Monday, November 13, 2017
The Government has announced that it is gathering evidence on making the home buying process cheaper, faster and less stressful for buyers and sellers (of course, you could just instruct Latimer Lee).
Sajid Javid, the Communities Secretary, said “We want to ensure that we address issues across the whole sector, from ways to tackle gazumping and reduce time wasting to increase commitment to a sale.”
Views will be taken on:
- Gazumping – Buyers are concerned about gazumping, with sellers accepting a higher offer from a new buyer: the government will look at ways this could be tackled.
- Building trust & confidence – Mistrust between parties is one of the biggest issues faced: the government wants to look at schemes including ‘lock-in agreements’. Although 1 million homes are bought and sold in England each year, around a quarter of sales fall through and hundreds of millions of pounds are wasted, the government wants to increase confidence in the housing chain
- Informing customers – How to provide better guidance for buyers and sellers, by encouraging them to gather more information in advance so homes are ‘sale ready’
- Innovation – You can now search for a home online, but the buying process can be slow so the government is looking for innovative digital solutions including making more data available online
The consultation is open until mid-December 2017.
Contact us on 0161 797 4000 for a no-obligation quotation.