Pre-sale agreements could 'hold up' property transactionspublished at 09:06 Greenwich Mean Time 20 March 2018
BBC Radio Jersey
Introducing pre-sales agreements when islanders buy or sell houses could "hold up transactions", according to estate agents.
A panel of politicians is calling for the agreements as they feel, under the current system, it is too easy for house buyers or sellers to pull out of or try to change a deal at the last minute.
The Residential Property Transactions Review Panel have asked the chief minister, Senator Ian Gorst, to consider introducing the agreements, which would include financial penalties for people who change their mind.
Gill Hunt, a committee member of the Jersey estate agents' association, says pre-sales agreements could boost confidence, but may increase the time it takes for a transaction to clear.
In Jersey, according to Ms Hunt a property sale can be completed "between four and six weeks", which "keeps everyone focused". Whereas in the UK, the average house transaction can take up to 88 days.