SearchFlow has welcomed the findings of The Office of Fair Trading (OFT) study into the property search market, calling for greater consumer choice, increased transparency and more effective competition in the marketplace.
The Government must now decide what action to take and SearchFlow urges for a firm response based on these findings, confirming it is vital to take this opportunity to establish a strong market that operates in the interests of the house-buying public.
The OFT found fluctuations in pricing, complex legislation and poor access to data amongst Local Authorities (LAs) and other information holders. OFT recommendations include guidance from central government on pricing structures, an expansion of the NLIS initiative and new best-value performance indicators as a means to improving operating efficiencies and encouraging competition from the private sector in time for the introduction of the HIP in 2007.
Mark Riddick commented: “At SearchFlow, we have been calling for ‘one market, one standard of information and one fair pricing structure’ across the property search market for many months. The findings of the OFT study are in line with our own views, and send a strong message to Government to reform and clarify the market as a priority.
'With the introduction of Home Information Packs (HIPs) just over a year away, and more firms embracing electronic conveyancing, it is vital that property information held by Local Authorities should be more readily available. Central and Local Government face significant challenges in making the necessary changes and SearchFlow will support them every step of the way. There is a greater need to access property data more efficiently, so the call for a more streamlined, efficient and transparent market from the OFT is well timed.”
