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Should agents be held responsible for overvaluations?

Former NAEA Propertymark President Stephen McCarron has questioned if agents should be held responsible for clients losing out from overvalued properties.

Speaking on the latest Agents MVMT podcast, which discussed public perceptions of the industry, McCarron, now a board member of the trade body, defended professional standards in the sector.

Addressing issues of touting and agents promising a book of buyers to other firm’s listings, McCarron, of Donnybrooke Estate Agents, said: “I have often wondered if it was set under some sort of law that when an agent does a valuation, that there is a certain level of tolerance.

“If someone goes out and says your house is worth £50,000 more and gaslights a client, what if there is something that made an agent responsible or culpable if their client loses out as a result?”

Fellow guest Rowan Waller of College and County said there are so many external factors that this would be hard to prove.

The theme of the podcast was  if buyers are liars and clients are worse, isn’t the consumer getting the service they deserve?

Watch the full episode below:

  • Samantha Sullivan

    YES. We need qualified Valuers who value homes, not a new kid on the block trying to hit targets.
    Introduce the Scottish system please! Valuations and all legals in place before going on the market, then it's picking your advertising agent who will see it through.

  • Samantha Sullivan

    Modern method of auction also needs to be called out for under selling properties.

  • Kieran Ryan

    Are Agents held accountable for UNDER valuing??? Dont think so!!

  • Richard Copus

    Agents CAN be prosecuted for over and under valuations under their Common Law obligations towards their clients. However, the onus of proof is on the complainant who must provide all the comparables and other evidence and, as we know, the market changes week by week and it is only with town properties where there are many similar types all built around the same time where comps work well, so the agent has all sorts of defences up his sleeve. This is why there have been no cases brought to the best of my knowledge.

  • Glenn Taylor

    oh fgs...the stink of elitism here

  • icon

    There are a group of people who just love to sit at their desks trowing balls of red tape about. It should surprise no one that this is coming out of Propertymark who just love a reason to bang their "professional standards" drum.
    How about we all just focus on our own job rather than worrying about what others are doing.


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