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.

Oldfield House Prices 1995-2011 (Click here for PDF)

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.

Yours faithfully,

Cllr Will Sandry