First time buyers to be boosted by OFT investigation

22-Jun-2007

The Office of Fair Trading (OFT) has announced that it is to launch an investigation in the housebuilding industry in an effort to outline best practices with regards to both the economy as well as first time and other house buyers.

The study will examine the way in which the house buying experience can be improved, with the OFT saying that it is concerned that the current process "may not be working well for consumers".

The OFT added that it believes the housing industry has not followed in full its obligations to increase customer satisfaction and introduce a code of conduct, as outlined in the 2004 Barker report.

"For individual house buyers, even low levels of dissatisfaction can translate into very high detriment. The study will examine how regulation and competition in the market might work better for both the economy and individual house buyers," commented OFT chief executive John Fingleton.

Forthcoming Home information packs have been widely touted as one way in which the process, if not the cost, of getting onto the property ladder will become simpler for prospective buyers.

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