BSA: Industry can work together to reform the home buying and selling process

BSA: Industry can work together to reform the home buying and selling process

BSA: Industry can work together to reform the home buying and selling process

The BSA recently chaired a thought leadership discussion with representatives from the legal and conveyancing professions, estate agents, surveyors and consumer bodies to explore how the home buying process can be improved for consumers. The BSA has today published a summary incorporating initial thoughts on where industry and government should go from here.

The change in Government provides fresh opportunities and impetus to get reform right. With value for money, and putting greater power and opportunity into people’s hands at the core of the Government’s agenda, the BSA is keen to work with Government, the full range of service providers and the professionals involved in buying and selling homes to determine how future reform can succeed.

Paul Broadhead, Head of Mortgage Policy at the BSA, said:

“Consumers need to be put back at the heart of the home buying and selling process. The new Government has acted swiftly since coming to office suspending HIPs within its first few weeks. Work must continue to ensure customers receive better value and an improved experience. A key component in reforming the process remains providing the RIGHT INFORMATION to the RIGHT PERSON at the RIGHT TIME. “

Christopher Hamer, the Property Ombudsman, explains:

“It is clear that a lack of consumer understanding and poor information on a wide range of issues from roles, terms of business and the process overall place consumers in a weak position.”

Any reform must be industry led but real reform cannot be delivered by industry alone. The government has a key role to play in ensuring there is a level playing field and if new regulation is required, they should not shy away from it.

David Dalby, Director of Residential Professional Groups at RICS, said:

“Raising professional standards and consumer education are two sides of the same coin. Greater transparency is needed across the process. Industry, with help from government, has an important role in achieving this. “

Paul Marsh, the immediate past president of the Law Society, added:

“Government intervention is required through effective and proportionate regulation of the key sectors involved in the process.”

Broadhead concluded :

“The BSA will continue to facilitate work between all parties to maintain momentum and increase cross industry dialogue. The BSA encourages the Government to ensure future reform is well thought out, targeted and delivers tangible consumer benefits.”

~Ends~

Notes to editors

1. The full Summary accompanies this release.

2. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 50 UK building societies. Mutual lenders and deposit takers have total assets of over £370 billion and, together with their subsidiaries, hold residential mortgages of over £235 billion, 19% of the total outstanding in the UK. They hold almost £250 billion of retail deposits, accounting for just under 22% of all such deposits in the UK. Mutual deposit takers account for about 36% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.

3. Photographs of Paul Broadhead are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney “>

4. Contact –

Fiona Cornes
fiona.cornes@bsa.org.uk
020 7520 5926