View more on these topics

Seller&#39s packs will modernise home buying and selling process, says Rooker

Seller&#39s packs will be central to the government&#39s major reform of the home buying and selling process, housing minister Jeff Rooker said yesterday.

He said the packs – one of the main themes of the draft Housing Bill – were aimed at modernising the current archaic and inefficient system in England and Wales.

He told delegates at the National Association of Estate Agents Conference that the current home buying process was shambolic and did not look after the interests of consumers.

He added: “Forty per cent of consumers are dissatisfied with the present system and there is huge wastage. Some 28% of transactions fail after an offer has been accepted. This causes wasted expenditure of up to £1m a day and that is intolerable.

Seller&#39s packs will make the home buying and selling process more transparent, faster and consumer-friendly. They will reduce the stress and wasted costs suffered by hundreds of thousands of consumers each year.”

The Minister also warned that for everyone to benefit from seller&#39s packs they had to be compulsory.

He said: “Voluntary arrangements would not work because most transactions are part of a chain. A single missing pack in the chain would cancel out the benefits of all the others, and a compulsory scheme has to be backed up by effective sanctions.&#39

The government will be bringing forward proposals for a civil sanctions regime rather than, as was originally envisaged, criminal sanctions.

Recommended

Mervyn King to be next BoE governor

Mervyn King is to be the next governor of the Bank of England. The news was revealed as Gordon Brown announced his pre-budget report to the House of Commons at 3:30pm today. King will succeed current governor Sir Edward George in June 2003. The announcement ends speculation that FSA chairman Howard Davies was next for […]

My mortgage week – Cammy Amaira

Monday: It&#39s an early start from home in Warwickshire, which is actually a good thing as it gets me into our headquarters in Barnet, London at 7.15am.After the drive, I start the week in the best way I know – I grab a coffee and sit down with Dawn Bower (our sales development executive) to […]

CBI relieved but wary about pre-budget report

The CBI says business will be “relieved but wary” about the measures announced in the pre-budget report. CBI chief Digby Jones says: “There will be relief that Mr Brown has not sought to ratchet up further the business tax burden, which is doing so much to damage competitiveness. “The increase in the number of small […]

KMC stays on track to meet profit target

A broadened product range has put Kensington Mortgages on track to meet growth expectations this year, despite operating less generous lending policies than some competitors, writes Harriet Williams.In a briefing issued before the official close of the Kensington business year ending November 30, the lender reports that “profit growth is on track”.Kensington has widened its […]

Newsletter

News and expert analysis straight to your inbox

Sign up