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OFT launches study into Scottish property factoring

The Office of Fair Trading has launched a market study into Scottish property factoring.

Residents in collective residential properties in Scotland use property managers, known as factors, to manage common and shared property such as roofs, staircases and gardens.

The study will consider issues such as how much choice and information is available to homeowners, how property managers are selected, the quality and costs of the services provided, how homeowners can effectively manage services and whether homeowners have access to redress when things go wrong.

The market study follows evidence submitted to the OFT by the Scottish Consumer Council which highlighted potential consumer harm in this area.
The study will report back by the end of the year.

OFT senior director of infrastructure Heather Clayton says: “This study will take a detailed look at Scottish property management services, consider how well they are working for homeowners, and take a view on any recommendations which might bring positive outcomes for consumers in Scotland.”

SCC chair Douglas Sinclair adds: “The SCC has expressed concerns about the current system of Scottish property factoring and welcomes the OFT’s announcement today. We look forward to working with the OFT as it looks in more detail at this important area for Scottish consumers.”

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