The action from the Competition and Markets authority fining a number of estate agents for anti-competitive behaviour and breaking competition law might just be the beginning of the long overdue acceleration of transparency in the residential property industry - I certainly hope so.
I have never understood why estate agency fees, mainly in central London remain so high and so similar across so many agencies.
We work hard to research and publish information efficiently (see www.youeye.co.uk) so we can deliver a premium service for a much lower fee (from 0.8% + VAT for selling and from 4% + VAT for lettings and additional 4% +VAT for rent collection and property management).
Transparent markets are good markets and lead to the best for the customer and also support meritocracy and the best businesses succeeding.
It’s a little ironic that the CMA letter has been published at the same time the FIFA scandal broke - way different scales I admit but perhaps not in relative terms for those affected and potentially to be affected in the residential property industry
You can view the open letter here.