The largest shake-up for homebuying systems in history can reduce the cost for buyers and cut it in time it takes to transfer, Government Claimed.
Changes may require more information to property vendors and estate agents when a house is listed for sale, reduces the requirement for buyers and surveys.
Binding contracts could also be introduced in the earlier stage, which reduced the risk of chain collapse.
Proposals can give consumers clear information about estate agents and convenors, including their track records and expertise, as well as a code of practice to run new compulsory qualifications and standards.
Housing Secretary Steve reed The proposal, which is the subject of a 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.
Get a free partial stock for up to £ 100.
Capital at risk.
terms and Conditions apply.
Advertisement
Get a free partial stock for up to £ 100.
Capital at risk.
terms and Conditions apply.
Advertisement
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.
,paceConnected data and stakeholder simplicity should be the major goals. We believe that it is important to listen to agents what practical changes will be the most effective for experts, and we are ready to work with the government on this effort to improve the purchase and sales process. ,
Zoopla Boss Paul Whitehead said: “The homebuying process in the UK is very long, very complex, is 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.”
Conservative Shadow Housing Minister Paul Homes said: “As long as we welcome steps to digitize and speed up this process, this risk strengthens the failed home information pack of the final labor government – which reduced the number of houses on sale, and mimic the cost between buyers and vendors.”