OFT gives home builders second chance

26-Sep-2008

The Office of Fair Trading (OFT) is giving home builders a second chance to improve consumer protection, in a move which might give first-time buyers (FTBs) more confidence in buying new-build properties.

Specific criteria and milestones have been outlined by the OFT, which has warned that if the industry fails to make adequate progress it will recommend the introduction of a statutory redress mechanism.

Catriona Bright of New Build Inspections, called the move a "wake up call" for homebuilders.

However, she warned that there is no guarantee that the system will work, so FTBs should still consider the purchase of a new home carefully.

"What is clear from the report however, is that continued failure to improve will not be tolerated, a strong signal that the OFT is committed to improving standards, even if the major industry players are not," Ms Bright concludes.

According to recent figures from the Land Registry, the average house price is £174,493, which shows a month-on-month decrease on 1.9 per cent.

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