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| Version 2 | Version 3 |
|---|---|
| OFT probes housebuilding sector | OFT probes housebuilding sector |
| (about 1 hour later) | |
| The Office of Fair Trading has just announced it is launching an investigation into the housebuilding industry in the UK. | The Office of Fair Trading has just announced it is launching an investigation into the housebuilding industry in the UK. |
| The inquiry will focus on two main areas - customer satisfaction, and planning issues. | The inquiry will focus on two main areas - customer satisfaction, and planning issues. |
| The UK housebuilding sector is worth £20bn a year, and the OFT study is expected to be completed by mid-2008. | The UK housebuilding sector is worth £20bn a year, and the OFT study is expected to be completed by mid-2008. |
| The OFT will examine how regulation and competition in the sector might work more effectively. | The OFT will examine how regulation and competition in the sector might work more effectively. |
| The market study will also look at ways to improve the experience of new homebuyers and the quality of new homes. | The market study will also look at ways to improve the experience of new homebuyers and the quality of new homes. |
| Industry consulted | Industry consulted |
| The investigation is being undertaken in the wake of the Barker Review of Housing Supply 2004, which recommended that there should be a relaxation of planning rules to allow the building of more affordable homes. | The investigation is being undertaken in the wake of the Barker Review of Housing Supply 2004, which recommended that there should be a relaxation of planning rules to allow the building of more affordable homes. |
| Since then the OFT has been monitoring the housebuilding market and says it is concerned that it may not be working well for consumers. | Since then the OFT has been monitoring the housebuilding market and says it is concerned that it may not be working well for consumers. |
| Unresponsive housing supply hinders labour mobility, constrains economic growth, and harms consumers John Fingleton, OFT chief executive | Unresponsive housing supply hinders labour mobility, constrains economic growth, and harms consumers John Fingleton, OFT chief executive |
| It says it will be working with the industry as part of its review, which could result in a market investigation reference to the Competition Commission. | It says it will be working with the industry as part of its review, which could result in a market investigation reference to the Competition Commission. |
| Other possible outcomes include giving the market a clean bill of health, publishing information to help consumers, or enforcement action against companies suspected of breaching consumer or competition law. | Other possible outcomes include giving the market a clean bill of health, publishing information to help consumers, or enforcement action against companies suspected of breaching consumer or competition law. |
| The study will not look at the overall question of where development should occur or the environmental impact of new homes. | The study will not look at the overall question of where development should occur or the environmental impact of new homes. |
| The OFT chief executive John Fingleton said: "This is the first in-depth examination of competition and consumer issues in new housebuilding. | The OFT chief executive John Fingleton said: "This is the first in-depth examination of competition and consumer issues in new housebuilding. |
| "This is a hugely important market for the economy because of its substantial economic impact and because unresponsive housing supply hinders labour mobility, constrains economic growth, and harms consumers." | "This is a hugely important market for the economy because of its substantial economic impact and because unresponsive housing supply hinders labour mobility, constrains economic growth, and harms consumers." |