Protection for homeowners welcomed

Government protection for homeowners facing repossession has been welcomed by the National Association of Estate Agents (NAEA).

Peter Bolton King, chief executive of the NAEA said: "It will come as a welcome relief to many homeowners throughout the country, especially in the current climate."

He said that while the association was relieved the government acted on the issue of repossession, it was more crucial than ever proper procedures were followed and repossession was used as a last resort.

The NAEA also applauded the government for proposing to bring sale and rent back schemes under Financial Services Authority regulation.

Intervention in the sale and rent back market follows an Office of Fair Trading (OFT) report published last week, which demanded tighter regulation for the sector.

According to the BBC, the OFT wants the 1,000 or more firms operating in the sector to be more transparent as the schemes are not always the best option for people struggling with their mortgage repayments.

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