A discussion paper released 9th October will seek the input of all those involved in the home buying and selling process on improvements to the process, with the ambition of building a “roadmap for changing the way we move home now to how we will move home in the future.”
The Home Buying and Selling Group (HBSG) has released “How to improve buying and selling in England” to highlight the case for change, and key issues that currently prevent progress. In the paper HBSG acknowledge
“some of this we can do as an industry ourselves. Some requires the support of government and organisations such as the HM Land Registry. But we also need to communicate these changes to the industry and the public, so will need the help and support of the media.”
The paper discusses issues including the length of time it takes to transact (and subsequent fall throughs) and a lack of certainty on exchange, completion and moving day as major blockers for consumers and professionals alike. In an effort to improve the process, 3 key objectives are identified that could be implemented today:
- Instructing a legal company day one of marketing, or before
- Buyers being financially qualified prior to viewings
- Aiming to move everyone by 1pm on the day of completion
A further 7 ambitions are identified that could radically transform the home buying and selling process:
- Regulation of estate agency
- A single source of truth for property data
- Clear and consistent communication with consumers to empower buyers and sellers
- Mandate the provision of information that would create greater certainty further down the transaction
- An approved digital identity verification process that can be relied upon by all parties
- Keys to be available by 1pm on completion day
- Prioritise leasehold reform
The Home Buying and Selling Group (HBSG) was set up in 2018 and is an informal mix of people and organisations from across the property, legal and finance sectors, with the objective of improving the home buying and selling process for all involved. It has pointed to it’s role to date as a collaborate body, including working on home moving industry guidance during covid and extending the SDLT, and says it has published the paper with the “aim of creating discussions within the industry, government, and the media on whether – and how – the solutions proposed would improve the process, not just for consumers, but for the industry too.”
HBSG Chair Kate Faulkner explains the purpose and timing of the discussion paper
“We have worked hard to identify all the issues by working with trade and professional bodies, ombudsman, regulators, and redress schemes from all sectors involved in the home moving process, as well as government and importantly, practitioners, from small independent companies through to franchises and corporates.
“It’s an incredibly difficult job to secure support and agree on the best way forward for such a diverse industry, but by putting the consumer front and centre, we think we have a roadmap that will work. What we need now is feedback and hopefully support, including testing and piloting new ways of moving home from those that haven’t been involved in the group’s work to date.”
“How to improve buying and selling in England” can be reviewed in full here.
Feedback from across the profession is welcomed via the Home Buying and Selling Group Linkedin Page and also here: https://www.linkedin.com/feed/update/urn:li:activity:7117150166045843456/
