17:30 PM, 9th December 2011, About 10 years ago 1
Estate agents quoting misleading below-market-value home sale prices have been reprimanded by the advertising watchdog.
The Advertising Standards Authority (ASA) upheld four complaints against Express Estate Agency, run in Manchester by Sell Quick.
The firm was told not to publish the offending adverts again and to make sure advertised prices were a true reflection of the value of the properties for sale.
The ASA was told about several properties the firm offered for sale:
A buyer had an offer of more than £49,950 rejected. Express explained the seller had decided not to accept the offer even though the advert stated: “Express Estate Agency offers this attractively priced property to buyers who are in a position to buy relatively swiftly. This property is priced low to encourage a quicker than normal sale.”
The ASA heard that Express Estate Agency offered homes at marketing prices, not asking prices, and they tried to sell at a higher price than the advertised marketing prices.
Three of the complaints questioned whether the prices were true as when offers were made Express Estates told them the sellers wanted offers at a much higher price than advertised.
The ASA also told Express Estates to have ‘robust substantiation’ of any future advertised property prices.
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