House Buying To Be Faster And Less Stressful!
The property market is under the spotlight again with Communities Secretary Sajid Javid having launched an eight-week review on how to streamline home-buying in England and Wales.
The review includes plans to simplify sales and tackle gazumping. Ways of locking in deals and stopping sellers accepting higher offers at the last minute will be considered.
With over 76,000 homes bought and sold each month in Wales alone, many sales fall though costing buyers and sellers both time and money. Gazumping – when a seller accepts a higher offer from a new buyer, having previously accepted a lower offer – is among the most contentious of house-buying practices.
It is therefore to be welcomed that Ministers will look at schemes such as “lock-in agreements” as a means of building confidence in the housing chain, which often collapse leaving those involved disappointed and out of pocket.
With latest research showing that 69% of sellers and 62% of buyers reported stress and worry as a result of the delay, the review will also look at ways of speeding up the process of home-buying. It will also consider how to advise home-buyers and sellers so they are sale-ready.
Mr Javid has called on estate agents, mortgage lenders and solicitors to share their experiences of the housing market – in order to “help save people money and time so they can focus on what matters – finding their dream home”.
You can find out more here
By PJC Homes on September 25th, 2017