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01/10/2008
OFT orders housebuilder code of conduct |
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Housebuilders will need to comply with a new code of conduct if they want the best chance of selling property in the future.
The new code has been ordered by the Office of Fair Trading (OFT) after it said that buyers needed to be protected, contractjournal.com reports.
Those who fail to comply with the code, which is due to come into force by March 2010, will be penalised.
Rod MacEachrane, chair of the code steering group, explained: "Those who fail to comply with the code will be disciplined and in the worst case, their rights to register under warranty schemes will be withdrawn.
"Logically if a builder doesn't honour the code, the ultimate sanction will be 'you are out', which will make life very difficult."
A non-executive board will enforce the code and will also develop a service to resolve disputes over contractual debates.
An OFT survey recently revealed that 70 per cent of consumers are satisfied with their new-build purchase. |
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