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Major shake-up of home buying aims to make process cheaper, quicker and easier
Proposed reforms aim to cut homebuying time by four weeks, save first-time buyers an average of £710, and halve failed property transactions costing the economy £1.5 billion annually.
- On Monday, the UK Government unveiled proposals to overhaul the homebuying system in England, promising the biggest shake-up to speed transactions and cut costs.
- A government roadmap set for the new year says the average time from instruction to completion is over 5 months, prompting calls for change alongside a pledge to build 1.5 million new homes.
- Measures being consulted include requiring sellers and estate agents to publish tenure, EPC rating, leasehold terms and flood risk, alongside earlier binding agreements, a Code of Practice and digital tools.
- The changes could deliver up to four weeks of faster transactions and save first-time buyers 710, with sellers facing around 310 upfront costs and those in the middle gaining 400, officials estimate.
- Property websites and lenders welcomed the reforms, with Whitehead, chief executive at Zoopla, saying `We look forward to working closely with government and the wider industry to modernise the homebuying process, so that buyers are given certainty earlier and to help reduce any unnecessary costs`, as ministers cite Finland’s digital system completing sales in two weeks.
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UK faces 'biggest ever' house buying shake up as process could be overhauled
The most significant overhaul of the homebuying system in history could dramatically reduce costs for purchasers and slash the time needed to relocate, ministers have declared
·Newcastle upon Tyne, United Kingdom
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House-buying shake-up plan aims to cut costs and time
Plans for a major reform of the house-buying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government. Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and binding contracts introduced to stop either party walking away late in the deal.The government estimates the overhaul could save first-time buyers an average of £…
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Total News Sources23
Leaning Left6Leaning Right1Center7Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 43%
C 50%
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