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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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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