The Office of Fair Trading (OFT) has launched a consultation on draft guidance to estate agents and property developers which aims to help them comply with the law when they handle sales of property and land in the UK.

The new guidance focuses on two pieces of law: the Consumer Protection from Unfair Trading Regulations 2008 (CPRs) and the Business Protection from Misleading Marketing Regulations 2008 (BPRs).

It follows the OFT’s Home Buying and Selling Study which found that many estate agents said the industry needed more guidance on the law.

The guidance seeks to clarify how the regulations apply to estate agency work. It identifies examples of trading practices that could breach the regulations as well as practical steps that businesses can take to comply with the law.

The consultation closes on 9 December 2011.

Cavendish Elithorn, senior director of the OFT’s Goods and Consumer Group, said: “Buying and selling a property is one of the biggest purchases people make and can also be one of the most stressful.