Proposed changes for home buyers
The UK Government has announced a set of proposals aimed at making the home buying process cheaper, quicker and less stressful.
Under the new ‘Home buying and selling reform’ proposals, first time home buyers could save up to £710 and completion times might be cut by as much as one month.
Proposed home buying and selling reform changes
- More information upfront: sellers and estate agents may be required to provide more detailed information at the point of listing a property, reducing the need for buyers to order multiple searches and surveys. This will also help buyers make informed decisions and reduce the risk of transactions falling through.
- Earlier binding contracts: this would stop either side pulling out of the agreement without financial repercussions, preventing common issues like gazumping (a seller accepting a higher offer on a property you are in the process of buying) and chain collapses.
- Improved transparency: buyers would be able to access clearer data on estate agents and conveyancers, including their qualifications and track record.
- Increased standards: a new mandatory Code of Practice for estate agents, setting out the minimum standards expected of agents and mandatory qualifications.
- Going digital: wider use of online tools, including digital ID verification, which could help streamline the process. Digital ‘property packs’ or logbooks would store current and historic information on a property, allowing estate agents and conveyancers to progress transactions faster.
First time buyers could save an average of £710 with the proposed package of reforms. However, those selling their homes could face increased costs of around £310 due to the upfront expenses of assessments and surveys. Those in the middle of the chain have the potential to save around £400, with the lower buying costs outweighing the increased selling costs.
Housing Secretary Steve Reed described the reforms as a way to make “a simple dream, a simple reality,” with a full roadmap expected in the new year after the consultation phase.
At David Gray Solicitors, we are keeping a close eye on these developments, and we will continue to support our clients through every stage of the home buying process.
Contact
If you are buying or selling a property and would like to obtain a free quotation please contact our Customer Relationship Manager Hayley or complete this form.
