As part of a new initiative to boost competition and bring down bills for families the Government has said that it wants to encourage online only estate agents.
The new Treasury paper, which will be followed by a consultation in the new year, includes a section headed “Injecting innovation into the process of home buying”.
The text says: “The Government wants to inject innovation into the process of home buying, ensuring it is modernised and provides consumers with different – and potentially quicker, simpler and cheaper – ways to buy and sell a home.
“Encouraging new business models (for example, online only estate agents) is key to enhancing price competition in the real sector.”
The paper also goes on to highlight the significant costs consumers incur from property transactions that fall through after money has been spent on legal fees and surveys, as well as express concern about the cost of legal services. The consultation will include evaluation of ways to make it “easier for businesses such as supermarkets and estate agents” to offer services such as conveyancing, probate and litigation and making the entire legal process “more transparent and efficient”.
The paper, A Better Deal: Boosting competition to bring down bills for families and firms, is presented by Chancellor George Osborne and Business Secretary Sajid Javid. You can read the paper in more detail here.
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