Housing Sales Shake-Up: Binding Agreements to End Gazumping

AI Summary

The UK government will introduce legally binding sales agreements in house sales to eliminate the practice of gazumping in England and Wales. This change aims to speed up the housing sales process and prevent buyers or sellers from backing out without a valid reason. The reforms are projected to save buyers an average of £650 and will require sellers to disclose important property information. The new code of practice for property agents is expected to be introduced this year, marking a significant overhaul of the home buying system.