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Agent referral fees to be made transparent

2 October 2020 | General

The National Trade Standards has recommended for the introduction of legislation requiring agents to display referral fees.

Mark Hayward, chief executive of NAEA Propertymark, said: “New legislation which will require agents to display referral fees is a step forward, providing clarity to agents that they mustn’t fall foul of the law but importantly ensuring greater transparency for consumers to avoid any confusion about what agents are charging for.

“This is something we’ve been working closely with government and the National Trading Standards on, and given that agents were facing a complete ban of referral fees, we would strongly advise that anyone who isn’t currently displaying their fees should start now, regardless of when the new laws will come into force.”

More to follow

This post has originally been featured in Property Wire.