First-time buyers could save hundreds in sales plan, government says
4 hours ago Share Save Charlotte Edwards Business reporter, BBC News Share Save
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Plans for a major reform of the house-buying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government. Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and the option of binding contracts could stop either party walking away late in the process. The government estimates the overhaul could save first-time buyers an average of £710 and shave four weeks off the time it takes to complete a typical property deal. But sellers at the end of a chain may face increased initial costs of £310 and, while broadly welcoming the move, housing experts say more detail is needed
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