{"id":22691,"date":"2019-12-18T10:19:27","date_gmt":"2019-12-17T21:19:27","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=22691"},"modified":"2019-12-18T10:19:33","modified_gmt":"2019-12-17T21:19:33","slug":"uk-estate-agents-fined-600000-for-price-fixing-international","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/uk-estate-agents-fined-600000-for-price-fixing-international\/","title":{"rendered":"UK estate agents fined \u00a3600,000 for price-fixing | INTERNATIONAL"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>PHOTO:  The four firms conspired to set minimum commission rates in Wokingham, Winnersh, Crowthorne, Bracknell and Warfield. Photograph: Chris Ison\/PA <\/strong><\/p>\n\n\n\n<p class=\"has-drop-cap wp-block-paragraph\"> <strong>Competition watchdog exposes three firms who colluded for years prompting fears of cartels operating across UK<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A ring of estate agency firms that colluded to fix commissions at high levels across Berkshire has been broken up and collectively fined more than \u00a3600,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The estate agents, which handled most property sales in Wokingham and other parts of Berkshire, conspired to keep commissions at rates understood to be above 1.8% on each house sale, and even set up a penalty system for agents who broke their rules.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<a href=\"https:\/\/www.theguardian.com\/business\/competition-commission\">Competition and Markets Authority<\/a>&nbsp;broke up the cartel after one of the agents, Romans in Wokingham, in south-west England, blew the whistle on the longstanding local practice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A similar cartel was uncovered&nbsp;<a href=\"https:\/\/www.theguardian.com\/money\/2017\/sep\/18\/cma-fines-cartel-of-estate-agents-rate-fixing-burnham-on-sea\">in Somerset<\/a>&nbsp;two years ago, and the latest case will raise fears about the broader scale of price-fixing by estate agents across the UK.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">READ MORE VIA <a href=\"https:\/\/www.theguardian.com\/money\/2019\/dec\/17\/three-berkshire-estate-agents-fined-600000-for-price-fixing\">THE GUARDIAN<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: The four firms conspired to set minimum commission rates<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/uk-estate-agents-fined-600000-for-price-fixing-international\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":22692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478099593,478105261,478101198,478101766,478100247,478099982],"class_list":["entry","author-data123nz","post-22691","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-commissions","tag-uk-estate-agents","tag-uk-house-prices","tag-uk-property","tag-uk-property-prices","tag-uk-real-estate-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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