Government plans to overhaul the homebuying process have received a broadly positive response from across the property industry, though leading figures have cautioned that the measures must go further if they are to deliver lasting change.

The proposals – which aim to reduce transaction times and give buyers and sellers greater certainty through improved access to upfront information – were unveiled this week as part of a wider drive to modernise the housing market.

While the announcement has been welcomed as a step in the right direction, several industry leaders argue that the reforms risk falling short of tackling the most significant obstacles facing home movers.

UNDERWHELMING

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “While we fully support measures to speed up the process of buying a home, these suggestions are largely underwhelming, as they don’t address the main issues.

“Lenders can produce mortgage offers within very short timeframes but it’s the conveyancing which can really slow down the home buying and selling process, with local searches in some areas experiencing severe delays, for example.

“Building the 1.5 million new homes we need, speeding up the planning process, incentivising buyers and reforming stamp duty are the key measures the government needs to focus on to really make a difference.”

OVERDUE

Beth Rudolf, director of delivery at The Conveyancing Association, said the reforms were long overdue and would help both consumers and professionals. “The Conveyancing Association welcomes these reforms, which we and other industry stakeholders have long campaigned for, in order to deliver a better home selling and purchase experience for all.

“By ensuring vital information is provided upfront, consumers and industry alike will benefit from greater certainty, reduced risk of fall-throughs and a faster, less stressful process. This is an important step towards the modern, transparent and efficient homebuying system that families and professionals have been calling for,” she said.

“We would urge a further step to now be made via the regulation of property agents, so they know what, and how, to deliver in this area.”

EXTREMELY TIMELY

Claire Van der Zant, chief executive of technology consultancy Novus Strategy, described the plans as “the electric shock that could transform the homebuying process from a frustrating, painful inconvenience into an aspirational experience not to be avoided.”

She added: “They’re also extremely timely, given that technology has reached a level of digital maturity capable of delivering the transformation people and businesses desperately want to see. If anything, the Government is undercooking the potential benefits.

“Cutting four weeks off transaction times is pretty conservative given how far-reaching these proposals are, and the dividend for businesses is set to run into the billions.”

HAVE POTENTIAL

Ben Thompson, deputy chief executive of Mortgage Advice Bureau, said: “MAB cautiously welcomes these proposed reforms to the homebuying process, which have the potential to significantly improve outcomes for home movers.

“All too often transactions are delayed, or collapse altogether, due to lack of upfront information or unnecessary inefficiencies, causing stress for buyers and putting mortgage offers at risk.

“Improving transparency when a property is first marketed and reducing the average transaction timeline will not only help buyers make more informed decisions, it will also ensure mortgage offers remain valid and aligned with the faster pace of the transaction.”

He added that the digitalisation of data and closer alignment between conveyancing and mortgage processes could deliver significant benefits, but stressed the need for coordination and “zero cost duplication” as the reforms take shape.

REAL STEP FORWARD

Maria Harris, chair at Open Property Data Association (OPDA), said: “These reforms are a real step forward for the homebuying process and reflect years of hard work across government and industry to make transactions faster, clearer and more digital.

“The proposals around upfront information, digital logbooks and data sharing are exactly the kind of changes OPDA has been supporting through our work with the Digital Property Market Steering Group and The Ministry of Housing, Communities and Local Government (MHCLG). It’s encouraging to see those conversations now taking shape in policy.

“The challenge from here is to make sure the data infrastructure underneath these reforms is truly open, standardised and governed in a way that benefits the entire market – not just the biggest platforms.

“That’s been at the core of OPDA’s work from the start, and we’ll continue working with government and industry partners to make sure this modernisation is delivered in practice, not just on paper.”

BARRIERS TO PROGRESS

While there is consensus that the government’s proposals are a welcome step, there is also agreement that the success of the reforms will depend on how effectively they are implemented.

With housing supply and planning delays still major barriers to progress, the industry appears united in its view that deeper structural reforms will be needed if the homebuying process is to be truly transformed.