Breaking News - Government announces Major Home Buying Overhaul
PRESS RELEASE
Ministry of Housing, Communities and Local Government and The Rt Hon Steve Reed OBE MP
Hundreds of thousands of first-time buyers are set to save £710 on average when buying a home, along with vital time and energy, thanks to the biggest shakeup to the homebuying system in this country’s history.
Proposals unveiled by the government on Monday 6 October will speed up the long-drawn out and costly process of buying a home by four weeks, saving people money and unnecessary stress, alongside wider reforms to rewire a chaotic system which has become a barrier to homeownership.
It will see sellers and estate agents required under the plans to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move. This will help end nasty surprises which result in last-minute collapses and give greater confidence to first-time buyers making one of life’s most important decisions.
ROPA - SURVEY
Since the publication of the White Paper in 2019, for the Regulation of Property Agents, ROPA has been discussed and then discussed again.
Over the last 7 months both the Housing Minister and Lord Best have made headlines by making reference to ROPA.
Housing Minister announces intention to Regulate the Property Sector
Ahead of the BBC’s ‘Leasehold Day’ on the 22nd November 2024, the Housing Minister, Matthew Pennycook, unveiled the government’s plan to transform the property sector by abolishing the leasehold system and replacing it with commonhold as the default tenure.
This pivotal reform is set to be implemented within the current parliamentary term, possibly alongside the long-awaited introduction of the Regulation of Property Agents (ROPA).
The ROPA report, published in 2019, with Lord Best chairing the working group, highlighted the necessity for property agents to possess formal qualifications, ensuring they have the requisite knowledge and skills to serve clients effectively.
ROPA is back on the Agenda
Housing minister Matthew Pennycook has confirmed that that the proposed reforms of regulating the private rented sector are still on the agenda. .
The Minister was responding to a question tabled in the House of Commons during the committee stage of the Renters Rights Bill and was asked if the recommendations of the Regulation of Property Agents (RoPA) Working Group would be implemented.
The minister confirmed :- “The government is committed to ensuring that those living in the rented and leasehold sectors are protected from abuse and poor service at the hands of unscrupulous property agents. The Government will set out its position on the regulation of letting, management and estate agents in due course.”