Home Buying and Selling Reforms

The Government have recently announced proposed reforms to the home buying and selling process which has been rumored to be on the agenda for a few months.

The roadmap includes some significant changes, including:

Mandatory sales packs at the point of listing

Earlier legally binding agreements between buyers and sellers

Increased use of digital tools and AI within conveyancing

A new Code of Practice for estate agents

Possible mandatory qualifications for property agents  

The Government says these reforms will make transactions faster, reduce fall-throughs, and improve consumer confidence.

Whilst the changes will no doubt improve the home buying and selling system there is still some skepticism as to when they will be introduced and how effective they will be. The proposals also come at a time of turmoil in government which will no doubt put further pressure on the timescales.

Here at City Residential we are supportive of the proposals especially in relation to the Code of Practice for estate agents and Possible mandatory qualifications for property agents. Our biggest concern probably relates to the Mandatory sales packs at the point of listing and how practical this is especially given previous attempts of similar products in the past.