Buyers could save hundreds in new house buying shakeup

The government introduced large housing market reform plans that will aim to reduce costs, reduce delays and half -failed sales.

Housing secretary Steve Reed said that the changes would “correct the broken system” and put more money in “working people’s pockets”.

For the first time, hundreds of thousands of families and the buyer can benefit from the reforms that the government claims to be the largest home purchase of the largest home for decades.

According to the government, the revision can first save buyers an average of £ 710 for the first time, and the typical ownership process can cut from the timeline up to four weeks.

Those in the middle of a chain can potentially provide a clear savings of £ 400 as a result of the increasing costs of the weight of the print than lower purchase costs.

Consultation also benefits from other judicial zones, including more open information and previous binding contracts, including the Scottish system.

In accordance with new offers, sellers and real estate agents will legally provide important information about a property.

This will involve the priority about the status of the house, rental costs and details of the property chains.

The government said that this transparency will reduce the risk of late collapse in the process and increase the confidence between buyers, especially those who bought a house for the first time.

Binding contracts may also arise to prevent late in the agreement, which is currently a movement aiming to reduce the number of unsuccessful transactions with an estimated £ 1.5 billion per year to the UK economy.

“Buying a house is not a nightmare, it must be a dream,” Reed said. “Our reforms will solve the broken system, so that hardworking people can focus on the next part of their lives.”

Reforms will also aim to increase professional standards in the housing sector.

A new compulsory application code is recommended for real estate agents and transporters by providing side -by -side performance data to help buyers select reliable professionals based on expertise and registry.

The government said that a complete roadmap for changes will be published in the new year and will constitute part of a wider housing strategy, which includes the commitment to build 1.5 million new houses.

“Today, we aim to progress to the change and modernization that is needed so much,” Rightmove General Manager Johan Svansstrom said.

“The process that moves at home contains many part parts and there is too much uncertainty and cost along the way. Speed, connected data and stakeholder simplicity should be key targets.”

“We are looking forward to working closely with the government and the wider industry to modernize the homebuing process, so that buyers are previously given and helps to reduce unnecessary costs,” Zoopla said: “

The announcement is coming and conservatives will make detailed changes in tax policy for the first home buyers at the party’s conference in Manchester.

The party will organize “rewarding” plans by giving you 5,000 £ tax reduction to their first home when they take their first full -time jobs.

The Shadow Chancellor Mel Stide will announce a “first business bonus” suggestions that will direct national insurance payments to a long -term savings account.

The party says it will be financed Daming public expenditures worth £ 47 billion for five years In areas such as prosperity, public service and foreign aid budget.