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Estate agent cartel is fined

Geoff Riley

20th September 2017

A really good competition policy example here as the Competition and Markets Authority fines a group of estate agents in Somerset for a cartel that fixed minimum commission charges.

According to the Competition and Markets Authority:

"A group of estate agents – all based in the Burnham-on-Sea area in Somerset – had a meeting and agreed to fix their minimum commission rates at 1.5% with the aim of making the agents involved more money, so denying local home owners the chance of getting a better deal when selling their property."

More here from the CMA website

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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