UK Plans Binding Home-Sale Deals by 2029 to Curb Gazumping and Save Buyers £650
Updated
Updated · BBC.com · Jun 19
UK Plans Binding Home-Sale Deals by 2029 to Curb Gazumping and Save Buyers £650
3 articles · Updated · BBC.com · Jun 19
Summary
Legally binding sale agreements would be introduced earlier in home purchases in England and Wales, aiming to stop buyers or sellers pulling out late without a legitimate reason.
Sales packs would require sellers and estate agents to disclose key property details upfront, including condition and chain status, to cut hidden costs and failed transactions.
The government says the overhaul could save buyers about £650 on average; Rightmove says UK sales currently take 170 days on average and more than one in five fall through.
The reforms, due by the end of this Parliament in 2029, would move England and Wales closer to Scotland, where accepted offers are already binding and sellers provide home surveys.