The home sale process “can be fixed, but it won’t be easy”, property industry expert Kate Faulkner (main picture) told MPs are revealing that there are typically 15 companies involved in any transaction, and they often don’t work together.

‘It’s a miracle’

Faulkner was speaking to MPs on the Levelling Up, Housing and Communities select committee, who are looking at the property transaction process, the information available to buyers, and the role of conveyancers and estate agents.

“It is only due to the work ethic and tenacity of the people in it [transaction process] that people do get moved,” she said.

She described it as a ‘miracle’ that homes are actually bought and sold.

Revolution

There needs to be a revolution in the way things are done, with mandated upfront information being an example of this, said Faulkner, who chairs the Home Buying & Selling Group (HBSG), the industry lobby group which represents estate agency, conveyancing, proptech and search providers.

The old Home Information Packs (HIPs) failed because the necessary technology wasn’t in place at the time, and the information wasn’t of sufficient quality, she said.

Versions of the How To Rent guide covering buying, selling and leasing were needed, she added.

Stamp out

The Founder and CEO of the HomeOwners Alliance Paula Higgins told the committee it’s time to stamp out sharp practice in estate agency.

Higgins said: “We know what they’re doing is illegal but there’s no enforcement. These types of sharp practice need to be stamped out.”