Govt announces “biggest shakeup” to home buying

The government has announced “the biggest shakeup to the home buying system in this country’s history”, in a consultation on the house buying and selling process, with changes set to shave four weeks off buying a home, it said today (October 6).

Following the Ministry of Housing, Communities and Local Government’s (MHCLG) announcement in February on plans to modernise home buying, the housing department said its proposals were set to save first-time buyers £710 on average when buying a home by reducing the time taken in the process.

Under the plans, sellers and estate agents will be required to provide buyers with “vital information” about a property from the start, including the condition of the home, leasehold costs and chains of people waiting to move.

“This will help end nasty surprises which result in last-minute collapses and give greater confidence to first-time buyers making one of life’s most important decisions,” MHCLG said.

It has also proposed the introduction of binding contracts to help halve the number of transactions failing and cut the risk of wasted time, money and stress.

And the government has suggested including information on both estate agents and conveyancers, giving details of their …