The Housing, Communities and Local Government Committee has written to Housing Minister Matthew Pennycook urging the Government to move more quickly on reforms to the homebuying and selling process.

The intervention follows a Government consultation on buying and selling reform that ended late last year, with ministers yet to set out a formal response or timetable for implementing any changes.

Backing given

The Committee has given its backing to many of its proposals, including up-front property information, digital property data and earlier legal commitment between buyers and sellers.

It has also recommended introducing “authoritative, up-front property information” when a home is first marketed, and urged ministers to consider making transactions more binding at an earlier stage. This includes through conditional contracts backed by financial penalties if either party withdraws.

Florence Eshalomi MP (pictured), 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.”

“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”.