The Commission published a study by independent consultants on the EU markets for legal services associated with house and land sales (conveyancing services).
The study finds that consumers have greater choice and are on average paying less for conveyancing services under deregulated systems, with no loss in quality. The market for conveyancing services is worth about €17 billion per annum; efficiency savings of even a few percent following deregulation would therefore save consumers millions of euros each year.
The Commission is calling on Member States to look at the findings and to review and update national laws which limit competition and the free circulation of services throughout the Single Market instead of serving the interests of consumers.
Competition Commissioner Neelie Kroes said: “Most Europeans buy or sell a home or land at some point in their lives, and will have to pay the associated legal fees. This report presents the economic evidence that highly regulated systems are not better for consumers in terms of price and choice of legal services."
Internal Market and Services Commissioner Charlie McCreevy said: "There are no big surprises in this report and it is plain where consumers are being provided with more choice and lower costs."
The Commission will now present the study to Member States, highlighting its results and asking for their reactions while encouraging them, when necessary, to consider appropriate reforms.
Press release
Standalone paper
Main report
Annex 1: Transaction Costs Database
Annex 2: Regulatory Indices Database
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article