Should agents disclose referral fees upfront?
The housing minister has stressed the importance of estate agents disclosing their referral fee arrangements upfront.
Heather Wheeler said buyers needed to make informed decisions.
She was speaking following findings that most buyers who follow an estate agent’s recommendation of a conveyancer do not know if the firm has been paid for that ‘back hander’.
A YouGov survey of almost 500 consumers in England and Wales who have bought a property in the last ten years, reported that recommendation by an estate agent was the most popular primary factor behind their choice of a conveyance.