Millions of homebuyers could soon see a faster, cheaper, and less stressful experience as the government moves to modernise the property transaction process.

A new digital framework aims to eliminate delays, cut fall-through rates, and reduce costs—potentially saving buyers and sellers millions each year.

Labour has launched a 12-week initiative to establish clear rules on data sharing, ensuring crucial property information can be accessed seamlessly by conveyancers, lenders, and surveyors. The move is set to replace outdated, paper-based records with a streamlined digital system that will significantly reduce transaction times.

SLASHING DELAYS AND FALL THROUGHS

Currently, buying or selling a home in the UK takes nearly five months on average, with one in three transactions falling through.

This results in an estimated £400 million in wasted costs annually for buyers and sellers, alongside four million lost working days for estate agents and conveyancers—equivalent to a staggering £1 billion in economic losses.

CUMBERSOME PROCESS

Housing and Planning Minister Matthew Pennycook said: “We are streamlining the cumbersome home buying process so that it is fit for the 21st century, helping homebuyers save money, gain time, and reduce stress while also cutting the number of house sales that fall through.

“Our reforms will also empower leasehold homeowners, cracking down on unreasonable charges and making it easier for them to take control of their properties.”

DIGITALISATION FRAMEWORK

A major roadblock in the current system is the lack of digitalisation, with critical information such as building control records and highway data often recorded in paper format or non-machine-readable files.

Even where digital data exists, there are no standard protocols for sharing or verifying it, leading to costly delays.

Under the proposed digital overhaul, all key property data will be stored and accessible in real-time, eliminating the need for repeated identity and document checks.

Mortgage lenders, surveyors, and legal representatives will be able to access the necessary information immediately, ensuring transactions progress smoothly with fewer surprises.

GAME-CHANGER

Beth Rudolf, Director of Delivery for The Conveyancing Association, hailed the plans as a game-changer.

She said: “This announcement has the potential to revolutionise home buying and selling.

“A digital system will not only speed up transactions but also provide wider benefits—reducing waste, cutting delays, and making the entire housing sector more efficient. The ability to digitally track property data over time will also be crucial for meeting net-zero targets and improving housing conditions.”

JOINED-UP PROCESS

And she adds: “What we want is a much more joined-up, digitally-enhanced process that reduces the stress of buying and moving for people by cutting down on the uncertainty, the frustrations, the wasted money, and the simple time spent waiting for all aspects to progress.

“We at the CA are very supportive of this announcement and will be working with the Government and all other stakeholders to make it a reality as soon as possible.”

ECONOMIC BOOST

Beyond home sales, the benefits of a digital property system extend much further. A more efficient housing market means people can move faster, boosting economic activity and contributing to UK GDP growth.

The government says it will also be able to identify and improve substandard housing, tackling health issues linked to poor living conditions and reducing the burden on the NHS.