April 23, 2006

More real estate corruption in the UK exposed by BBC - "Shocked, shocked I say!"

For HP readers who missed this a bit ago, a reminder on how horribly corrupt the UK property market (i.e. the "housing ladder") is... This BBC report was the single best piece of journalism I've ever seen. Ever.

And it's just the tip of the iceberg - the corruption and inefficiencies in this market have created and enabled a bubble, a financial ponzi scheme, of historic proportions. It'll be a long, long way down for the UK...

Lying to customers, faked signatures, false passports and dodgy deals with developers. An undercover investigation reveals the secret world of estate agents' dirty tricks.

The Chard estate agency said: "We are shocked at these allegations and are grateful to the BBC for bringing them to our attention. On learning of them, we've taken immediate action to question the individual involved and then to suspend him. We are now conducting a full investigation of the circumstances."

A spokesman for Primetime Mortgage and Property said that a member of staff had been suspended while the matter was being fully investigated, and that they were not aware of any illegal practices. He said the company prided itself on providing an efficient, honest and high standard of service to its clients.

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