Buying a house could become a quicker and easier process under a major shake-up from the Labour Party of the system intended to save movers hundreds of pounds.
Property sellers and estate agents will be required to provide more information on homes listed for sale, saving buyers money in searches and survey fees. Contracts will also be drawn up earlier to reduce the risk of the purchase falling through or someone making a higher offer than the one that has already been accepted.
Housing Secretary Steve Reed called the current system “a nightmare” and claimed his reforms would help make “a simple dream, a simple reality”. He said: “Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives.”
Buyers will also be able to see the track record of estate agents and legal professionals, who will undertake new mandatory qualifications and be given a code of practice.
The proposals are still subject to a consultation, but the Government is expected to lay out a full timeline next year.
First-time buyers could save an average of £710, and those in the middle of a chain could save £400 due to lower buying expenses. The time it takes to buy a home could also be slashed by one month.
However, people selling their home may have to fork out an extra £310 in assessment and survey fees.
The plans have been welcomed by estate agents, with Rightmove CEO Johan Svanstrom saying they could improve both the buying and selling process.
He said: “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.”