25/02/2010 - Property sales fees regulation call
The Government has been urged to review and regulate the system of fees linked to residential and commercial property sales.
Comprehensive regulation was needed as there were many examples of "unwelcome practice and inconsistencies" over transparency of fees and commission, said a leading trade body.
The Royal Institution of Chartered Surveyors (RICS) said consumers should be given clear and accurate information in order to make informed choices.
Estate agents can earn commission through selling insurance, Home Information Packs and Energy Performance Certificates to consumers, while letting agents can get commission when a tenancy is renewed.
Max Crofts, RICS president and chairman of the Transparency Working Group, said: "We need to put a stop to the unwelcome practices and enhance regulation and its coverage across the sector in order to improve standards and raise consumer protection."
Copyright © Press Association 2010
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