Contracts for new-build homes and the industry-led code of practice that informs them are heavily  weighted in favour of the developer.

The Consumer Rights Act does not include new builds, giving  buyers less protection than high-street shoppers, and each year thousands of purchasers face a bill of  thousands when developers don’t complete on time.They can’t pull out and reclaim their deposit until building  works look likely to exceed what’s known as the “long-stop” date – the final date by which a property can  be finished, which is often buried in the small print. A family can face a bill of thousands when developers don’t complete on time. 

While purchasers are legally bound to the developer’s timetable for the exchange and completion of contracts and face substantial penalties if they delay, developers allow themselves generous leeway.

A completion date only becomes legally binding when the home is ready and a “completion notice” is served, after which purchasers have seven to 10 days to pay up or else face interest charges on the balance.

Solution: Scrap the Long Stop completion date. Make it simple.  Give the buyers of new properties the right to rescind the contract if they want and reclaim their deposit after one clear completion date and stop them paying the price for new-build delays.