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Advisers want buying rules eased

IFAs are calling for the Government to take action to make the

process of buy-ing a home in the UK easier and more affordable, says

The One Account.

Its research, called The 21st Century Housebuying Study, is aimed at

gauging IFA opinion on the housing market. It found that 80 per cent

of the 200 IFAs polled want to see the strain eased on housebuyers.

They want gazumping outlawed and call for the Government to back up

its commitment to seller&#39s packs.

The research found that 17 per cent of advisers think housebuyers

panic about being stuck with mortgage payments they will not be able

to keep up and 15 per cent says buyers have problems raising the

initial deposit.

The survey reveals that 11 per cent of IFAs want to see verbal offers

made legally binding across the UK while 11 per cent favour the

Scottish system of sealed bids.

The results also show that first-time buyers are doing their

homework, with only 3 per cent of IFAs saying these borrowers have a

lack of knowledge of the housebuying process.

The research was conducted in April by Mori.

Marketing manager Scott Mowbray says: “It is clear that IFAs expect

the Government to play a part in making things easier – 82 per cent

feel there is something that could be done – from streamlining legal

processes to increasing shared ownership options.”

Hargreaves Lansdown head of mortgages Ian Jordan says: “While general

economic uncertainty may be a bigger issue for the Govern-ment to

tackle, a more userfriendly process for house purchase, thanks to

legislative change, could help.”

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