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Home Buying and Selling Group launch property transaction discussion paper

  • 10/10/2023
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Home Buying and Selling Group launch property transaction discussion paper
The Home Buying and Selling Group (HBSG) has launched a discussion paper aimed at pinpointing ways that the process of buying or selling a home can be improved immediately.

The group brings together those from across the property, legal and finance sectors. They agree that by working together the home buying and selling process can be improved for consumers.

The discussion paper sets out a series of improvements that the industry can make today which will make a difference straight away.

These include requiring a legal company to be instructed from day one of marketing the property, if not beforehand, as well as ensuring that prospective buyers are financially qualified before they attend viewings.

Another potential improvement centres on aiming to move everyone by 1pm on the day of completion.

Alongside the proposed changes, the discussion paper also highlights some of the help required from the government in order to improve the state of the market for those looking to buy or sell a property.

These include implementing the already agreed changes to the leasehold sector, delivering single digital identity verification for sellers and buyers, and helping move a paper-led system into one which is digitised.

The HBSG said that it hoped the paper would spark discussions within the industry, government and media on how the proposed solutions could improve the process for everyone involved.

Kate Faulkner, chair of the HBSG, said that the group had worked to establish all of the issues involved in the home moving process in order to put together the discussion paper.

She added: “It’s an incredibly difficult job to secure support and agree on the best way forward for such a diverse industry, but by putting the consumer front and centre, we think we have a roadmap that will work. What we need now is feedback and hopefully support, including testing and piloting new ways of moving home from those that haven’t been involved in the group’s work to date.”

Earlier this year the HBSG released the second iteration of its property data trust framework, aimed at helping those within the industry to share data in an “open and transparent manner”.

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