Major Homebuying Overhaul Consultation Launched

THE GOVERNMENT is consulting on new proposals to make the homebuying and selling process faster and more transparent.

The proposals include mandating sellers and estate agents to publish information from searches and surveys before a property listing is published.

This will allow buyers to see the physical condition, characteristics, and flood risk of the property online. The aim is to help buyers to make informed decisions sooner and help sellers benefit from faster transactions, resulting in less offers on houses being withdrawn.

Homebuying Overhaul

The new information to be provided includes: tenure, council tax band, EPC rating, property type, legal and transactional information such as title information and seller ID verification, leasehold terms, building safety data, standard searches, property condition assessments tailored to property age and type, service charges, planning consents, flood risk data, chain status, and clear floor plans.

Buyers and sellers will have the option to sign binding contracts that would end the practice of parties pulling out of agreements months into the process.

Deploying the use of digital tools – including digital property logbooks, digital ID verification, and standardised data sharing are designed to improve transparency and security for buyers and sellers.

Mandatory qualifications for estate agents will be introduced and a code of practice for estate, letting and managing agents, aiming to improve standards and increase trust in the industry.

The government will also publish information on the services of estate agents and property lawyers, so consumers are well informed on how and where to get help.

The average time from instruction to completion is over five months, and the government estimates these reforms could speed up transactions by around four weeks.

Modernisation

Rightmove CEO Johan Svanstrom said: “We welcome the announcement today aiming to drive forward that much needed change and modernisation. The development of technology means transformation is possible, with the right collaboration and considerate planning.

“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.”

The Home Buying and Selling Reform consultation launched today can be found here.

The Material Information Consultation can also be found here. This is to inform estate agents of their legal responsibilities, providing explicit guidance for estate agents on what information they should include in property listings.

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