Tory Move to Speed up House Buying

7th December 2007

The Conservatives have launched their own home-buying review to investigate ways of speeding up the house buying and selling process.

The party, which has strongly opposed the Government's controversial Home Information Packs (Hips), said it was looking into whether moving home could be made faster, less expensive and less stressful.

It is inviting submissions from both the industry and consumers to see what can be done to improve the process.

The average house sale currently takes up to three months, while more than £300 million a year is wasted in sales that fall through.

The Government hopes to reduce this figure through the introduction of Hips, which provide more of the information that buyers need up front, but earlier indications suggest the packs have led to a fall in the number of homes being put up for sale.

The Conservatives have teamed up with television presenter Kirstie Allsopp, who co-hosts Channel 4's Location, Location, Location TV show, and housing industry expert Owen Inskip for the review, which will report back in the spring or summer of next year.

Ms Allsopp will focus on the consumer side of buying or selling a home, while Mr Inskip will look at the industry's perspective, including estate agents, solicitors, surveyors and mortgage lenders.

Shadow housing minister Grant Shapps said: "We want to see if there is a simpler, more transparent way of purchasing a property and believe that the very best way to study this subject is to invite submissions from people who really know this market, like the industry experts and of course anyone who has ever bought and sold a home."

The review will focus on areas such as the professionalism and attitude of estate agents and solicitors, the process and language of surveys and valuations, and the mortgage lending process.

It will also look at the practices of gazumping and gazundering, where sellers demand more money or buyers reduce their offer, and whether the "buyer beware" system using in property transactions is appropriate.