Shropshire Council backs Office of Fair Trading’s warning over ‘quick house sales’

Shropshire Council’s public protection team has backed the Office of Fair Trading’s (OFT) recent warning over quick house sale companies that may give homeowners much less for their property than it is worth.

Quick house sale providers offer to buy a house or find a third party buyer very quickly, usually at a discount from the full market value.  While providers may offer a valuable service, the OFT is concerned that some practices might lead to homeowners receiving less than the property’s worth.  Any losses could be very high.

The OFT is particularly concerned about the risks to people in financial difficulty – including those who have worked up large amounts of debt or are facing repossession.  Consumers at risk may also include those who need to sell their property quickly following a relationship breakdown or older people, who might need money to pay for their care.

Although the council hasn’t had any complaints or queries recently regarding this in Shropshire, it is thought that this is an increasingly prevalent problem in what is a fairly stagnant housing market.

Steve Charmley, Shropshire Council’s Cabinet member, said:

“We are aware of various schemes of this nature, and whilst the majority of traders provide a good service we would like to know if anybody has had a bad experience of getting a quick sale but unwittingly taking a big hit on home value.”

To report any issues regarding this, people should call Citizens Advice on 08454 040506.