NAEA: Help to protect homebuyers facing repossession

The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is pleased with the Government's announcement today which has unveiled new court protocols which will help make repossessions a last resort.

Peter Bolton King, Chief Executive of the NAEA, comments: "As an Association, we are pleased that the protocol has been published today, it will come as a welcome relief to many homeowners throughout the country, especially in the current climate. However, following this announcement it is now more crucial then ever to ensure that the correct procedures are followed, allowing repossession to be seen truly as the last resort.

"Additionally, the Government also proposed that companies engaged in sale and rent back schemes, which may target vulnerable home owners, should be brought under FSA regulation. We fully support this idea, as recently the Association has been receiving an increasing number of enquiries from homeowners who are worried about the decisions they make and whether the company they are dealing with is genuine. Whilst many companies involved in this sector have been acting correctly, unfortunately there are still some companies out there who have been giving cause for concern. Therefore, it is refreshing to see the Government take action and restore some confidence back in the market."