British Government Officials Plan to Accelerate Homebuying by 30 Days

Authorities are aiming to shorten the period it takes to buy a home by one month under recent initiatives targeting improvements in the home acquisition procedure.

Moving Financial Burdens from Buyers to Sellers

The UK government will also review strategies to move financial burdens from acquirers to property owners, including mandating property owners and estate agents to supply purchasers with crucial details – such as the condition of the home and the scale of any leasehold costs – beforehand.

"Buying a home should be a dream, not a ordeal. Our improvements will repair the flawed process so hardworking people can concentrate on the following stage of their lives."

Monetary Gains for First-Time Buyers

The accommodation authority said the plans were designed to help "eliminate unpleasant shocks which result in last-minute collapses", with estimates suggesting that initial property acquirers will save "approximately £710" when buying a home.

Review Procedure Across the UK

The review procedure will include all of the UK – even though the process of buying a home varies substantially depending on which country the property is located in.

• Across England and Wales, there is no mandatory obligation to commission an inspection of a building before you acquire it
• Throughout Scotland, however, the property owner has to deliver a "property document" before they can position their building on the market

Binding Contracts

The consultation process will also examine providing an choice for purchasers and property owners to complete legally enforceable agreements "to halt parties walking away from arrangements after purchasers carefully invest months in negotiations".

The authorities stated this will help halve the number of unsuccessful deals, so "precious time and funds aren't squandered, as well as avoid heartbreak and pressure for diligent individuals seeking the dream house".

Location-Specific Variations

Similarly, nevertheless, the systems vary across the UK. A home acquisition is legally binding in the English system once contracts are exchanged, which can require over one and a half months. In Scotland specifically, this system usually functions much more quickly.

The initiative began when the authority was operated by past leaders who committed to simplify the property purchasing system earlier this year.