Earlier in the year the Competition and Markets Authority (CMA) conducted a study into the service provided by residential property management companies in England and Wales and have identified some concerns on how the market works.
As a result of the study it is the CMA’s intention to seek remedial action to improve the performance of the market and to provide leaseholders with a better outcome. The main issues that were highlighted were unnecessary or excessive charging for services, poor service quality, poor communication and insufficient transparency. At the moment we understand that the CMA are seeking possible remedies to the problems identified in order to develop recommendations for the industry.
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