The Chair of the Housing, Communities and Local Government (HCLG) Committee has urged the Government to overhaul the homebuying process in England and Wales, calling for earlier legally binding agreements, greater regulation of estate agents and the introduction of mandatory qualifications.
Florence Eshalomi MP, has written to Housing Minister Matthew Pennycook outlining a series of recommendations aimed at reducing delays, lowering costs and improving confidence in the property transaction process.
The committee’s correspondence forms part of its wider inquiry into housing affordability and follows the Government’s recent consultation on home buying and selling reform.
Among the key recommendations is a move towards authoritative upfront property information to reduce fall-throughs, delays and duplication during transactions.
REDUCE GAZUMPING
The committee also called on the Government to explore ways of making transactions more binding at an earlier stage in the process, in a bid to reduce issues such as gazumping and broken chains.
Estate agency regulation also came under scrutiny, with the committee highlighting concerns around inconsistent standards and low levels of public trust.
The letter recommends the introduction of a formal Code of Practice alongside mandatory qualifications for different types of property professionals, including estate agents.
The proposals reflect growing industry momentum behind professional qualifications and stronger regulation, following the Government’s homebuying reform consultation and increasing investment by firms such as Rightmove and Propertymark in formal training and certification routes for agents.
BROKEN CHAINS
Florence Eshalomi MP, Chair of the Housing, Communities and Local Government Committee, said: “The current homebuying and selling process in England and Wales is far more difficult, stressful, and gruelling than it should be.
“The path to homeownership is littered with delays and collapsed transactions due to gazumping and broken chains. In addition to the personal impact involved in each case, these hurdles only serve to exacerbate the affordability crisis and make getting on the housing ladder more challenging.
“I hope the Housing Minister will pay close attention to our recommendations and take the clear action needed to improve the buying and selling process for people across England and Wales.”
