Summary
The UK government has announced new plans to change how people buy houses. These changes are meant to reduce costs for buyers, speed up the process, and decrease the number of sales that fall through.
Key Facts
- The government aims to cut costs and halve the number of failed house sales.
- The new plan could save first-time buyers an average of £710.
- The property buying process might become up to four weeks shorter.
- Sellers and estate agents will have to provide important property details upfront, like home condition and leasehold costs.
- New binding contracts may be introduced to support deal completion.
- These reforms aim to reduce the UK's estimated £1.5bn annual costs from failed transactions.
- A new Code of Practice for estate agents and conveyancers is proposed.
- A roadmap for these changes will be released next year as part of a broader housing strategy.
