| From Propertywire.com: House builders in the UK have agreed to form a body to deliver a code of conduct and redress for new home buyers. Responding to pressure from the Office of Fair Trading which has seen the number of complaints soar, they are working towards new rules that are expected to be introduced in March 2010.
An investigation by the OFT found that buyers of new properties are regularly facing problems such as delays in moving in, faults in new homes and issues over reservation fees.The investigation into the house building sector also found a lack of clarity in information provided to homebuyers and potentially unfair terms and conditions in contracts. 'We have concluded homebuyers need more protection when buying a new home and we have worked hard with the industry to help it develop a new approach to self-regulation that will improve consumer protection,' said John Fingleton, OFT chief executive..... Full Article: Source
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