- Mias Calls for Better Regulation of Estate Agents

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Mias Calls for Better Regulation of Estate Agents
Added: 03/30/2006 Type: Summary Viewed: 369 time(s) [ Not Rated Yet ]

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Mias Calls for Better Regulation of Estate Agents

MIAS (the Mortgage and Insurance Advisory Service) was alarmed by the findings of the BBC Whistleblower documentary, in which undercover reporters revealed the secret world of estate agents’ unscrupulous practices.

Working in several estate agencies in London, the team uncovered some shocking methods of working, including misleading surveyors about property prices and – in the case of Foxtons – working closely with mortgage advisers at Alexander Hall to discuss potential buyers’ budgets without their prior consent, in order to get as much money out of them as possible (In response to the reports of the Whistleblower programme, Foxtons said: “Foxtons Limited and Alexander Hall Limited pride themselves on the professionalism and transparency of their respective businesses and have the utmost respect for the needs of its clients and will always act in the clients’ best interests.”).

Commenting, Alistair Good, Managing Director of MIAS mortgage brokers UK (http://www.mias-ltd.co.uk), said: “MIAS condemns such behaviour and has welcomed the programme for highlighting the need for the sector to be regulated.”

He added: “While we appreciate that only a minority of estate agents and brokers behave in this manner, the programme did reflect the experiences of a number of our clients”.

Commenting, Roger Milbourn, Director of MIAS said: We feel that the Office of Fair Trading’s code of practice is insufficient to deter such dirty tricks, in what is a largely unregulated industry. To ensure that customers are fairly treated in this high-pressure sales environment, we would urge the industry to introduce a qualification for estate agents, as is the case in the United States.”

Concluding, Roger Milbourn said: “Watching this shocking programme, we could not help but reach the same conclusion as the BBC reporter – that estate agents should be required to have a qualification other than a sharp suit.”

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