New rules could soon speed up how long it takes to buy and sell a home

New rules could soon speed up how long it takes to buy and sell a home Buyers will be given more upfront details about a home right at the beginning of the process to help reduce unexpected shocks later down the line Major reforms that will speed up the process of buying and selling a home and save people money have been announced. Under new plans, sellers and estate agents will have to provide key information in “sales packs” at the point of listing a property - including the condition of a home, leasehold costs and the chain status. This means buyers will be given more upfront details about a home right at the beginning of the process, to help reduce unexpected shocks later down the line. House sales frequently collapse if building surveys uncover serious structural defects - leaving both buyers and sellers thousands of pounds out of pocket in legal fees and other costs. The Government estimates the changes could slash around four weeks off the time it takes for a sale to go through. The changes will also see binding agreements made much earlier in the process, to chains collapsing months into negotiations. There will also be a shift towards digital property logbooks and sales pack, rather than paper-based systems. The Government said it will also back digital identity checks, electronic signatures and AI-assisted conveyancing. A “full roadmap” will be rolled out across the rest of the Parliament, with a code of practice for property agents being set out later this year. Legislation to require sales packs, binding contracts and digital systems is expected by the end of Parliament. It is estimated that the majority of measures will apply in England, Wales and Northern Ireland. Prime Minister Sir Keir Starmer said: “Getting the keys to a home you can call your own is one of the biggest events in anyone’s life. “But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach. “We’re turning the page. Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.” Housing Secretary Steve Reed said: “Buying or selling a home should be one of life’s great moments and not a drawn-out nightmare of delays, hidden costs and failed deals. “These changes will make the system faster, fairer and more secure – giving families and first-time buyers the certainty they need all while saving them time and money.” Chancellor Rachel Reeves said: “Delays, hidden costs and deals collapsing at the last minute are not only bad for home buyers, it’s bad for the economy too.” TV presenter and founder of Move iQ Phil Spencer said: “I welcome these proposals – they address many of the issues consumers have been grappling with for years, from a lack of upfront information to unnecessary delays and last-minute surprises.” Paul Whitehead, chief executive of Zoopla, said homeowners “deserve better than a home-buying process that takes months, falls through too often, and leaves everyone poorer for it.” Johan Svanstrom, Rightmove chief executive, said: “Our UK-wide data shows that it takes a lengthy 170 days on average to complete a transaction and that over one in five transactions initially falls through. “Last year, fall-throughs alone meant that approximately £900 million in potential stamp duty receipts and estate agency commission in England was lost, and consumers lose both precious time, certainty and money when needing to repeat transaction processes.” [Image text:] perty lounge LET wps 3727227 RWIC coeny.com SALE &district 1496000 609988 32873282320 SALE SOLD 2088308830 FF 84591133 Sold