Office of Fair Trading (OFT) launches study into Residential Property Management Services
The OFT, as part of the study, will consider whether the residential property management services market is working well for leaseholders and freeholders, including:-
- Whether managing agents and freeholders have the same interest as leaseholders in, for example, keeping down costs for maintenance work or building insurance;
- Whether leaseholders have sufficient influence on decisions taken by freeholders or others with regard to the appointment of managing agents and the supply of residential property management services;
- Whether there are barriers to switching and whether competition between property managers more generally is working well;
- Whether managing agents’ or freeholders’ choice of contracted services may be influenced by links with associated companies and the availability of financial commissions;
- Whether it works well in practice when leaseholders exercise their right to manage their own property.
For further information, please visit the OFT website (www.oft.gov.uk).
If you want any further information on this area, please contact Peter Corrigan.