Govt to review house buying process

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The Government is set to investigate ways to improve the house buying process.

In today’s Budget document the Treasury claimed consumers spend £270m each year on failed housing transactions.

When a transaction falls through buyers normally end up losing their legal, survey and mortgage fees.

It said: “The Government will shortly publish a call for evidence on how to make the process better value for money and more consumer-friendly.”

A Building Societies Association spokeswoman says: “We look forward to the publication by Government of a call for evidence on how to improve the home buying process and will engage.”