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In Estate Agency, a high valuation does not mean you’ll get more for your property, nor does it indicate a high-value service!
Estate Agents’ market valuations are usually free, and because of this, it is very tempting for prospective sellers to invite a number of Estate Agents to comment and then select the Agent that suggests the highest likely sale price for the property.
However, we advise caution on this issue. Some (mainly corporate) Estate Agents’ valuers are paid a bonus on the number of new instructions they secure, irrespective of the saleability of the property offered for sale at their suggested value.
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Estate agents to face mandatory qualifications and referral fee transparency.
In April 2018, at the time Housing Secretary, Sajid Javid, vowed to tackle "stressful" delays faced by buyers and sellers.
Moreover, all estate agents will be required to hold a professional qualification under new government rules to crack down on "rogue" operators.
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The campaign to reform the current Stamp Duty system and have recent increases for landlords and owners of high-value homes reversed is gaining momentum as a raft of the Tory MPs, think tanks and media line up. Yesterday the free-market supporting Adam Smith Institute said current Stamp Duty system is costing the economy over £9 billion a year because it prevents people moving to the homes they want near to their place of work, and that they must commute long distances instead.
The Telegraph newspaper has also been running a campaign to reform the duty, which it says taxes too unfairly those who through no fault of their own have to pay high prices to move up their local property ladder.