The Government has published a range of proposals aimed at improving the home buying process and launched a consultation on the proposals which aim to speed up the process of buying a home by four weeks and halve the number of failed transactions.
United Trust Bank (UTB) Head of Property Development, Adam Bovingdon, comments:
“The Government’s plans to improve the home buying process are encouraging and innovative. As a specialist development finance funder, at UTB we see the challenges developers face in completing sales, and anything that supports a faster, more certain process that locks buyers and sellers in earlier would be a welcome step forward. As members of the Open Property Data Association, UTB are actively involved in exploring ways that sharing data can also help to deliver tangible improvements to the homebuying process.
“These new Government proposals, together with reform in the planning system and mortgage market, represent positive progress. However, taken in isolation, these measures won’t address the demand side challenge that is really holding back developers moving on to their next scheme. We would warmly welcome a renewed focus on stimulating buyer activity, perhaps through a new version of Help to Buy designed specifically to support SME housebuilders, the sector which has been hit hardest in recent years.”