Plans for a major reform of the housebuying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government.
Housing minister Miatta Fahnbulleh said that the changes would “fix the broken system” in England adding that the new legislation will be introduced to make the buying and selling of houses a more straightforward and transparent process.
Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and the option of binding contracts could stop either party walking away late in the process
Responding to the plans Rightmove CEO Johan Svanstrom:
“Our latest average data shows people are spending seven long and often painful months to move home. We welcome the announcement today aiming to drive forward that much needed change and modernisation. The development of technology means transformation is possible, with the right collaboration and considerate planning.
“The home-moving process involves many fragmented parts, and there’s simply too much uncertainty and costs along the way. Speed, connected data and stakeholder simplicity should be key goals. We believe it’s important to listen to agents as the experts for what practical changes will be most effective, and we look forward to working with the government on this effort to improve the buying and selling process.”
