You are here: Home - Mortgages - First Time Buyer - News -

Estate agents forced to make record customer compensation payouts

0
Written by:
08/05/2019
Estate and letting agents were instructed to make payouts to disgruntled customers worth around £2.17m in 2018 by the Property Ombudsman.

This is a sharp rise from the £1.36m estate agents paid out last year.

The largest single payout from an estate agent came to £25,000, while the largest payout from a letting agent totalled £16,291.

In its annual report, the Ombudsman revealed it had seen a 22% jump in enquiries from consumers, up past the 29,000 mark.

In total it dealt with 4,246 complaints, up by 16% from 2017.

Communication and record keeping were the most common reason for a complaint against an estate agent, followed by marketing and advertising, and terms of business.

With letting agents communication and record keeping was also the biggest issue, though this was followed by management problems.

Katrine Sporle, the ombudsman, noted that she was particularly concerned at the “rising number of complaints from consumers faced with demands to pay two commission fees following the sale of their house.”

However, she argued that the ombudsman’s increased workload was not necessarily a result of agents’ standards slipping, but rather that people were more aware of their rights “particularly off the back of the Government’s consultation into strengthening redress in the housing market, and subsequent media publicity on the future of consumer protection and driving out poor practice in the industry”.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • “Families tend not to talk about money and death. But if we don’t talk about these themes it becomes very hard to m… https://t.co/YsaDJzyClW
  • RT @STEPSociety: UK Ministry of Justice abandons plan to increase EW probate fees, described by STEP’s Emily Deane TEP as a stealth tax on…
  • RT @STEPSociety: UK Ministry of Justice abandons plan to increase EW probate fees, described by STEP’s Emily Deane TEP as a stealth tax on…

Read previous post:
Overcoming Brexit: UK plc revenues jump 8%

The first quarter of 2019 represented a game of two halves for UK plc: the 40 largest companies prospered, while...

Close