Home buyers and sellers set to save time and money under housing market shake-up
Buying and selling a home is set to become faster and less complicated under Government plans to modernise the process.
The reforms could also reduce unexpected and costly surprises which can lead to sales collapsing, helping people to keep more money in their pockets.
The Government estimates the changes could slash around four weeks off the time it takes for a sale to go through, with the potential to inject more confidence into the housing market.
To help buyers make informed decisions earlier on in the process, sellers and estate agents will have to provide key information upfront in “sales packs” at the point of listing.
This will set out a home’s condition, leasehold costs and the chain status.
The Government said this will help to create a fairer, more transparent process for everyone involved.
A shift towards digital rather than paper-based systems will also take place.
Digital property logbooks and sales packs will help information to be shared securely between professionals and accessed by buyers and sellers in real time, cutting out “back and forth” information sharing that can hold up sales.
The Government said it will also back digital identity checks, electronic signatures and AI-assisted conveyancing to strip out duplication, reduce fraud risk and accelerate transactions.
The changes will also see earlier binding agreements, to stop parties walking away months into negotiations without a legitimate reason.
A new code of practice will also raise standards for estate agents, alongside proposals for mandatory qualifications for the sector which could ensure agents are properly equipped to support efficient transactions.
Published: by Radio NewsHub