Plans to cut £116m of property red tape welcomed

Plans to save businesses in the property transaction chain £116 million a year by cutting red tape have been welcomed.

Simon Brown, Chief Executive of Landmark Information Group, says: “The Government’s ambition to save businesses across the property transaction chain £116million a year, particularly through plans to streamline the homebuying and selling process, is welcome.”

Chancellor John Healey announced that businesses in the property transaction chain would save the money by streamlining the homebuying and selling process.

The measure forms part of a wider deregulation package worth almost £800 million a year, with full details due on 28 October, the day of the Budget.

Upfront Information

Ministers have already committed to overhauling the transaction process, with binding conditional contracts introduced at an early stage and mandatory upfront property information when a home is listed.

Housing minister Matthew Pennycook told the Commons in June that a roadmap setting out the detail would follow later in the year.

Brown says Landmark’s latest research shows property professionals spend around a third of their working day chasing updates and overcoming friction in the transaction process.

The real test of its homebuying and selling reform roadmap, however, will be whether it delivers meaningful change on the ground.”

He adds: “The real test of its homebuying and selling reform roadmap, however, will be whether it delivers meaningful change on the ground, with reliable property information available earlier, better-connected processes and fewer delays and duplicated efforts.

“Success should ultimately be measured by the time and costs saved for businesses, and the greater certainty delivered to home movers.

“As we look ahead to next week’s Budget, we will continue working with government and industry to help shape reforms that deliver on this ambition.”

Healey says: “British firms are fed up with form-filling and pointless paperwork that eats into valuable time and money.”

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Author: Gemma