UK Money News
16th June 2008
Report calls for radical reform of property market
Far-reaching reforms of the UK property market have been recommended in a new report from influential housing sector bodies.
The review has been backed by the Royal Institution of Chartered Surveyors (Rics) in July 2007, along with the National Association of Estate Agents (NAEA) and Association of Residential Letting Agents (ARLA) and highlights a number of problems it perceives are affecting the residential property market.
These include a lack of transparency for consumers and a raft of unnecessary red tape which hampers the work of providers of property services.
To address these problems, the report suggests that a new organisation is founded to oversee regulatory changes as well as scrapping home information packs and forcing estate agents to pass an exam before being permitted to sell properties.
Sir Bryan Carlsberg, the report author, said: "Hips should be scrapped or at least made voluntary.
"They don't make a useful contribution to the house buying process. They don't speed up transactions and they are in danger of becoming out of date too quickly. It seems to me to impose a cost, without bringing any benefit."
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