Date Published 13 September 2012
In connected moves this morning, it was announced that the Property Misdescriptions Act is to be repealed and the Estate Agents Act is to be amended.
The amendment of the EA Act 1979 means that new entrants will be able to operate within estate agency without having to comply with the legislation.
The change, which will `help home owners privately advertise and sell their houses`, comes as part of the Red Tape Challenge being carried out by Vince Cable`s BIS department.
A consultation on the proposed change, which will allow online agents and the likes of Tesco to operate in the market, was held this summer, but very few knew about it.
The Government said of the amendment that it will ensure that new business models `do not face disproportionate costs as a result of regulations intended for traditional agents`.
Consumer Affairs Minister Jo Swinson said this morning: "A flourishing housing market is hugely important to the economy . . . These intermediaries help buyers and sellers contact each other at a low cost but don`t engage in other estate agent activities, so it`s unfair to expect them to go out and check all the property details of all the sellers on their websites."
Also this morning, the Government has announced that it will repeal the Property Misdescriptions Act. Instead, traditional agents will be bound by other legislation.