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The government has revealed a new set of housing market reforms that are aimed at reducing costs, eliminating delays, and cutting the number of failed sales in half. Housing Secretary Steve Reed emphasized that these changes are designed to “fix the broken system” and put more money “back into working people’s pockets.” The reforms are expected to benefit hundreds of thousands of families and first-time buyers, marking the most significant shakeup in the house buying sector in decades.
According to the government, the proposed overhaul could lead to an average savings of £710 for first-time buyers and reduce the typical property transaction timeline by up to four weeks. Those in the middle of a property chain could also potentially save £400 as increased selling costs are offset by lower buying expenses. The consultation for these reforms also looks at models from other jurisdictions, like the Scottish system which provides more upfront information and earlier binding contracts.
Under the new proposals, sellers and estate agents will be legally obligated to disclose key information about a property upfront. This includes details about the condition of the property, any leasehold costs, and information about property chains. The government believes that this transparency will minimize the risk of deals falling through late in the process and increase buyers’ confidence, especially among first-time buyers. Additionally, the introduction of binding contracts may prevent parties from withdrawing from the deal at the last minute, with the aim of reducing the number of failed transactions by half, saving the UK economy an estimated £1.5bn annually.
Reed stated, “Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives.” In addition to enhancing professional standards in the housing sector, the reforms also propose a new mandatory Code of Practice for estate agents and conveyancers, as well as the introduction of performance data comparisons to assist buyers in selecting reputable professionals based on their skills and history. A detailed roadmap for these changes will be published in the new year as part of the government’s broader housing strategy, which includes a commitment to construct 1.5 million new homes.
Amid the announcement of these housing reforms, the Conservatives are planning to unveil adjustments to their tax policy for first-time homebuyers at the party’s conference in Manchester. The party intends to provide young people with a £5,000 tax rebate towards their first home when they secure their initial full-time job as part of a proposal known as the “first-job bonus.” The funding for this initiative will come from £47bn in public spending cuts over five years in areas like welfare, the civil service, and the foreign aid budget
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