United Trust Bank has backed calls from the Housing Select Committee for a legal overhaul of the homebuying process.

The committee has called for reforms aimed at reducing the estimated £1.5bn lost each year from property sales falling through.

Proposals include making contracts binding at an earlier stage and requiring more upfront information about properties before transactions progress.

Buster Tolfree (pictured), managing director – mortgages, buy-to-let & bridging at United Trust Bank, said the availability of better property information would be positive for lenders, brokers and customers.

He said: “From a lender perspective, anything that improves the quality and availability of upfront information is a positive step forward for the market. Too often, delays and fall-throughs are driven by gaps in data that only surface late in the process.

“If reform can genuinely standardise and digitise that information earlier, it has the potential to improve certainty for brokers, accelerate underwriting decisions and ultimately deliver better outcomes for customers.

“However, this is about more than process efficiency – it’s about resetting expectations across the entire transaction chain. As an industry, we need to move towards a model where decisions are made on verified, accessible data much earlier in the journey.

“That creates a more predictable environment for brokers, reduces wasted cost for customers and supports a healthier, more liquid housing market.

“The key, however, will be consistent adoption and clear accountability. Without that, the risk is simply shifting friction further up the chain rather than removing it.

“The real opportunity lies in collective execution – where lenders, brokers, conveyancers and agents align around common data standards and embrace digital integration in a meaningful way.”