The Government has been urged to move faster on banning gazumping.
Plans to outlaw gazumping were revealed as part of a housing market shakeup earlier this month but aren’t expected to be introduced until 2029.
But bridging and alternative finance lender Morrow has expressed concern at the delays.
Amit Gupta, financial services director at Morrow, believes that although the changes are well intentioned and long overdue.
LACK OF POLITICAL WILL
He has warned that leaving legislation until 2029 demonstrates a lack of focus and political will to make changes happen.
He says: “Having worked within the property finance industry for more than 12 years, the proposal is well overdue and will be a much welcomed change.
“Buying a property should be a joyous life event but currently is often far from this. For too long we have seen the devastating effects on both sellers and buyers having been left vulnerable, partly because of elongated legal bureaucracy. There is a sense of irony around the fact changes will likely only take effect from 2029 onwards – three years from now. Hopefully, this is something that this government will recognise as a priority and not wait for three years to see it implemented.”
