Estate agents back Government homebuying reforms
Colby Short, of GetAgent, says 95% of agents throw their weight behind the proposed reforms to homebuying.
Almost all estate agents support the Government’s reforms of the homebuying system believing that they will make it faster and more stable.
An overwhelming 95% say they back the changes, including binding agreements, according to the latest survey by GetAgent.
Major overhaul
A major overhaul of the homebuying system designed to speed transactions up and prevent fall-throughs, was announced last month.
The Government said the changes would cut buying times by four weeks, and save first-time buyers an average of £650.
New sales packs, earlier binding agreements, and digital tools would halve the number of sales that fall through, it was claimed.
A code or practice, followed by mandatory qualifications, for estate agents would be issued before the end of the year.
Agents already spend a huge amount of time managing issues that are completely outside their control.”
Colby Short, Co-founder and Chief Executive of GetAgent (pictured), says: “For years, the industry has accepted that fall-throughs, long transaction times and uncertainty are simply part of moving home, but they don’t have to be.
“Agents already spend a huge amount of time managing issues that are completely outside their control. Chasing paperwork, dealing with buyers who aren’t fully prepared and trying to keep chains together all takes time away from helping clients move successfully.
“What stands out from this survey isn’t just that agents support the reforms, it’s why they support them. They see an opportunity to spend less time firefighting and more time advising clients, progressing sales and delivering a better overall experience.”
Quicker sales
The survey of agents reveals that 93% of agents say binding agreements would improve market stability, while 76% believe more upfront information would reduce failed sales.
Meanwhile, 83% think the reforms will boost buyer demand, with 92% saying they’ll improve the industry’s performance and reputation.
Agents expect quicker sales, fewer delays and a smoother experience for buyers and sellers alike.
