Today the government announced through a consultation that home buying in the future is set to become a lot simpler and save you a bit of money along the way.
What was announced
- The government has launched a consultation proposing major reforms to the homebuying process.
- The goal is to reduce the homebuying process by about four weeks off the average time it takes to buy a home, which currently often exceeds five months.
- First time buyers are estimated to save on average about £710 under the new plans.
Housing Secretary, Steve Reed, said:
“Buying a home should be a dream, not a nightmare.
Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives.
Through our Plan for Change we are putting more money back into working people’s pockets and making a simple dream a simple reality.”
Key Benefits for First Time Buyers
Reduced risk of hidden costs and surprises late in the process
Less wasted time, fewer deals collapsing or getting held up
Lowered cost burden for buyers (through shifting some costs to sellers)
Greater clarity and choice in selecting agents / conveyancers
A faster, more predictable homebuying experience
Stephen Ward, director of strategy and external relations at the Council for Licensed Conveyancers, says: “The CLC is working with others across the industry in the digital property market steering group to transform home buying and selling in the interests of individual home owners and the wider economy.
“There is broad consensus about the changes that need to be made to deliver that transformation and the government’s support with this announcement will help deliver much needed progress and change, which we hope will have the support of every profession involved in the property market.
“Buyers deserve much better information than is usually provided when they are looking for a property. That upfront information will help them make the right choice and help their conveyancer progress their purchase more speedily.
“Property log books are a great tool that have been shown to greatly smooth and speed up the buying and selling process.
“The specialist conveyancers the CLC regulates are already embracing new approaches and tools to offer the kind of service we have all come to expect in the digital world. As the specialist regulator, we will continue the work of modernisation with them and partners across the sector.”
We will keep you updated!
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
