The UK’s number one cash property buyer is the latest quick sale house company to join the National Association of Property Buyers, collaborating with the Property Ombudsman (TPO) to create a new Code of Practice in order to protect sellers.
What this means for sellers
A recent study into companies that purchase directly from consumers recommended that the sector began to self-regulate, spurring a number of companies to found the National Association of Property Buyers (NAPB) and follow a new Code of Practice. Now Private Property Buyers have joined them, happy to formally commit to protecting the rights of its customers.
The new Code of Practice explains that all members must:
- follow the same professional standards, as outlined in the TPO’s Code of Practice;
- treat homeowners fairly so they’re able to make an informed choice about how to sell their homes;
- allow consumers using their services to access TPO’s free and independent dispute resolution service in the event of a complaint.
Protecting rights across the market
The founding member of the NAPB Jonathan Rolande explains: ‘The NAPB is the first and only trade association of its kind representing this market sector. Property buying companies have existed for decades but they are still relatively unknown in the eyes of consumers, compared to the fields of estate agency and lettings. Our aim with NAPB is to raise standards and educate so homeowners know what to expect when considering a quick property sale.’
Christopher Hamer, the Property Ombudsman, said: ‘Having met with the OFT on several occasions to discuss the standards and safeguards included in the new Code of Practice, the NAPB’s decision to make it compulsory for all members to register with TPO is a testament to their commitment to self-regulate and offer consumers accountability.’