A new property industry group made up of some of the sector’s biggest names is to explore the option of binding offers or reservations in order to reduce fall through rates and improve the home buying process.

The Home Buying and Selling Group is made up of estate and letting agents, as well as property lawyers, mortgage lenders and representatives from organisations including Rightmove, the Land Registry, the Law Society, the Society of Licensed Conveyancers, Conveyancing Association, Bold Legal Group, RPSA, Northwoods, The Property Ombudsman, Emoov, and the Building Societies Association.

The group had its first meeting, chaired by property analyst Kate Faulkner of Propertychecklists.co.uk, and hosted by TwentyCi. Matt Prior, from the Ministry of Housing Communities and Local Government, was also at the meeting.

The group discussed problems faced by consumers when buying a home and put forward suggestions for easing the situation.

During discussion, it emerged that one of the biggest issues facing house buyers is uncertainty around timescales and whether or not a sale will fall through.

As a result, the group has agreed to conduct research into the feasability of binding offers or reservations, as well as to provide consumers with better data to help their decision making process.

EYE asked how the research would be conducted and who it would be shared with once it was completed.

A spokesperson said: “The research is still ongoing and then will be disseminated to the group before being published more widely, and is being conducted through an independent research company.

“Once the research is compiled, it will be put together with additional research, opinion, and ongoing debate to recommend a framework of amendments and improvements to the buying and selling process with the ultimate goal of ensuring that this process is revised to make the consumer the central focus.”

“The Government may choose to enact primary or secondary legislation in order to facilitate improvements. That’s a matter for them.

“What the group seeks to do is to debate and research various improvements that we will then recommend to the Ministry for Housing Communities and Local Government at the end of our process.

“The aim is that working together across industry sectors, we will be able to mitigate against a heavy handed diktat from Government (like HIPS).

“As for making the deal binding on acceptance of offer – that’s one possibility of many possible suggestions that the group may recommend.”

Gerry Fitzjohn, board chairman at the Property Ombudsman said: “I represented TPO at the inaugural meeting of the group and, along with other industry professionals, will work to find a practical method to improve the house buying process for the benefit of all consumers and the industry.”

The group is due to meet each quarter.