Homebuying system set for big shake-up

THE biggest shakeup to the homebuying system in history could slash costs for buyers and cut the time it takes to move, the UK Government claimed.

- DAVID HUGHES

Changes could include requiring property sellers and estate agents to provide more information when a home is listed for sale, reducing the need for buyers to carry out searches and surveys. Binding contracts could also be introduced at an earlier stage, reducing the risk of a chain collapsing.

The proposals could also deliver clearer information to consumers about estate agents and conveyancers, including their track record and expertise, along with new mandatory qualifications and a code of practice to drive up standards.

Westminster Housing Secretary Steve Reed said the proposals, which are the subject of a consultation, would help make "a simple dream a simple reality.