Government to make finding a new home ‘cheaper, faster and less stressful’
Ministers consider new plans to tackle gazumping concerns after desperate buyers incur costs of £270million a year when sales fall through
HOME-BUYERS could be in line to save hundreds of pounds as the government consider new plans to tackle gazumping.
Ministers aim to make buying and selling “cheaper, faster and less stressful” in finding a new home.
They will be looking at the gazumping concerns, where sellers accept a higher offer from a new buyer, hoping to increase commitment to a sale.
Estate agents, solicitors and mortgage brokers are now being asked to give evidence about the home-buying process.
A “lock-in agreement” to stop house purchases falling through will be looked at by the government that could see a financial penalty if a party pulls out of a sale.
It comes as desperate buyers incur costs of £270million a year when sales fall through - with the average cost to consumers of £700 in valuations or legal fees.
New research shows 69 per cent of buyers and 62 per cent of sellers reported stress and worry as a result of a delay in the process.
Nearly half thought the seller would change their mind about moving home.
One in four would change estate agents if they were to go through the process again.
The call will also look into providing better guidance for buyers and sellers to make them ‘sale ready’.
Communities Secretary Sajid Javid said: “We want to help everyone have a good quality home they can afford, and improving the process of buying and selling is part of delivering that.
“Buying a home is one of life’s largest investments, so if it goes wrong it can be costly.
“That’s why we’re determined to take action to make the process cheaper, faster and less stressful.
“This can help save people money and time so they can focus on what matters – finding their dream home. I want to hear from the industry on what more we can do to tackle this issue.”
