Plans to end gazumping with binding agreements in house sales shake-up
Summary
The UK government plans to change the house buying process in England and Wales to make it faster and fairer. New rules will introduce legally binding sales agreements earlier to stop buyers or sellers from backing out late in the process, and sellers must share more information about the property.Key Facts
- Gazumping means a buyer or seller changes the deal late in the sale, often for a better offer.
- The new rules aim to end gazumping by making agreements legally binding earlier.
- Sellers and estate agents must provide detailed information about the property and its status in the sale chain.
- These changes are planned to be in place by 2029, at the end of this Parliament.
- The government expects buyers to save about £650 on average through the new system.
- Currently, it takes about six months on average to complete a house sale in the UK.
- More than 20% of house sales fall through before completion.
- Scotland already has legally binding offers and requires sellers to provide home surveys; these reforms will align England and Wales closer to Scotland’s approach.
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