Families buying and selling homes in England could save hundreds of pounds and weeks of waiting under sweeping reforms unveiled by the Government today in what Housing Secretary Steve Reed called “the biggest shake-up to the homebuying system in this country’s history.”
The proposals, published today, aim to make the process of purchasing a property faster, cheaper and more transparent, following years of frustration over costly delays, failed transactions and hidden problems that derail sales at the last minute.
Under the reforms, estate agents and sellers will be required to provide upfront property information – including details on tenure, council tax band, leasehold charges, flood risk, and building safety data – before a home is listed for sale.
Buyers will also have access to key documents such as title information, planning consents and property condition assessments.
END NASTY SURPRISES
The measures are designed to end the “nasty surprises” that can lead to transactions collapsing, with the Government estimating that half of all failed sales – which currently cost the economy £1.5 billion a year – could be avoided.
The average time from instruction to completion, now more than five months, could be shortened by around four weeks under the new system.
First-time buyers stand to save an average of £710 per transaction, according to government analysis.
Housing Secretary Steve Reed said the changes were part of a wider “Plan for Change” to make homeownership more attainable.
“Buying a home should be a dream, not a nightmare,” he said. “Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives.
“Through our Plan for Change, we are putting more money back into working people’s pockets and making a simple dream a simple reality.”
BINDING CONTRACTS
The reforms also include plans to introduce binding contracts between buyers and sellers to prevent parties from walking away after months of negotiation – a move expected to dramatically reduce transaction failures.
“The Government will also introduce mandatory qualifications and a new Code of Practice for estate, letting and managing agents.”
To improve professionalism across the property industry, the Government will also introduce mandatory qualifications and a new Code of Practice for estate, letting and managing agents. Consumers will be able to compare agents and conveyancers using new transparency data on performance, expertise and fees.
PROPERTY LOGBOOKS
Digital innovation forms another pillar of the proposals, with “property logbooks”, digital ID verification and standardised data sharing set to streamline transactions and boost security.
The overhaul follows Reed’s recent “Build, baby, build” pledge to deliver 1.5 million new homes and remove barriers to development.
Government figures show a 29% rise in housing starts compared to last year, which ministers describe as early signs of recovery in the sector.
A full roadmap for reform – developed in consultation with the property industry – will be published in the new year.
PROFESSIONAL QUALIFICATIONS
Nathan Emerson, CEO at Propertymark, said: “Propertymark welcomes the UK Government’s renewed commitment to reforming the home buying and selling process, with a clear focus on digitisation, transparency, and stronger consumer protection – all underpinned by mandatory professional qualifications for property agents.
“Embedding recognised standards is essential to raising professionalism, giving consumers greater confidence, and ensuring consistently higher levels of service.”
And he added: “Equally, it is vital that reforms are evidence-based and informed by those who understand the realities of the sector on the ground.
“Agents work with buyers and sellers every day, and their experience will be crucial to ensure changes are practical, proportionate, and effective.”
SLOW AND COMPLICATED
The Law Society of England and Wales also welcomed the move.
Mark Evans, Law Society vice-president, said: “The Law Society is committed to improving the home buying and selling experience for consumers, conveyancers and others involved in the conveyancing process.
“We know that many feel that the conveyancing process is slow and complicated.
“It can also be confusing as to who should be doing what, and there is the risk of duplication of effort. Information is often not available as quickly or as easily as it should be. Making the right reforms would help address all of these issues.”
IMPROVING CONVEYANCING PROCESS
And he added: “Improving the conveyancing process for buyers and sellers and making it fit for the 21st century involves making the appropriate changes to the whole system, not just one aspect of it. We are keen to work with our members, government and all those involved in the conveyancing market to make sure the right reforms are enacted.
“We support estate agents being regulated.”
“We support estate agents being regulated, more transparency in property chains and having conveyancers instructed as early as possible in the home buying and selling process.
“Better joined up technology can help facilitate home buying and selling but such systems must be accessible to all types of firms. A thriving conveyancing market is a diverse market.
“We will seek views from our members as we consider the government’s proposals carefully.”
CONSULTATION OPEN
The consultation on Home Buying and Selling Reform opens at 9am today to responses from consumers, agents and housing professionals.
If approved, the reforms could mark the most significant transformation of the UK’s property market since the 1980s, promising to make homebuying “faster, fairer and far less stressful” for the next generation of homeowners.
