US EditionMajor shake-up of home buying aims to make process cheaper, quicker and easier
Proposed reforms aim to halve failed property transactions, save first-time buyers an average of £710, and reduce the home purchase timeline by about four weeks, officials said.
- On Monday, the UK Government unveiled proposals to overhaul homebuying in England, with officials saying reforms could accelerate transactions by four weeks and save first-time buyers 710.
- Ministers argue the reforms respond to halving failed sales that could stop £1.5 billion a year leaking from the economy and support the 1.5 million homes target.
- The package would introduce earlier binding contracts to reduce chain collapses, while sellers and estate agents must publish searches, surveys and detailed property information upfront before listings.
- Those in the middle of a chain could gain a net saving of 400 as selling costs are offset by lower buying expenses, property websites and lenders welcomed the reform.
- The Government will publish a full roadmap in the new year after consultation, with officials pointing to Finland's digital system and Scotland's earlier binding agreements that complete sales in two weeks.
33 Articles
33 Articles
Government says housing plan will save buyers £710 - but experts are doubtful
The Government has announced a set of policies billed as “the biggest shake-up to the homebuying system” in England’s history – but experts have reacted skeptically as to whether they will have the planned impact. Changes highlighted include requiring property sellers and estate agents to provide more information when a home is listed for sale, which it says will reduce the need for buyers to carry out searches and surveys. A listing would also …
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
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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