OFT fails to protect sellers from rogue quick house sale companies

Despite calls from the public, from the property industry and from the quick sale industry itself, the OFT has decided not to hold any companies to account and ultimately not protect house sellers. 

Quick Move Now, the UK’s leading home buyer, is disappointed at the announcement from the Office of Fair Trading (OFT), stating that it will not be taking any further action over the quick house sale industry.

Four companies, Gateway Homes UK, Property Rescue Ltd, Box MX and BTA Properties, have ‘agreed to improve their practices’ and Gaucho Rasmussen, Director at the OFT states “it is our intention that other businesses within the sector take note of our investigation and the advice we have provided and review their own practices.”

Danny Luke, Director of Quick Move Now, explains:

Quick Move Now worked closely with the OFT in its investigation of the quick sale industry and in our position as the industry leader, we provided many examples of best practice.

The OFT has full evidence about each company, and can see clearly how many were misleading sellers. Instead of taking the opportunity to protect consumers by legislating to clean up the industry, they made a showcase of just four, without actually taking any action against them.

The OFT then says it encourages the market to follow the best practice guidelines that Quick Move Now helped to put together, with absolutely no enticement to do so and apparently no consequences if they don’t.

Quick Move Now is very disappointed on behalf of sellers and urges them to beware of false promises.

Checks to protect house sellers that can be undertaken are…

  1. Check the company’s financial records to ensure they hold their own cash reserves – you can also ask to see proof of funds from their solicitor and this should be provided within 24 hours
  2. Check the company has a fair and honest charter
  3. Do not sign any option agreement or pay an up-front fee
  4. Ensure the company offers a no-obligation service

Quick Move Now Company information:
Quick Move Now is the UK’s leading home buyer, offering a quick, secure and hassle-free house sale. Our experienced team, efficient processes and substantial cash reserves enable us to make immediate purchases, so vendors can sell their house quickly and move on with their life.

Key facts about Quick Move Now:

  • UK’s largest home buyer
  • Traded independently since 1998
  • Bought over 5,500 properties
  • Annual turnover of £65 million
This content was written by Quick Move Now
Published on 18th December 2013
Last updated on 23rd November 2017


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