The Office for Fair Trading (OFT) is to set up a new code of conduct to protect homebuyers who find faults or experience delays in moving house.
The announcement comes after a recent probe into UK housebuilders dismissed worries that the process of landbanking – the holding of a large amount of land with planning permission – is taking place and that the UK housebuilding market is “broadly competitive”.
However, the OFT has deemed it necessary to bring in new protections for homeowners themselves. The report claims that some homeowners suffered "significant detriment, distress and inconvenience" if there were major faults or several problems with their property - especially it they related to heating or plumbing.
To read about West Lancashire Councils move to subsidise pensioners’ heating bills, click here.
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