Review into house buying and selling process

A whopping £270million is lost each year by potential home buyers on failed property transactions, according to new research from the Department for Business, Innovation and Skills.

As a result, the Government says it will now look into ways to help curb this waste of money and make the process simpler.

Many have suffered the heartache of having an offer accepted on a property, paid for a survey and legal costs, only for the seller or buyer to pull out at the last minute.