Taylor Vinters - Solicitors

More competition could be created in the UK's housing market through the introduction of new business models, the Office of Fair Trading (OFT) suggests.

According to the organisation, the development of online methods of selling and purchasing homes might prove to be one interesting area of focus.

The organisation's chief executive John Fingleton feels that some of the current laws surrounding property sales might need to be amended in the future to help develop alternatives to traditional estate agents.

He commented: "Encouraging new business models, online estate agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers."

Meanwhile, for consumers who do opt to use traditional estate agents, the OFT recommends that people haggle over the amount of commission they have to pay.

The National Association of Estate Agents' chief executive, Peter Bolton King, believes that the OFT's review of buying and selling processes should have gone further in demanding more regulation for estate agents.