Property owners overcharged by estate agent price-fixing ‘cartel’ – The Telegraph

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Property owners overcharged by estate agent price-fixing ‘cartel’ – The Telegraph

Thousands of people selling their homes in Berkshire may have paid inflated estate agent commissions due to a suspected price-fixing cartel involving four firms.

The Competition and Markets Authority (CMA) said the cartel ran for almost seven years from September 2008, and could have been operating for even longer.

The four estate agents are Michael Hardy, Prospect, Richard Worth and Romans.

A provisional statement from the CMA said the four firms agreed minimum levels of commission when selling homes in the Berkshire area.

These companies held meetings to make sure this was enforced and maintained.

“The result of such price-fixing is that homeowners may be denied the chance of securing the best…

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