Question

To ask the Secretary of State for Business, Innovation and Skills, if he will make it his policy to provide guidance for the protection of consumers on the practices of cash for property businesses so as to ensure that sellers are fully aware of the financial implications.

There are government funded consumer websites such as the Money Advice Service and Citizens Advice that provide advice and guidance to home sellers who wish to sell their property quickly and may be considering businesses offering a quick sale service.

In 2013, the Office for Fair Trading published a report on quick house sales and as a result targeted advice and tips were developed for those considering this type of sale. Businesses involved in the quick sale market are subject to consumer laws such as the Consumer Protection from Unfair Trading Regulations 2008 (CPRs) and may be subject to sector specific legislation such as the Estate Agency Act 1979 (EAA), depending on the nature of the work they undertake.