The OFT has launched a study into the quick house sale market and is calling for people who have used, or considered using, these businesses to contact the OFT about their experiences. The OFT says that it is particularly concerned about the risks to people in financial difficulty - including those who have large amounts of debt or who are facing repossession.

Practices that would give rise to concern for the OFT include:

- Unclear fee structures, for example imposing an unexpected fee following an encouraging initial valuation, as a condition for progressing with the service.

- Reducing the price offered at the last minute after someone is financially committed to the transaction.

- Making misleading claims about the value of the property or the level of discount to be applied to the sale.

- Falsely claiming to be a cash buyer.

- Inducing consumers to enter into agreements that prevent them from selling to other buyers, with severe penalties for breach of contract.

The OFT has asked over 50 ‘quick sale’ firms to provide information on their business models and practices and say they welcome evidence from people with experience of this sector, including valuation experts, estate agents, debt advisors and home owners.

Cavendish Elithorn, OFT Senior Director for Goods and Consumer, said: Businesses offering quick house sales may provide a useful service for homeowners who need to unlock cash in a hurry. However, they are often used by consumers in vulnerable situations and therefore we are concerned about the risk of consumers being misled and losing out on large sums of money.

We want to hear from anyone who has used a quick house sale provider, whether they have had a good or bad experience with the business. We will protect the confidence of anyone who contacts us and their information will be invaluable in helping us to build up a picture of the market and establish whether we need to take action.

The National Association of Estate Agents (NAEA) has also reported a sharp rise in the number of property companies offering sellers a quick sale service. It is urging sellers to use common sense, and think through the risks of using this kind of service to sell their home.