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OFT welcomes Government plans to reform property search market

23 December 2005

The OFT today welcomed the Government's action plan to reform the way in which property search information is provided. The proposals will increase price transparency and stimulate competition and consumer choice in the market, currently worth £190 million per year.

In a study published in September (see press release 174/05), the OFT found a wide variation in prices charged by local authorities and that some local authorities restricted access to some property information by buyers and their agents. The report called for measures to increase transparency and competition in the market, along with greater liberalisation of the electronic provision of property searches.

Welcoming today's announcement, Daniel Gordon, OFT Director, Market Studies, said:

'The Government's action plan takes on board the OFT's recommendations for liberalising this important market and will set the conditions, ahead of the introduction of the Home Information Pack in 2007, for a dynamic market that serves consumers well in the future.'

NOTE

Download the OFT report Property searches - A market study (pdf 458 kb). This report was published on 21 September 2005, and can also be ordered from the Publications area of the site.

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