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ESPC chief executive responds to Panorama investigation into estate-agency practices
Following the recent Panorama investigation, ESPC chief executive, Paul Hilton, highlights the ethical advantages of working with solicitor estate agents in Scotland:
“The investigation revealed unscrupulous practices by some estate agents in
England, raising serious concerns for home buyers and sellers during one of the
most significant financial transactions of their lives.
“However, these examples do not reflect the entire estate-agent market, particularly not solicitor estate agents, who are regulated by the Law Society of Scotland. This regulation provides a robust framework for ethical standards and client protection.
“At ESPC, alongside our 130 solicitor estate agent member firms, we value
openness, honesty and clear communication – qualities that were notably absent in
the cases highlighted.
“The investigation highlighted concerns with overvaluing, with agents inflating prices
to win the instruction and clear conflicts of interest by the agents, prioritising
commissions and additional sales opportunities over the interest of sellers.
“Conditional selling was also exposed. This is where offers from buyers not using the
selling agents’ mortgage broker are prejudiced against. There were clear cases
where commission was prioritised over sellers’ interests.
“Most sellers in Scotland choose a solicitor estate agent to manage the entire
transaction – a practice we strongly advocate for. This ensures that the sellers’ best
interests are prioritised throughout the process. Both buyers and sellers are each represented by their own legal professionals who are duty-bound to act in their clients’ best interests.
“Sellers also benefit from a partner who understands the full scope of the transaction,
from the local market and marketing through to conveyancing and completion.”
He added: “We encourage home buyers and sellers to choose solicitor estate agents for a safer, more transparent property journey.”
Image: Fotkaplus, of Paul Hilton, ESPC chief executive
