The government has announced what it claims is that the biggest shake-up for homebutting systems in history Buyers And cut the transaction time.
Proposed Improvement Include compelling property vendors and estate agents To provide more information when a house is listed. Its purpose is to reduce broad buyer discoveries and surveys. Binding contracts could also be introduced earlier, reducing the chain collapse risk.
Want to offer further proposals Consumer Explicit information on estate agents and convenors, details of track records and expertise. New compulsory qualification and practice code will also increase standards.
Housing Secretary Steve Reid said that the proposal, which is a subject of consultation, will help create a simple dream “a simple reality”.
The government will install a complete roadmap in the new year after consulting its proposals.
Mr. Reid said: “Buying a house should be a dream, not a bad dream.
“Our reforms will fix the broken system so that people can focus on the next chapter of their life.”
Officials believe that the proposed package of reforms can cut a new house and firstly cut buyers from an average of £ 710 in about a month in a month.
People selling a house can increase the cost of about £ 310 due to upfront assessment and involvement of surveys.
In the middle of a chain they will potentially receive net savings of £ 400, resulting in increased costs from increasing from low purchase expenses.
Widespread use of online processes including digital IDs, can help lubricate the transaction, the government argued, pointing to the Finnish Digital Real Estate System that can complete the process in about two weeks.
Consultation also attracts other courts, including the Scottish system where there are more advance information and earlier binding contracts.
The shake-up employed by property websites and lenders was welcomed.
Johan Swanstrom, Chief Executive Officer of Wrightmov said: “The process of the house includes many fragmented parts, and the way is just a lot of uncertainty and cost.
“Speed, connected data and stakeholder simplicity should be the main goals. We believe it is important to listen to agents because what will be the most effective for experts for experts, and we are ready to work with the government on this effort to improve the purchase and sales process.”
Zopla Boss Paul Whitehead said: “The homebutting process in the UK is very long, very complex, very uncertain, and has seen much less digital innovation than many other areas.”
David Morris, head of the Centrender’s homes, said: “At a time when technology has changed many processes in our lives, it is incredible that the process of buying a house – an activity that is the cornerstone of our economy – is a lot similar for today’s buyers as it was for their grandparents.”
Henry Jordan, director of the Group of Nationwide Group, said: “Buying a house is often complicated and tense, which is why the benefits of consumers, brokers and lenders require the homebuying process to be simple and streamlined. But to effectively deal with the issue, we must cooperate.
“This is why we are ready to work closely with the government and comprehensive industry to modernize the homebuying process, so that buyers are first given certainty and help in reducing any unnecessary costs.”