The Office of Fair Trading (OFT) has launched a study into the 'quick house sale' market and is calling for people who have used, or considered using, these businesses to contact the OFT about their experiences.
Quick house sale providers offer to buy a house or find a third party buyer very quickly, usually at a discount from the full market value. While providers may offer a valuable service, the OFT is concerned that some practices might lead to homeowners receiving much less for their property than it is worth. Any losses could be very high.
The OFT is particularly concerned about the risks to people in financial difficulty - including those who have worked up large amounts of debt or are facing repossession. Consumers at risk may also include those who need to sell their property quickly following a relationship breakdown or the elderly, who might need money to pay for their care.
“We want to hear from anyone who has used a quick house sale provider, whether they have had a good or bad experience with the business,” said Cavendish Elithorn, OFT Senior Director for Goods and Consumer. “We will protect the confidence of anyone who contacts us and their information will be invaluable in helping us to build up a picture of the market and establish whether we need to take action.”