house or find a third buyer very quickly and hassle free; however, this is usually at a knock-down price (typically between 10 and 25 per cent) of the full market value of the property.

The OFT launched the study in April this year following concerns about the risks to sellers in vulnerable situations, such as older people needing to move quickly due to declining health or those needing to clear debts and/or to avoid repossession…

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