After admitting to illegal price-fixing four real estate agents have been fined more than £370,000 by the Competition and Markets Authority.
The CMA says firms were charged with colluding to set minimum commission rates for residential property sales at 1.5 per cent. This then denied local home-owners selling their houses the chance of getting a better deal. The
CMA cartel enforcement senior director Stephen Blake says: “Moving home is expensive and this shouldn’t be made worse by estate agents conspiring to deny their customers the best possible deal, by agreeing not to compete on fees.
Full Content: Mortgage Strategy
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