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Biggest Changed to Homebuying in History Could Make Buying a 'Dream, Not a Nightmare'
The UK government aims to cut homebuying time by about a month and save first-time buyers an average of £710 through digital reforms and earlier binding contracts.
- The Government proposed requiring sellers and estate agents to provide upfront property information, with officials believing this could cut a month off buying and save first-time buyers £710.
- The government aims to halve failed transactions, drawing on Scotland's system and Finland's digital real estate system, which officials say can complete sales in around two weeks.
- Upfront surveys may add about £310 for sellers, yet people in the middle of a chain could net £400, officials believe.
- Property websites and lenders welcomed the planned shake-up, with Paul Whitehead saying the UK homebuying process is too long, complex, and lacks digital innovation.
- While ministers said `buying a home should be a dream, not a nightmare`, critics warned that past failed Home Information Packs highlight risks in implementation.
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Leaning Left0Leaning Right0Center15Last UpdatedBias Distribution100% Center
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