Communities Secretary Sajid Javid has surprised the United Kingdom by launching a call for evidence to improve the home buying process in order to make it cheaper, faster and less stressful.
Whilst 1 million homes are bought and sold in England each year, around one quarter of sales fall through and hundreds of millions of pounds are wasted! Government research sampling 2,000 people indicates that people moving house find it very stressful.
- Of those that experience delays, 69% of sellers and 62% of buyers reported stress and worry as a result of the delay;
- 46% of sellers had concerns about a buyer changing their mind after making an offer.
Sajid Javid declared he wants to hear from everyone with an interest in home buying including estate agents, solicitors and mortgage lenders with a view to tackle gazumping and reduce time wasting to increase commitments to sales.
Sajid Javid said: 'This can help save people money and time so they can focus on what Matters – finding their dream home.' 'I want to hear from the industry on what more we can do to tackle this issue'
The call for evidence will run for 8 weeks from Sunday 22 October and views will be taken on:
A considerable concern for buyers, with sellers accepting higher offers from a new buyer.
Building Trust & Confidence
With mistrust between parties being one of the biggest issues facing the home buying process, the Government wants to look at schemes such as 'lock-in agreements'.
The Government's aim is to provide better guidance for buyers and sellers by encouraging them to gather more information in advance so homes are 'sale ready'.
The home buying process is slow, costing time and money. The Government want to implement more innovative digital solutions including making data more available online.
Yesterday's announcement is part of a continued drive to make the home buying process more efficient and less costly, specifically to remove abuses of leasehold, crackdown on unfair managing agents and protections for renters.
Rosemary Farman, Head of Clapham & Collinge Conveyancing team said 'we understand that while it is an exciting time buying a home, it can also be very stressful so we support any reform that improves the home buying process for our clients. We hope this will have a positive effect on the Conveyancing process.'
Whether you're buying, selling, investing, or letting a property our Conveyancing experts are on hand to help guide you through the process. Contact us today on 01603 693500 or email us using 'Make an enquiry' form. Appointments available at our Norwich, North Walsham and Sheringham offices.