Shake-up will bring simpler home sales

HOUSE BUYERS AND SELLERS TO SAVE TIME AND MONEY UNDER NEW HOUSING MARKET CHANGES, VICKY SHAW EXPLAINS

- VICKY SHAW

MAJOR reforms that will speed up the process of buying and selling a home and save people money have been announced.

Under new plans, sellers and estate agents will have to provide key information including the condition of a home, leasehold costs and the chain status when first listing a property.

This means buyers will have more details to help avoid unexpected shocks later down the line.

House sales frequently collapse if building surveys uncover serious structural defects - leaving both buyers and sellers thousands of pounds out of pocket in legal fees and other costs.

The government estimates the changes could slash four weeks off the process, which currently takes about 24 weeks.