Government to make house buying process “cheaper, faster, and less stressful”
Communities and Housing secretary Sajid Javid has this month launched an eight-week consultation looking at how the house buying process can be made “cheaper, faster, and less stressful”.
It comes as a study reveals that 69 per cent of home sellers report “suffering stress” from delays.
Consumer comparison site Which?, which published the figures, said the “current home buying process is outdated and flawed”.
A major talking point of the consultation will include ways in which the industry can lock in deals and stop sellers accepting last minute higher offers – known as gazumping.
The latest figures show that around a quarter of all house sales fall through – costing consumers millions of pounds each year.
The consultation will also look at how the home buying process can be made more “trustworthy”, as well as how buyers and sellers can be kept informed – putting an end to the “smoke and mirrors” approach of sellers and estate agents.
It will also look at how “innovative digital solutions” can speed up the process of home buying.
Alex Neill, Which? managing director of home products and services, said: “Buying a home can be one of the most stressful experiences in life, with sales often taking too long or falling through, with some consumers losing substantial sums of money.
“The current home buying process is outdated and flawed. The Government must put consumers first, ensuring that estate agents deliver a better service for both home-buyers and sellers and that the conveyancing process is simplified.”