Purchasing a property should become easier and cheaper under Government reforms designed to put an end to gazumping and reduce buying and selling costs.
The plans include the introduction of upfront ‘sales packs’, earlier binding agreements once an offer is submitted, and increased use of digital tools to simplify and speed up the home-buying process. The Government claims the reforms should cut buying times by around four weeks and save first-time buyers an average of £650.
There will also be a new Code of Practice created to raise standards for estate agents, alongside proposals for compulsory qualifications for those working in the sector.
Steve Reed, the Housing Secretary, said: “Buying or selling a home should be one of life’s great moments and not a drawn-out nightmare of delays, hidden costs and failed deals.
“These changes will make the system faster, fairer and more secure – giving families and first-time buyers the certainty they need, all while saving them money.”
The average home purchase currently takes around 120 days, with one in three sales falling through. This costs sellers around £400 million per year and can take a significant emotional toll on everyone involved.
The new sales packs will need to include information such as a property’s condition, leasehold costs, and chain status, so buyers can decide whether they want to proceed before negotiations begin. Once a buyer submits an offer, they will not be able to withdraw without providing a legitimate reason.
Matthew Carter, head of homes at Coventry Building Society, said: “Giving people better information upfront and more certainty throughout the process has the potential to make moving home feel less stressful and more like the milestone it should be.
“For anyone who has been through the home-buying process, this will feel like a long-overdue step in the right direction. Too many buyers have faced months of uncertainty, unexpected costs and the heartbreak of deals falling through.”
