UK Housing Ministry Plans Binding Home Deals to Curb £400m Gazundering Losses

2 articles · Updated · bbc.co.uk · Jul 18

Legally binding property agreements would stop buyers in England and Wales from cutting agreed prices at the last minute or walking away without a valid reason, with fines planned for breaches.
120 days now separate offer acceptance from completion on average, leaving sellers exposed because deals are not binding until contracts are exchanged; one in three sales collapse before then.
£400 million in annual seller losses and £1.5 billion in wider economic costs have pushed the reform, which the ministry says could cut transaction times by four weeks and save first-time buyers £650.
The Conveyancing Association says gazundering remains relatively rare but is rising in a buyers' market, and wants the reforms brought in before the current 2029 timetable.