Estate Agents, is this normal?

[CornishTeaTime]

So in a nutshell we've had an offer on our property from a builder, very low and we havent accepted but he's looking to find the funds to increase. So still on market as far as we are concerned.

Today another viewing and they knew all about the above as estate agents told them. Hubby says this is ok as gives any new viewers the heads up on where it stands with the property etc.

Is this normal practice to share with viewers what offers have been made?

The EA is trying generate competition.

Yes it’s normal. It encourages the others to know that somebody else is interested.

Thanks guys...are you estate agents?

Yes it's normal. Shows people they need to get a wriggle on.

No. Nothing galvanises someone who is interested in your house quite like thinking someone else might get it. What the EA won't do is tell other viewers exactly what the builder has offered.

UPDATE
Thank you everyone but I would like an Estate Agent to advise please as Ive just researched and found this...

It's common for estate agents to inform potential buyers about existing offers to encourage competition. However, disclosing specific offer amounts is not standard practice in the UK and can lead to complications. If such information is shared, sellers should be informed to maintain transparency.

I think it's ok, and normal for the EA to say they've had an offer. But not if they have disclosed further info such as how much the offer was and other circumstances around it.

Estate agents don’t disclose the offer amount. I used to work in this industry and I’m surprised the agent has given the new sellers so much info but yes, it will be to generate a bit of demand for your property. How did you find out, are you staying in the house for viewings?

This is another thing....The estate agent cancelled the viewing saying the viewers couldnt get. But the people turned up saying they knew nothing about the cancellation so we did the viewing with them and thats when they said we know youve had a builder offer xyz estate agent told them

Your estate agent sounds poor. I’d be most unimpressed to have to show sellers around my home unannounced. And personally, as a buyer, I would not want to be shown around by the seller, I like the sellers to be out of the property when viewing.

I don’t think there’s any specific law around agents disclosing exact figures made, but none of the agents where I am would do it.

There is a code of conduct...

"An estate agent can tell you if there are other offers on the property. But they can’t disclose the exact amount".

I’m not sure it’s in the code of conduct. As far as I know, it’s up to the seller to agree if the exact offer amount can be shared by the agent.

Ive read it on the UK Institute of Estate Agents. Only if the sellers give permission but other than that they should not be giving exact figures.

I think you’d need to ask the estate agent which body they are registered with, there is The Property Ombudsman, the National Association of Estate Agents. Most agents in Uk are with the TPO.

Basically the estate agent wants their commission, they’re probably hoping the builder’s offer will be accepted because the commission on a low offer is better than the commission on no offer, and it’s less work for them.

Estate agents like selling to builders because they will be cash buyers AND after renovating the property they will put it back on the market with the same estate agent so they get 2 x commision.

These new viewers have put in an offer and same estate agents are selling their house

We've viewed a lot of properties recently and until yesterday all the agents have been happy to tell us if there's been an offer but never how much. The agent who showed us a house yesterday told us the number of offers, the amount of each one and that they'd rejected them for being too low. We were surprised he told us the amounts without us asking for them but he's obviously trying to make sure if we did offer, we'd be going in higher (whether these offers actually existed or was just a tactic we'll never know)