The dream of a faster, less stressful house buying and selling process
PUBLISHED: 18:11 13 November 2017
AFP or licensors
Can Sajid Javid make the home buying process ‘cheaper, faster and less stressful’? Andrew Pointen, from Pointens, discusses.
It was with a sense of fevered anticipation and sheer relief that I received the surprised announcement from the communities secretary Sajid Javid that the government was to launch a consultation calling for evidence on how to make the home buying process “cheaper, faster and less stressful for those involved”. He has requested that he wants to hear from everybody with an interest in the home buying and selling process. He went on to say; “We want to ensure that we address the whole issues across the whole sector, from ways to tackle gazumping and reduce time wasting to increase commitment to a sale.” The call for evidence began on Sunday, October 22 and will close shortly before Christmas. Views will be taken on:
This when sellers who have already accepted an offer from a buyer then decide to take a higher offer from another buyer.
Mistrust between parties
He says that mistrust between parties is one of the biggest issues faced between buyers and sellers and wants to look at schemes to include ‘lock in agreements’. Although one million homes are bought and sold in England each year around a quarter fall through with millions of pounds being wasted.
A more transparent process
How to provide better guidance for buyers and sellers, by encouraging them to gather more information in advance so homes are ‘sale ready’.
You can now search for homes on line, but the conveyancing process is far too slow, costing time and money. So we’re looking for innovative digital solutions including making more data available online.
Mr Javid finished by saying: “We want to help everybody involved in the process of buying and selling of property, and improving the process 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”.
However, mindful of publicity during the General Election campaign when Michael Gove hinted at a return of Labour’s controversial Home Information Packs, the government’s statement said: “This exercise isn’t about adding extra work for buyers and sellers or seeing a return to Home Information Packs; this call for evidence will look at how we can further improve the home buying experience”.
All I can say is that I hope and pray that’s something comes of this. Having been involved in the estate agency industry for 27 years, I am constantly frustrated on a daily basis at the totally archaic system we have in this country when conveying property from one party to another. I certainly will be writing to Mr Javid. And I hope my fellow property professionals reading this will do the same. At the present moment in time we about as far away as you can get from a cheap, fast and no stress system.
You can contact Andrew Pointen at Pointens on 01263 711880 or www.pointens.co.uk