Government Reforms Set to Turbo-Boost the Housing Market

(Copyright text and images, Furley Page, reproduced with kind permission)



The Government's recently announced homebuying shake-up proposals could provide the boost the market needs, according to Anna Joiner, a Partner at Furley Page Solicitors, specialising exclusively in real estate work.

The government has just published its 'Home buying and selling reform roadmap'. 

Key features of the proposals include:

• a new sales pack to ensure buyers have the information they need upfront; 
• new earlier binding agreements to stop parties walking away; 
• the introduction of digital systems to streamline the process, and; 
• a new Code of Practice aimed at raising standards for estate agents, including mandatory qualifications for the sector.
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At the heart of the reforms is a major shift to digital, replacing the current outdated paper-based systems. Digital property logbooks and sales packs will allow trusted information to be shared securely between professionals in real time, reducing the back and forth that currently causes so many delays. 

Anna Joiner is confident that the government's buying and selling reform could help unlock the market for many, save money in the process, and make the system fairer.

She said: "One in three residential property sales falls through, costing sellers around £400 million per year, so any initiative to reduce that number is to be warmly welcomed. Added to that, according to the government, failed transactions are costing the economy up to £1.5 billion every year. With the health of the housing market being so important to so many people, if these proposed reforms can fix the current system and reinvigorate the market, it can only be good news."

The Government's published roadmap sets out that a Code of Practice will be introduced later this year, and next year there will be consultation on estate agent qualifications and expanded digital tools. By the end of the current Parliament there will be comprehensive legislation to require sales packs, binding contracts and digital systems.

Anna continued: "While we wait for the reforms to be implemented, there are still things that people can do to make transactions run smoother.

"For both buyers and sellers, appointing conveyancers right at the start of the process can make a major difference by setting a target timescale for exchange as well as highlighting potential issues early on so they can be carefully managed to ensure everything completes on schedule."

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