Rejected petition: Reform Home Buying so Agreed Sales Require A Deposit & Binding Commitment
Rejected on
We call on the Government to reform home buying in England and Wales so that when a sale is agreed, the buyer must place a deposit. If either party withdraws for reasons other than genuine exceptional circumstances, they lose the deposit.
This would bring the system closer to Scotlands where accepted offers are binding, reducing failed sales and giving buyers and sellers more certainty.
In England and Wales nearly a third of sales collapse after an offer is accepted causing wasted money, delays and stress. A binding commitment at the point of sale would:
Cut the number of failed transactions
Protect both buyer and seller form wasted costs
Make the process faster, fairer and more reliable
Its time to modernise home buying
Why was this petition rejected?
There’s already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.
You are more likely to get action on this issue if you sign and share a single petition.
You may wish to sign this petition, which calls for a similar action: "Amend the home buying process in England to align with Scotland" https://petition.parliament.uk/petitions/739512
We only reject petitions that don’t meet the petition standards.