The government recently launched a consultation, urging property specialists to come forward with evidence on how to make the house selling and purchasing process, ‘cheaper, faster and less stressful for those involved.’
The announcement was made by Communities Secretary Sajid Javid, who said he wants to hear from the likes of Estate Agents, mortgage lenders, solicitors and other professionals involved with the house buying and selling system.
“We want to ensure that we address issues across the whole sector, from ways to tackle gazumping and reduce time wasting to increase commitment to a sale,” said Sajid Javid.
The government is looking for views on four primary topics – gazumping, innovation, information and confidence.
The consultation, designed to provide ‘evidence’ on how the industry can streamline its processes, making it quicker and more simplified for everyone involved, began on October 22 and is running for eight weeks.
The house buying and selling consultation has been welcomed by some in the property industry, who are of the belief scrutiny of the system is long overdue.
As Duncan Samuel, Managing Director of Gazeal, winner of the Proptech Company of the Year at the Property Wire Awards, said:
“We are delighted that serious questions are being raised about the current home-buying process in England and Wales.”
Gazeal, specialists in building innovative technology for the property sector, offered its thoughts on the government’s drive to essentially ‘clean-up’ the house buying and selling system in the UK.
Duncan Samuel spoke of the rise of the problem of gazumping, which refers to the act of the seller who has accepted an offer by a buyer but accepts a better offer from another buyer before the sale is completed.
“Our data proves that gazumping is on the rise and that the UK residential property fall-through rate is actually closer to 28%, a little higher than the survey that the Government published,” said Samuel.
Javid’s call for evidence to be presented related to simplifying the house buying process, includes providing better guidance for buyers and sellers to make properties ‘sale ready’.
Gazeal’s Xpress Service helps agents overcome such issues by enabling the agent to list the property for sale with a full Contract Pack, including personal searches and an online property questionnaire, when the property is put on the market.
“Gazeal then instantly delivers the pack to the buyer’s conveyancer when an offer is accepted, savings weeks or months,” said Steve Dawkins, Digital Marketing and Sales Director of Gazeal.
Another primary concern about the current house buying process in Britain, is the stress and worry it can create, which is often caused by delays in the sale going through.
According to a government survey of 2,000 people, 69% of vendors and 62% of buyers, reported stress and worry as a result of delays.
By eliminating many of the delays, Gazeal is committed to speeding up the whole buying and selling process. As Reema Battu, Deputy Practice Group Head of Residential Conveyancing for Edwards Hands and Lewis, commented:
“The Gazeal system is the way forward for conveyancing and a lot of the transactions that I have worked on have gone through a lot quicker, almost less than half the time than they normally do.”
It will be interesting to see what comes out of the government’s property selling and buying consultation and what prospective solutions are put forward.