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A property expert has claimed that failing to regulate the property market is taking its toll on the estate agent sector.
Chris Marshall told Property Wire that although legislation introduced in 1979 was intended to regulate estate agents, anyone was able to set up in business "without mandatory qualifications or any other permission".
"It wasn't until a scathing report from the Office of Fair Trading just four years ago that the government even realised it should properly tackle complaints handling," he asserted.
Mr Marshall said estate agents "fed the boom that led to the bust" in the market, which is now seeing 150 estate agent branches close each week.
However, current economic conditions may help in "whittling out the weaker members of the pack" and enable stronger companies to "thrive", he added.
The Consumers, Estate Agents and Redress Act 2007 requires all who participate in estate agency work for residential property to join a redress scheme from October 1st.
Mike Haley, director of consumer protection at the Office of Fair Trading, said it is "important" that estate agents are aware of their obligations.
