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Conservative party to launch home buying review

Friday, 7 December 2007 12:00 AM

The Conservative party is to launch a review of the home buying process in the UK.

The party regards the present process of moving home as "hugely stressful", leading to an "uncertain experience" for all stakeholders.

In response the party hopes the review will develop suggestions to make the process easier and quicker for both buyers and sellers.

The Conservatives have already pledged to scrap the Labour party's home information pack (Hips) scheme should they win office, while maintaining the energy performance certificate (EPC) segment of the policy.

"Their worst fears have been realised; Hips have introduced wasteful red tape and up front costs to the seller with little or no appreciable advantage to the buyer," said shadow housing minister, Grant Shapps, who will lead the review.

Hips are due to roll-out to all homes in England and Wales on December 14th.

According to the party some 498,400 sales fall through each year across the country, some 28 per cent.

Each time a sale collapses it costs around £680, at a total cost of £338 million to the economy annually.

The review will examine the attitudes of estate agents and solicitors to the selling process as well as the criteria for lending, surveying and valuing property.

Home buying procedures overseas will also be examined, potentially leading to recommendations for changes to the domestic system.

It is planned the review will spend two to three months consulting as widely as possible with as many individuals, companies, trade bodies and professional associations as possible before presenting conclusions early next year.

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