Will this be the end of the race to exchange?
We don’t think so. Reports on a potential government consultation with the industry on how to speed up the house buying process talked of the potential of a process similar to Scotland. In Scotland deals are binding once missives are exchanged, which rules out gazumping and gazundering. The managing director of the National Association of Estate Agents (NAEA) says the Scottish system is by no means perfect and that a hybrid process could be an option; taking lessons from across the continent where say, in France they have a 10 day cooling off period following acceptance of an offer.
Gazumping is an issue of course, but is it the main problem? Some don’t think so. Despite best intentions, sometimes things just slow down. Outdated technology, or no technology at all, means that particular processes lead to delays. Conveyancers who take on too many cases, buyers who haven’t been sufficiently qualified, unmotivated people throughout….the list of reasons is extensive!
As a consumer I welcome the consultation and hope there are improvements to be made. One of the reasons my business exists is personal frustration when buying and selling houses at the seemingly unexplainable timescales involved. It also can’t hurt to improve the cashflow of estate agencies if sales are turned around quicker! Having said that, careful consideration needs to be given to ensure a balanced approach for responsibilities on buyers and sellers.
The improvement in technology available in every part of business has been phenomenal over the past decade. The seemingly archaic processes of councils and the government is sometimes surprising. It seems to me that a whole heap of time could be saved in the process simply by moving some information online. Whatever the outcome, I hope those involved in the consultation work to represent the needs of everyone involved – buyers, sellers, estate agents, conveyancers and the organisations and institutions that help provide the relevant information. There are improvements to be made across the board.
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