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Property industry collaborates to 'improve home-buying process'
Property industry organisations including the Land Registry, the Building Societies Association and online estate agency Rightmove have launched a collaboration aimed at finding new ways to improve the home-buying process and make the experience easier for consumers.
One of the biggest issues for buyers is the uncertainty of the timescales and, with 20-30% of house sales falling through, the group has called for a means of creating more certainty through binding offers or reservations and providing more data for consumers to help them decide.
The Home Buying and Selling Group has been created by organisations from sectors including estate and letting agents, property lawyers, mortgage lenders, with the first meeting attended by representatives from the Land Registry, the Law Society, the Society of Licensed Conveyancers, Conveyancing Association, Bold Legal Group, RPSA, Northwoods, The Property Ombudsman, Rightmove and the Building Societies Association.
In the first meeting, chaired by Kate Faulkner of Property Checklists, members of the newly founded association shared their experiences of problems consumers had purchasing their home and proposed solutions for each situation including help from the government when needed.
Members are confident that with the wide collaboration from all branches of the industry, these solutions will change the current buying/selling experience and consumers will find it less problematic.
Russell Quirk, CEO of Emoov.co.uk, commented: "I'm delighted to be a part of a group of such dignified stakeholders, and poised to use their various industry and regulatory expertise to at last improve the archaic and problematic house buying and selling process."