08 Oct Government Proposes New House Buying Rules

The government has proposed a range of changes to shorten the time it takes to buy and sell a house and to improve the buying and selling experience. We welcome their plans particularly when it comes to upfront information- from the thousands of transactions we are involved in, we can see the benefits of having material information and transparency as early on in the sales process as possible.

It’s proven that providing a dedicated resource for managing information, acting on that data and fostering strong relationships with all stakeholders helps towards minimising fall-throughs and accelerating transaction times. Equally, the quality of upfront information also plays a significant role.

Binding contracts, too, should help to reduce sales fall throughs – we are strong advocates for reservation agreements as long as the buyer has all the necessary information upfront before entering into the agreement.  A financial commitment can also help – we have seen agents offering vendors varied options from no sale, no fee to paying the full fee upfront, and noticed a staggering difference when it comes to fall throughs, with high completion rates on the upfront fee model.  Likewise, when it comes to buyers, a potential financial obligation at offer stage is likely to ensure they have more of a vested interest in the overall success of the sale.

When it comes to digitisation, embracing technology will certainly help to streamline and enhance the sales progression process. There is a myriad of software for efficient document management, case tracking and communication. However, it will also be essential that property data (currently held in silos or unavailable) is complete and reliable, and that there is a form of standardisation to enable it to be interpreted.

The introduction of mandatory qualifications is also welcome – our sales progressors all attend the Level 3 Certificate in Sales Progression (CeSP) – a course we developed with The Able Agent. The course includes modules on the legal process, handling clients, administrative aspects and AML – all essential to ensure successful sales progression.

Ultimately, Government legislation to standardise best practice and mandate its implementation might finally help to speed up the house buying and selling process – let’s just hope they do now commit to this!

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