Housing, and more specifically homebuying has been very much in the news in the past month, thanks to new policies and initiatives being announced by the Government. A variety of measures are being proposed, in a bid to make the whole experience of buying a property (particularly for the first time) much quicker and simpler.
There are also details of how you can take part in the public consultation, which runs until December, as well as the Conservative Party’s ideas for boosting not just the residential market but also businesses on our High Streets.
This article is a three-minute read.
The Labour Government is proposing a radical shake-up of the housing market – specifically, homebuying and selling. They have come up with a few ways of shortening the whole process, and they have now sent their proposals out to public consultation. Here, Maunder Taylor outline the key elements.
Maunder Taylor – an Independent Estate Agent in Totteridge
Maunder Taylor deal with all aspects of the property market – and not just buying and selling houses. We are also heavily involved in the North London commercial property sector, and we offer a range of associated legal services too.
The Key Proposals
The key elements of the proposals are as follows:
A Duty to Provide Information – sellers and estate agents will be legally required to provide key information about a property up front. When a property is listed for sale, it should include key facts such as the council tax band, the EPC (Energy Performance Certificate) rating, as well as the property type.
It could also cover the results of any standard searches (from the local authority and other public bodies) and a condition assessment tailored to the property’s age and type. Additional details such as service charges, planning consents, flood risk, chain status, and a clear floor plan could also be made available.
Binding Contracts – these could also be introduced at an earlier stage, reducing the risk of a property chain collapsing and gazumping. The proposals state that this is a “long-term” option aimed at halving the number of failed transactions, which currently cost the UK economy an estimated £1.5 billion a year.
Anyone who breaks the contract could face fines, but no firm details have yet been provided on how this would work, and what would be considered as justified reasons to leave the contract.
Higher Standards – the proposals will introduce a new mandatory Code of Practice for estate agents and conveyancers, including their track record and expertise. This will be alongside the introduction of side-by-side performance data to help buyers choose trusted professionals.
Wider Use of Technology – the Government wants to see a greater use of technology, possibly in the form of digital logbooks and packs, which could become a central feature of all property transactions in the future. Aside from the convenience, this could also speed up the homebuying and selling process.
What Will the Effects Be?
The Government believes that the overhaul could save first-time buyers more than £700, as well as reducing the number of collapsed property chains and speeding up the whole buying process.
Anyone in the middle of a chain could also potentially gain a net saving of £400 as a result of the increased costs from selling being outweighed by lower buying expenses, as well as more competition in the sector.
However, the Governent acknowledges the proposals will put an increased burden on sellers, with anyone putting a property on the market facing increased costs of just over £300 (as well as having a lot more paperwork to complete).
The Conservative Party Proposals
The Conservative Party has also come up with its own idea to help kick-start the homebuying market. At their annual conference, which this year was held in Manchester, they promised would-be first-time buyers a £5,000 tax rebate in their first job, in a bid to help them onto the property ladder.
In his speech to the party’s annual conference in Manchester, shadow chancellor Sir Mel Stride also said the party would abolish business rates for high street shops. And party leader Kemi Badenoch said they would abolish stamp duty on the purchase of main homes if they got back into power.
Property Expertise in London and Hertfordshire from Maunder Taylor
As an independent estate agent in Totteridge, we offer residential and commercial properties for sale in North London and Hertfordshire. However, if you need other related services, such as a property insurance agent in Barnet, a property dispute advisor in Potters Bar, or lease renewals advice in Whetstone, then you can come to Maunder Taylor as well.
For more information on any of our services, follow this link and complete the online form. You can also call our head office on 020 8446 0011. We have a separate number – 01707 665 666 – for any residential block management queries.
FAQS:
How can you take part in the 2025 consultation?
The proposals, from the Ministry of Housing, Communities and Local Government, have now gone out to public consultation on the Government’s own website. Any stakeholders or interested parties can give their views here.You will need to respond by December 21 this year; and you must also say if you are responding as a private individual or on behalf of an organisation.
The Government says they welcome views from “anyone who has an interest in home buying and selling, especially property professionals involved in home buying and selling and members of the public who have experienced the process as either a buyer or seller”.
What happens after that?
After the consultation is over, responses will be collated and a ‘roadmap’ highlighting the way forward will be published either in the winter of 2025 or later in 2026. The extent of any future reforms will depend on the outcome of the consultation.