This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/money/2017/oct/21/house-buying-rules-review-gazumping-clampdown-by-government
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| New housebuying rules will clamp down on gazumping | New housebuying rules will clamp down on gazumping |
| (about 1 month later) | |
| A clampdown on gazumping and other tactics that cause misery to housebuyers and sellers is being drawn up by the government as part of a renewed attempt to reduce the stress of buying a home. | A clampdown on gazumping and other tactics that cause misery to housebuyers and sellers is being drawn up by the government as part of a renewed attempt to reduce the stress of buying a home. |
| New rules to stop people from cutting their offer at an advanced point in a sale, and “time wasting” by bidders with no realistic hope of completing a purchase, will also be examined as part of a review of the rules. | New rules to stop people from cutting their offer at an advanced point in a sale, and “time wasting” by bidders with no realistic hope of completing a purchase, will also be examined as part of a review of the rules. |
| Previous attempts by ministers to improve the process have come to little. However, Sajid Javid, the communities secretary, is now launching an eight-week call for evidence from estate agents, solicitors and mortgage lenders in an attempt to make house buying “cheaper, faster and less stressful”. | Previous attempts by ministers to improve the process have come to little. However, Sajid Javid, the communities secretary, is now launching an eight-week call for evidence from estate agents, solicitors and mortgage lenders in an attempt to make house buying “cheaper, faster and less stressful”. |
| The practice of gazumping, which sees a buyer lose out on a property at the last minute after a higher offer is received, is still an issue after years of complaints. One radical option could be moving the point at which an agreed sale becomes legally binding. | The practice of gazumping, which sees a buyer lose out on a property at the last minute after a higher offer is received, is still an issue after years of complaints. One radical option could be moving the point at which an agreed sale becomes legally binding. |
| Ministers will also consider new “lock-in agreements” designed to increase the trust between buyer and seller. While a million homes are bought and sold in England each year, around a quarter of sales fall through and millions of pounds are wasted. | Ministers will also consider new “lock-in agreements” designed to increase the trust between buyer and seller. While a million homes are bought and sold in England each year, around a quarter of sales fall through and millions of pounds are wasted. |
| “We want to help everyone have a good quality home they can afford, and improving the process of buying and selling is part of delivering that,” Javid said. “Buying a home is one of life’s largest investments so, if it goes wrong, it can be costly. That’s why we’re determined to make the process cheaper, faster and less stressful. | “We want to help everyone have a good quality home they can afford, and improving the process of buying and selling is part of delivering that,” Javid said. “Buying a home is one of life’s largest investments so, if it goes wrong, it can be costly. That’s why we’re determined to make the process cheaper, faster and less stressful. |
| “This can help save people money and time so they can focus on what matters – finding their dream home. I want to hear from the industry on what more we can do to tackle this issue.” | “This can help save people money and time so they can focus on what matters – finding their dream home. I want to hear from the industry on what more we can do to tackle this issue.” |
| Housing market | Housing market |
| The Observer | The Observer |
| Property | Property |
| Sajid Javid | Sajid Javid |
| Real estate | Real estate |
| Mortgages | Mortgages |
| House prices | House prices |
| news | news |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on Google+ | Share on Google+ |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Reuse this content | Reuse this content |