Recent research shows that 9 out of 10 consumers were dissatisfied with the previous property system, with almost 30% of transactions failing after an offer has been accepted.

One of the biggest complaints of this structure was that vital information only became available to buyers after terms had been negotiated and agreed. As a result, the problem that arose with the property were only revealed after several weeks into the transaction, by which time both parties may have invested significantly in legal fees and surveys. Both movewithus and the Government envisage that by making this information available at the earliest possible time then buyers can make a more informed decision on the property, avoiding potential delays and reducing expenditure.

The real financial benefit will be for both buyers and sellers with the saving of hundreds of millions of pounds in wasted costs which arise from failed transactions. The main difference will be that the responsibility will now move from the buyer to the seller. Sellers will be required to produce an Energy Performance Certificate for their property, as well as obtaining Searches and investigating the Title. The EPCs will give home buyers and sellers A to G ratings for their home’s energy efficiency and carbon emissions. This will notify both parties the current average costs for the heating, hot water and lighting in the home and suggest methods how to cut costs with energy efficiency measures.