Homebuyers to save cash in new proposal

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

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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.