Is the house-buying process too complicated? Have your say

The UK government has announced plans to overhaul the homebuying system, saying reforms could save first-time buyers an average £710 during the process.

The government has said it will consult on proposals unveiled on Monday that will speed up the "long-drawn out and costly process of buying a home by four weeks, saving people money and unnecessary stress, alongside wider reforms to rewire a chaotic system which has become a barrier to homeownership."

The proposals include a requirement to provide buyers with certain information about the property upfront, including the condition of the property, leasehold costs and chains of people waiting to move. The government said that this aimed at preventing "nasty surprises" which can result in property purchases falling through last minute.

Another proposal is to give buyers and sellers the option to sign binding contracts that prevent parties from pulling out of agreements months into the process.

UK housing secretary Steve Reed said: "Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives."

Read more: HSBC lowers mortgage rates as other lenders hold deals steady

Recent research from Santander (BNC.L) showed that failed house sales are costing the UK economy at least £1.5bn a year.

The bank found that there are more than half a million (530,000) house sales that fall through each year in England and Wales, which is costing UK consumers £560m directly, as well as resulting in a further £950m hit to the wider economy.

Santander's research revealed that approximately 85% of people who experienced a transaction failure reported some sort of financial loss. While the average cost stood at £1,240 per failed recent transaction, one in five people reported losses of more than £2,000.

Johan Svanstrom, CEO of property website Rightmove (RMV.L), said that its data showed that people were typically spending seven months to move and therefore, welcomed the government's announcement.

"The home-moving process involves many fragmented parts, and there’s simply too much uncertainty and costs along the way," he said. "Speed, connected data and stakeholder simplicity should be key goals."

Do you think the house-buying process is too complicated? Vote in the poll below.

Yahoo UK's poll of the week lets you vote and indicate your strength of feeling on one of the week's hot topics. After the poll closes, we'll publish and analyse the results each Friday, giving readers the chance to see how polarising a topic has become and if their view chimes with other Yahoo UK readers.

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