Property Sales and Property Prices
I am aware that in recent years it has become custom and practice for some local estate agents not to freely advertise local homes that come on to the market. I know that this is because some estate agents have a list of investors who are happy to make an immediate purchase to convert the property in to a home in multiple occupation (HMO).
Despite there being many residential buyers, this practice has led to a rapid change of tenure in my community in recent years and driven up house prices beyond both national and local averages.
As you will be aware, Bath and North East Somerset Council will be consulting on introducing an Article 4 direction and planning policy to prevent the conversion of properties when a threshold of 20% HMO is reached in any area in the City. The final decision is due by March 2013, and I realise that this will temporarily increase demand from investors.
I assert that all estate agents have a social responsibility to openly advertise every property they are asked to sell and I hope that your organisation will confirm that you do this.
Cllr Will Sandry