The Government’s plans to modernise the home-buying and selling process could significantly reduce delays, improve transparency and cut the number of failed transactions, according to specialist lender Together.
The proposed reforms, revealed this morning by Property Soup, aim to bring key property information together earlier in the transaction process, increase the use of digital technology and create greater commitment from buyers and sellers before a sale progresses.
The changes are designed to tackle some of the longstanding frustrations within the housing market, including lengthy transaction times, unexpected costs and a high rate of fall-throughs.
Scott Clay (main picture), director at Together, believes the proposals have the potential to deliver meaningful improvements for both consumers and property professionals.
GAME-CHANGER
He says: “The Government’s proposed reforms could be a game-changer for the home-selling process. By bringing key property information to the forefront, embracing digital technology and creating greater commitment earlier in a transaction, the plans could deliver a faster, more transparent and more reliable property market for everyone involved.”
“The reforms will both reduce the period it takes for buyers to get a purchase over the line, as well as the time and money wasted on the many purchases which fall through due to undeclared costs and the gazumping scourge.”
But he adds: “However, the Government should be mindful of the fate of Home Information Packs (HIPs), which were introduced with similar ambitions in 2007 before being abandoned amid concerns over cost and bureaucracy.
“The success of these reforms will depend on whether digitisation can deliver the benefits without repeating the mistakes of the past.”
The Government hopes the measures will streamline transactions and provide greater certainty throughout the buying and selling process, helping to improve efficiency across the wider housing market.
