Reform Home Buying so Agreed Sales Require A Deposit & Binding Commitment

Background

We call on the Government to reform home buying in England and Wales so that when a sale is agreed, the buyer must place a deposit. If either party withdraws for reasons other than genuine exceptional circumstances, they lose the deposit.

Additional details

This would bring the system closer to Scotlands where accepted offers are binding, reducing failed sales and giving buyers and sellers more certainty. In England and Wales nearly a third of sales collapse after an offer is accepted causing wasted money, delays and stress. A binding commitment at the point of sale would: Cut the number of failed transactions Protect both buyer and seller form wasted costs Make the process faster, fairer and more reliable Its time to modernise home buying