Communities secretary
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Latest property news
Gazumping to be outlawed? Government to consider buyer lock-ins
Communities Secretary Sajid Javid has launched another call for evidence, this time as part of a government push to reform the buying process which could see gazumping outlawed. Just days after revealing he wanted to make life fairer for leaseholders, Sajid says he wants to hear from estate agents, solicitors and mortgage lenders about how to stop gazumping, reduce time wasting and ensuring buyers commit to a sale. In his call for evidence, the Communities Secretary says mistrust between parties is one of the biggest issues faced by the industry and wants to introduce lock-in agreement to improve it, highlighting how a quarter of house purchases fall through each year. Other measures include ‘encouraging’ sellers to provide more information before they put their property on the market – which sounds like a ‘lite’ version of Labour’s Home Information Packs – and encourage more digital innovation to help speed up the buying process by making more data available online. This refers to more recent innovations such as the blockchain technology developed by Bitcoin that enables processes to move forward automatically without the need for huge amounts of paperwork and human intervention. The first property in the UK – a retail unit –…
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Latest property news
Housing White Paper: building great expectations?
There’s a sense of excitement, The Housing White Paper lands in my inbox; will it give a Spring bounce to our housing market? The screen goes grey as 104 pages flip past, am I missing something? A new thought, idea, plan or action? Theresa May, Prime Minister, couldn’t be in Parliament today as she is busy with Israeli Prime Minister Netanyahu, which is understandable, she cannot be everywhere, and her Secretary of State for Communities and Local Government is qualified to present this hugely important document. Mrs May says, “Our broken housing market is one of the greatest barriers to progress in Britain today. Whether buying or renting, the fact is that housing is increasingly unaffordable – particularly for ordinary working class people who are struggling to get by. “Today the average house costs almost eight times average earnings – an all-time record. As a result it is difficult to get on the housing ladder, and the proportion of people living in the private rented sector has doubled since 2000. “These high housing costs hurt ordinary working people the most.” All fine and well, but what is the grand plan? It isn’t grand, it doesn’t even seem to be a…
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