WARRINGTON North MP Charlotte Nichols has welcomed a plan which could save first time homebuyers £710 on average by improving the property buying process thanks to the biggest shakeup to the homebuying system in this country’s history.
Proposals unveiled by the Government will speed up the long-drawn out and costly process of buying a home by four weeks, saving people money and unnecessary stress, alongside wider reforms to rewire a chaotic system which has become a barrier to homeownership.
It will see sellers and estate agents required under the plans to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move. This will help end nasty surprises which result in last-minute collapses and give greater confidence to first-time buyers making one of life’s most important decisions.
Binding contracts could also be introduced to stop people walking away from agreements after buyers painstakingly spend months in negotiations. This will help halve the number of failed transactions, so precious time and money don’t go to waste, as well as avoid heartbreak and stress for hard-working people looking for the perfect home.
The Ministry of Housing, Communities and Local Government has now launched a public consultation which will run till the 29th of December for members of the public to share their views and contribute to shaping government policy. Subject to the outcome of this consultation, the Government will publish a roadmap setting out how it will transform home buying and selling over the course of this parliament.
Charlotte Nichols MP said: “Buying a home can be incredibly difficult at the moment. The Government’s announcement to overhaul our broken system so local people can focus on buying a home without additional complications is greatly welcomed”.
“Our Labour government is helping to level the playing field for first-time buyers by accelerating home purchases by up to four weeks and reducing the number of failed transactions which costs our economy £1.5 billion a year. I wholeheartedly support the government’s reforms and encourage my constituents in Warrington North to take part and share their views.”
Rightmove CEO Johan Svanstrom said: “We welcome the announcement today aiming to drive forward that much needed change and modernisation. The development of technology means transformation is possible, with the right collaboration and considerate planning.”
“The home-moving process involves many fragmented parts, and there’s simply too much uncertainty and costs along the way. Speed, connected data and stakeholder simplicity should be key goals. We believe it’s important to listen to agents as the experts for what practical changes will be most effective, and we look forward to working with the government on this effort to improve the buying and selling process.”
To share your views and take part in the consultation CLICK HERE
