The government has announced significant reforms to the housebuying system to lower costs, speed up transactions, and reduce failed sales.
Key Reforms to Improve Housebuying Process
Housing Secretary Steve Reed stated these changes aim to fix the current system and save money for everyday workers. Sellers and estate agents will have to provide essential property details upfront.
The government estimates first-time buyers could save an average of £710 and gain up to four weeks in the buying process. Benefits are expected for many families due to these reforms.
Increased Transparency and Accountability
Proposals include binding contracts to reduce the number of failed transactions, currently costing the economy £1.5 billion annually. The aim is to build buyer confidence and decrease late deal collapses.
This will involve disclosing the home’s condition, leasehold costs, and details of property chains, promoting transparency for buyers, especially first-time buyers.
Next Steps and Reactions
The government plans to introduce a new Code of Practice for estate agents, enhancing professional standards in the housing sector. A detailed roadmap will be released next year as part of a broader housing strategy.
