Reform of the Property Market-It Can’t be done!

So here we are again having a debate about the state of the market.

Is it now right to have a wholesale rethink of this area of the economy.

The Scottish government appear to want to do away with stamp duty and replace it with something which appears on the face of it to be more onerous and apply to both Buyers and Sellers. Is this an idea worth pursuing in the rest of the UK.

I am told that the process of buying and selling properties overseas is a more straightforward affair-perhaps we need to consider how those Countries regulate the Property Industry.

I was recently in a conversation with someone whose experience of buying a property was less than satisfactory with nearly every party involved in the matter being less than straightforward with information or updates. This is a disaster when the whole premise of transactions is based on trust between the respective professionals and their customers/clients. The Lenders do not come out in a favourable light either!

I suggest that the idea of Property Chains now become history and that each transaction must progress individually so as to avoid the various differing agendas of other parties. I also suggest that Lenders be represented separately and be responsible for paying their own legal fees. It is frankly inequitable for them not to pay fees and yet look to claim on a Lawyers Indemnity policy in the event of a mistake being made.

These first suggestions of reform will have repercussions throughout the industry including the private rental market.

So what do you think? What other ideas do you have?

Remember I am suggesting starting with a blank sheet and therefore avoiding those with vested interests attempting to skew reform