The Need for Change
In the last month, the government has shared its plans to make significant changes to the process of moving house and selling a property. With the suggestion that the changes will save money for first-time buyers, it appears that the need to support those aspiring to get on the property in today’s climate is one of the motivating factors behind the proposed changes. And with the suggestion of a decrease in property sales falling through, a reduction in time-scales for purchasing and a general increase in standards, the shift in the ways the industry operates may well benefit all types of buyers, and those selling their home.
The Proposed Changes
The theme of the changes seem to be one of transparency and being ‘up-front’. Buying a house without knowing about its condition from the outset may well become a thing of the past as the governments plans as buyers will be given online access to information about a property’s physical condition, characteristics and flood risk, tenure, council tax band, EPC rating, property type, legal, and transactional information. The resulting aim is that without any surprises the buyer will make an informed decision to buy, seeing the purchase through to completion. Optional binding contracts are also proposed to be introduced to stop buyers and sellers walking away from agreements after months of negotiation and cost. And digital tools may well be introduced to share digital property logbooks, ID verification, and standardised data sharing to improve ‘transparency and security’ for buyers and sellers. Let’s watch this space!
Mandatory up-front information Binding pre-sale contract Minimum estate agent qualifications
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