Warm welcome for home buying and selling consultation
The Royal Institution of Chartered Surveyors (RICS) has welcomed the announcement that the government will launch a consultation on reforms to the home buying and selling process.
The current system is too often costly, time-consuming, and prone to collapse, according to the organisation.
RICS research reveals that nearly one in three agreed sales collapse before completion – leading to deep frustration, financial setbacks, and emotional strain for both buyers and sellers.
Meanwhile, the industry reports that the average transaction time in England and Wales has stretched to five to six months, adding further pressure to an already fragile process.
RICS supports the establishment of consistent and comprehensive upfront information for buyers, ensuring clarity at the beginning of the process and reducing the risk of failed transactions.
It is critical that such decisions on upfront information, including property condition surveys, be undertaken by those professionally qualified.
A new code of practice and mandatory qualifications for property professionals should also enhance standards, creating better experiences and outcomes for consumers.
RICS has already developed such a code with the Property Ombudsman and would be pleased to work with the government to incorporate it into future plans.
The use of new technologies will be essential for increasing housing market efficiency and reliability.
Increased digitisation can improve record-keeping, accuracy, and security, while greater adoption of AI in conveyancing has the potential to speed up processes further.
RICS has taken a global lead on this issue, publishing the world’s first standard for the responsible use of AI in surveying in September.
The reforms also sees the launch of a separate consultation on material information, which will form an important part of the reforms, especially on property searches and surveys.
Having previously called for a public consultation in this area, RICS strongly welcomes this move and looks forward to contributing to the discussion.
RICS CEO Justin Young, said: “RICS has long supported reform of the home buying and selling process, which is too often stressful, costly, and brings uncertainty to buyers and sellers.
“The government’s commitment to an industry consultation is a vital step forward, and RICS will brings its expertise to the table.
“By embedding transparency, professionalism, and innovation into the buying and selling process, we can help build a housing market that works better for everyone.”