The UK Government has launched a call for evidence on ways to make the home buying process in England cheaper, faster and less stressful for all concerned.

Possible Areas for Reform

- Gazumping – buyers have expressed concerned about gazumping, with sellers accepting a higher offer from a new buyer.

- Building trust & confidence - mistrust between parties is apparently one of the biggest issues faced, and so the Government wants to look at schemes including ‘lock-in agreements’. Although one million homes are bought and sold in England each year, around a quarter of sales fall through and hundreds of millions of pounds are wasted, and so the Government wants to increase confidence in the housing chain.

- Informing customers - how to provide better guidance for buyers and sellers, by encouraging them to gather more information in advance so homes are ‘sale ready’.

- Innovation –buyers can search for a home online, but the buying process is too slow, costing time and money. The Government is looking for innovative digital solutions including making more data available online.

- of those that experienced delays, 69% of sellers and 62% of buyers reported stress and worry as a result of the delay;

- 46% of sellers had concerns about a buyer changing their mind after making an offer;

- 24% of sellers would use a different estate agent if they were to go through the process again; and

- 32% of sellers and 28% of buyers were dissatisfied with the other party’s solicitor.

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