Sajid Javid will overhaul housing market to stop buyers from being gazumped

HOME-buyers will get extra protection against gazumping under new rules to tame rogue estate agents.

Housing Secretary Sajid Javid is to overhaul the market to cut delays, stress and uncertainty which can increase the costs of moving home.

Alamy

Dodgy tactics used by some sellers and agents contribute to over a quarter of house sales falling through every year.

Mr Javid wants to encourage voluntary reservation agreements to crack down on gazumping, where buyers are held to ransom by a sudden higher bid just before contracts are exchanged.

He also wants to set a timeline for council searches so buyers get the information they need within 10 days.

And he will require agents and freeholders to provide up-to-date lease information for a set fee to an agreed timetable.

EPA

This will end the current situation of leaseholders held at the mercy of agents.

Mr Javid said: “We’re going to put the consumers back in the driving seat.

“Buying a home is one of the biggest and most important purchases someone will make in their life. But for far too long, buyers and sellers have been trapped in a stressful system full of delays and uncertainty.

“We will require estate agents to hold a qualification so the people are no longer at risk from a minority of rogue agents and can trust the process when buying or selling.”