HBSG launches a discussion paper to help improve the home buying and selling process
09 October 2023
Feedback sought from across the home moving industry, government and consumers
The Home Buying and Selling Group (HBSG) is an informal mix of people from across the property, legal and finance sectors, all of whom passionately believe that if the industry, government, and media work together, the home buying and selling process can be improved for consumers.
However, to secure changes, the whole home moving industry needs to come together to agree on what solutions would work ‘on the ground’, test and pilot upfront initiatives, for example, Property Logbooks, Property Packs or other solutions and Digital Identity and agree on changes the industry can make itself and where we need government and media help.
The paper sets out a different way of moving home which the industry can deliver now, including:
1. Instructing a legal company day one of marketing, or before
2. Buyers being financially qualified prior to viewings
3. Aiming to move everyone by 1pm on the day of completion
The HBSG also set out the help required by government to revolutionise the sector for the future including implementing the already agreed changes to the leasehold sector, mandating upfront information which meets recognised standards, delivering single Digital Identity verification for sellers and buyers and turning a very paper led system into one that is digitised, where quality data can be trusted by all.
Collaboration has been key in delivering for the HBSG, including working on home moving industry guidance during covid and extending the SDLT. As such, the HBSG has published this paper with the aim of creating discussions within the industry, government, and the media on whether – and how – the solutions proposed would improve the process, not just for consumers, but for the industry too.
Kate Faulkner, Chair of the Home Buying and Selling Group explains: “We have worked hard to identify all the issues by working with trade and professional bodies, ombudsman, regulators, and redress schemes from all sectors involved in the home moving process, as well as government and importantly, practitioners, from small independent companies through to franchises and corporates.
“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.”
A copy of the paper can be found here.
