🔗 Share this article Property Acquisition Revamp Plan Aims to Cut Fees and Timeline Substantial improvements to the property acquisition procedure have been unveiled with the aim of lowering expenses, shortening setbacks, and reducing by 50% collapsed real estate sales. Major Changes Under the new initiatives, property owners and real estate agents will be legally required to deliver crucial real estate details in advance. This openness is projected to preserve new homeowners an average of £710 and shorten up to four weeks from the usual home purchase duration. Benefits Hundreds of thousands of families and initial homeowners could gain from these reforms Individuals within housing chains might achieve net savings of approximately £400 Improved openness will lower the risk of deals collapsing Purchaser trust, particularly among new homeowners, is anticipated to strengthen Procedure Upgrade The suggested revamp draws on models from various areas, including Scotland where extensive advance details and sooner formal agreements are standard practice. "Buying a property should be a dream, not a ordeal," stated a government official. "Our reforms will repair the flawed procedure so employed citizens can concentrate on the next chapter of their existence." Industry Requirements The reforms will additionally aim to enhance professional standards across the housing sector. Fresh compulsory Industry Guidelines for estate agents and legal professionals are being recommended, combined with the establishment of success statistics to assist purchasers choose reliable professionals. Future Plans A complete plan for the changes will be released in the new year, representing a broader housing strategy that encompasses a promise to construct 1.5 million new homes. Binding contracts may furthermore be implemented to prevent participants from walking away during final phases, a measure intended to halve the quantity of failed transactions that currently cost the economy an approximate £1.5 billion per year. Real estate professionals have applauded the plans to improve the process, noting that the property transaction process entails many fragmented parts with too much ambiguity and costs along the process.