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We have just witnessed one of the biggest changes to hit property in years, and it's something we've never covered on this channel before. If you're buying, selling, investing, or planning to in the next few years, then this affects you. I'm talking about the new legislation the government has just laid out that affects every house sale in England and Wales.
Right now, around one in three agreed sales collapses before completion. The average sale takes 120 days after the offer is accepted. That's about 60% longer than the same process took back in 2007.
Failed sales cost buyers and sellers £400 million per year. That doesn't just highlight a small inefficiency. That's a completely broken system, and the government's now finally trying to fix it.
So, in this episode, I'll be breaking down the legislation changes and the key points to save you having to work it all out. Make sure you stick around till the end because I'm going to tell you how to get ahead of this before any of it becomes law. This is an extremely important change for anyone in the property market, whether you want to buy or sell.
If you want to take the next step and put what you have learned from this podcast into action, you only need to click here - https://www.wealthbuilders.co.uk/progressive-podcast
KEY TAKEAWAYS
Currently, around one in three agreed sales in England and Wales collapses before completion. Offers aren’t binding until exchange, creating months of delay, wasted costs and room for either side to walk away or change the price late in the process. Something the government is working to change.
The proposed reforms would make searches, property condition, and leasehold costs available when the property is put on the market. When you know how to read and interpret these documents properly you are better able to create and propose profitable deals.
You’ll need to be certain that the numbers work because in the future walking away without a valid reason could mean paying a penalty.
Investors who prepare now and develop stronger deal-analysis skills will be able to find more profitable opportunities under today’s rules whilst also making sure that they are ready for the proposed changes.
BEST MOMENTS
"The rules of buying and selling are changing in favour of the educated - make sure that includes you."
"Each of those things might sound boring on its own, but together they remove the real reason a sale takes 120 days."
"The gap between now and then is the opportunity."
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
https://kevinmcdonnell.co.uk
ABOUT THE HOST
Sean Fitzpatrick is a property investor, educator, and the Face of Progressive Property. With a 6-figure portfolio and expertise in creative strategies, finance, and off-market deals, Sean shares success stories from the Progressive Property community, expert insights, and real-world strategies to help investors succeed. Tune in for practical tips and no-nonsense advice to accelerate your property journey.
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/
