Code of practice for NAPB launched

Code of practice for NAPB launched

The Property Ombudsman recently launched the Code of Practice for the newly-formed National Association of Property Buyers.

The NAPB has been created in response to recommendations from an Office of Fair Trading study that found a need for self-regulation of the quick house sale firms. The OFT report found that some practices in the sector, which purchases properties from homeowners who need a fast, hassle-free sale, were leading to some customers being treated unfairly. Whilst this is broadly seen as a step in the right direction, the new NAPB has been criticised for lacking a robust solution to the sector’s problems.
 
One of the founding members of the NAPB, Danny Luke, director of Quick Move Now comments:
 
“This is a positive move in the right direction, but it isn’t a gold standard. There are still practices against which the NAPB doesn’t guard, such as allowing brokers to misrepresent themselves as buyers. So this body lacks any teeth – it can’t properly vet members and it can’t sanction those who abuse their position. Quick Move Now thinks people who use our services deserve the highest possible standards or service and transparency, because often they’re in a vulnerable position. Therefore the NAPB is only one small step in the process of cleaning up this sector.”

David Newnes, director of Your Move and Reeds Rains owned by LSL Property Services PLC, commented: 

“Although building on the momentum from the start to the year, the mortgage market is clearly undergoing a period of adjustment. But it would be premature to assess the full impact until the dust settles from the regulatory shakeup.  In the meantime mortgage lending is continuing its firm recovery, particularly at the lower end of the market – traditionally the realms of first time buyers.  In April we saw 48% more high LTV loans than a year ago.
 
“The Mortgage Market Review only recently implemented more stringent borrowing conditions, alongside tighter stress-tests and affordability checks from lenders. And now we are also seeing banks such as Lloyds place their own limitations to regulate home loans. But there is no reason for this to dent the confidence emanating through the property market.
 
“Demand is set remain strong and house building needs to increase substantially to ensure that the stream of new homes doesn’t dry up. Supply is starting to trickle back to life, but we need a faster flow of available housing stock to keep growth in motion and price rises in check. Recent reports show a 4.7% annual price rise outside London which is sustainable growth and this needs to be carefully maintained.”


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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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