Bad week for online agent

Online estate agent eMoov is under pressure for making unsubstantiated and misleading claims to home sellers over fees and asking prices, while their lodged complaint with the Competition and Markets Authority (CMA) against OnTheMarket (OTM) will not be followed up by the regulator. The CMA took over many of the functions of the Competition Commission and the Office of Fair Trading last year. Having investigated claims made by eMoov in an advert that its sales performance last year resulted in 99 per cent of the asking price being achieved for its clients compared to the national average of 96 per cent, the Advertising Standards Authority (ASA) concluded that that the statements were unsubstantiated. ASA said that sales data only covered the period of January to September 2014, while no comparable information relating to asking prices achieved by traditional estate agents in London was provided. The online estate agent also claimed that its customers had saved more than £11 million in fees by using its services because its business model depended on it selling a higher proportion of its inventory. But once again, this was panned by the ASA because it was based on the average fee its customers paid instead…