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National Association of Property Buyers: Launch of the OFT backed Initiative

National Association of Property Buyers: Launch of the OFT backed Initiative

Essex (rushPRnews) 06/05/14 — The Property Ombudsman Collaborates with Leading Property Companies to Launch the National Association of Property Buyers

Due to a study conducted by the Office of Fair Trading (OFT), The Property Ombudsman in collaboration with leading Property Purchasing Companies have this month launched The National Association of Property Buyers (NAPB).

The study, which was conducted in 2013, noted that although there were many positive aspects within the ‘Quick House Sale’ sector, it highlighted a number of concerns that needed addressing – suggesting that it should adopt a form of self-regulation.[1]

It was therefore decided that eight leading property companies, including the likes of Property Rescue, a property purchases company, form a trade body to deal with issues outlined in the report.

Any property buyers wishing to join the NAPB must also register with TPO and follow a new Code of Practice to ensure that:


 

[1] http://www.oft.gov.uk/shared_oft/market-studies/oft1499.pdf

 

  • Any and all NAPB members follow the same professional standards outlined in the TPO’s brand new Code of Practice,
  • All homeowners are treated fairly and are in a position to make informed decisions about how to sell their home
  • Consumers using a NAPB agent can access the TPO’s free dispute resolution service when the need arises

 

Jonathan Rolande, one of the NAPB’s founding members said that:

“The NAPB is the first and only trade association of its kind representing this market sector. Property buying companies have existed for decades but they are still relatively unknown in the eyes of consumers, compared to the fields of estate agency and lettings.

“Our aim with NAPB is to raise standards and educate so homeowners know what to expect when considering a quick property sale.”

Christopher Hamer, The Property Ombudsman said:

“The OFT’s Market Study provided a real insight into the sales practices of property buying companies. It is a credit to those firms that have set up the NAPB that they have taken action to address the findings and worked with TPO to create a new Code of Practice and facility for consumers to access a free, independent dispute resolution service.

“Having met with the OFT on several occasions to discuss the standards and safeguards included in the new Code of Practice, the NAPB’s decision to make it compulsory for all members to register with TPO is a testament to their commitment to self-regulate and offer consumers accountability.”