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.
Buster Tolfree, Managing Director – Mortgages, BTL, & Bridging at United Trust Bank comments:
“I am very encouraged by the Government’s announcement regarding their proposals to overhaul the home buying process as this will provide much-needed relief to consumers and the industry who have had to suffer overly long and complicated housing transactions for years. This change brings optimism for a future where clarity, speed, and transparency are at the forefront of the homebuying process. The requirement for upfront information and other proposed changes should deliver tangible improvements and put consumers back at the heart of their homebuying journey, which should be exciting rather than stressful.
At UTB, we strive to make it easy for our brokers and their customers to transact with us through digitisation, mitigating time and pain in the home buying process which these proposals very much align too. Working with the Open Property Data Association (OPDA) to bring a trust framework into the property buying process is a great example of how we are doing this. It is, however, crucial that the government ensures these new proposals are acted upon swiftly following the consultation and aren’t allowed to become just more words and little action. The fact that we have innovative proposals is a positive, and we are hopeful for a supportive consultation and swift implementation of vital improvements.”