Require developers to compensate buyers for missed completion dates

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Petition Action

Require developers to compensate buyers for missed completion dates

Petition Details

Contracts for newbuild homes seem heavily weighted in favour of the developer, as is the industry-led code of practice that informs them. The sector should provide compensation for missed completion dates to make buying a newbuild home fairer.

Additional Information

Changing completion dates from developers mean buyers can face large bills and challenging circumstances when developers don't complete on time. The Consumer Rights Act does not include newbuilds, and buyers have more protection when shopping on the high street than purchasing their newbuild home. Buyers can't pull out, claim compensation or reclaim their deposit until the "long-stop" date, seemingly in the contract to protect the developer, has passed. Requiring them to pay compensation could improve completion date times.

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