The new government leaflet on house buying

Did you know there’s a new government leaflet just published on house buying? It’s called:

‘How to buy, A guide for people looking to buy a home in England and Wales’

There’s also another leaflet on house selling.

Here are my comments on a first reading of the house buying Leaflet:

The over-riding problem about estate agents not positively advising buyers is misunderstood and greatly understated.

It says:

  • The estate agent will help guide you through the buying process and work with other parties to help the sale progress.  But remember please – their primary role is to help the seller sell their property.

Another shortcoming needing more emphasis is that surveyors are less able than previously to give good advice on the detailed condition of a property one is considering purchasing or indeed give a reliable assessment of its current value.

Sadly, most surveyors are associated with estate agency in one form or another in order to earn their livings these days!  These surveyors cannot therefore be independent of estate agency which is primarily involved in selling houses on behalf of sellers at the highest prices able to be achieved, irrespective of the true or current value of the property.  It is the latter value that buyers so urgently and importantly need, in order to make pragmatic and wise buying decisions at the time of their purchasing but they are usually unable to find or know this information.

The problems the current-day buyers of today face therefore include uncertainty in the absence of being able to obtain reliable and sufficiently independent surveyor’s reports on the condition and/or the current value of properties they are considering purchasing.

The leaflet merely advises buyers to look for more information on various types of home surveys which may be found on the Money Advice Service website.

USEFUL LINKS:

https://www.moneyadviceservice.org.uk/en

https://www.moneyadviceservice.org.uk/en/categories/buying-a-home

https://www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs

https://www.moneyadviceservice.org.uk/en/articles/a-guide-to-homebuyer-surveys-and-costs

A pdf version of the government leaflet:

‘How to buy, A guide for people looking to buy a home in England and Wales’

This is viewable at:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/799883/How_to_buy_guide.pdf

A pdf version of the other government leaflet:

‘How to sell, A guide for people looking to sell a home in England and Wales’

This is viewable at:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/799884/How_to_sell_guide.pdf

For more information on resolving this issue and to improve the workings of the housing markets across England and Wales please read The Hendry Solution:

https://www.improvethehousingmarket.co.uk/blog/2013/12/05/estate-agents/want-functional-stable-housing-market/

Peter Hendry, Consultant in Housing Valuation

About Peter Hendry

The Hendry Solution is a new open market technique for equalising buy and sell prices within all markets. It was originally conceived to correct the anomalies plaguing the UK housing marketplace. This method of resolving the housing crisis remains to be put to the test. The author recommends that it should now be thoroughly tested and evaluated. Proprietary rights reserved.   Having retired I now wish to give something of significant value back to the property industry and the service in which I have spent my whole career.   I qualified as a General Practice Surveyor (RICS) in 1974 (in valuation) and have gained wide-ranging experience since that time, particularly in issues surrounding residential property valuation and house marketing. Having ceased practice as a Chartered Surveyor some while ago, I resigned my membership of the RICS to be in a better position to give advice concerning how to improve the workings of individual housing markets around Britain. The internet has turned out to be a good place to publish information about this because it is a world-wide platform allowing everyone interested to see details of the changes/improvements which I have been advocating ought to take place. I have researched how to make improvements to the operation of all local housing markets across England and Wales after observing the house-price stagnation of 1969, the hyper-inflation that followed in 1972 and the successive but cyclical house-price booms following that; leading to the sudden and prolonged house-price growth stagnation after the 2008 global financial crisis. This resulted in a severe reduction in sales volumes for a significant number of years thereafter and it still affects most local housing markets to this day. I have been in communication with the RICS, the NAEA, The Law Society and my local MP about my research, explaining the need for estate agents to change the way they have historically marketed houses in order to resolve this problem. I argue that the continuing stagnation in market activity coupled with the lack of general affordability following the financial crash, could still be substantially ameliorated if my proposals were to be fully debated and the resulting conclusions which they point to were implemented. The effect of not doing anything of significance to improve the buying and selling processes across all the UK housing markets continues to have a de-stabilising effect on the whole of the nation's economy by causing a stagnation in house sales completions. This is, of course, a very important and substantial part of the whole economy and therefore warrants careful consideration. The time to take corrective action is right now, although such action is now also somewhat overdue. I would welcome sharing your thoughts on these new proposals using this blog site.

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