Revamping Home-buying: A Boost for Britain's Property Market
The UK government proposes new plans to streamline home-buying, potentially reducing the process by four weeks. The changes aim to halve failed transactions and lower costs for first-time buyers. A UK-wide consultation will be launched for feedback on these reforms.
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The UK government announced plans on Sunday to streamline the home-buying process, aiming to invigorate the property market. The proposed measures could cut the current five-month timeline by up to four weeks, involving earlier publication of search and survey data.
Binding contracts might also become a requirement for buyers and sellers, potentially halving transaction failures. The Royal Institution of Chartered Surveyors praised these potential improvements, noting the existing process's high expense and inefficiencies.
Home-building is a government priority, with a target of 1.5 million new homes over the current parliamentary term. The proposed changes could save first-time buyers an average of £710. The government plans a nationwide consultation, except in Scotland, which follows different property laws.
(With inputs from agencies.)
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