Planned reforms set to make homebuying quicker, cheaper and easier
Hundreds of thousands of first-time buyers are set to save £710 on average when buying a home, as a major shake-up to this country’s homebuying system moves forward.
Proposals unveiled by the government today, October 6, will speed up the long-drawn out and costly process of buying a home by four weeks, saving people money and unnecessary stress, alongside wider reforms to rewire a chaotic system which has become a barrier to home ownership.
The plans will see sellers and estate agents required to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move.
This will help end last-minute collapses and give greater confidence to first-time buyers making one of life’s most important decisions.
Binding contracts could also be introduced to stop people walking away from agreements after months of negotiations.
This will help halve the number of failed transactions, saving time and money, and avoiding stress for home-buyers.
Housing Secretary, Steve Reed, said: “Buying a home should be a dream, not a nightmare.
“Our reforms will fix the broken system so hard-working 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.”
Through new reforms proposed today, families could see clear, side-by-side information on estate agents and conveyancers – including their track record, alongside new mandatory qualifications and Code of Practice to drive up standards and rebuild trust in the industry.
These proposals aim to speed up the sluggish housing market by halving the number of failed sales, costing the economy £1.5 billion a year.
The government estimates reforms could accelerate transactions by around four weeks.
A full roadmap of reforms will be set out in the new year.
This follows the Housing Secretary's latest pledge to break down remaining barriers that stand in the way of meeting the1.5m new homes target.
Most recent housing supply figures show some green shoots of recovery, with a 29 per cent increase in housing starts compared to last year.
Nathan Emerson, CEO of Propertymark, the professional body for estate agents, said: "Buying and selling property has long been viewed by many consumers as complex, stressful, and overly complicated.
"It is encouraging to see a renewed commitment from the UK Government to review the entire process, with the aim of streamlining and improving both its clarity and efficiency.
“At present, the property transaction process still relies heavily on outdated communication methods between key parties such as buyers, sellers, conveyancers, mortgage providers, and estate agents.
"Any efforts to create a more collaborative and connected ecosystem will ultimately help raise standards, boost productivity, and deliver a more consistent and higher-quality service. This, in turn, could reduce the number of costly and time-consuming fall throughs.
“To ensure any reform is effective, it's essential to gain a full understanding of existing challenges from the perspectives of everyone involved.
"There is significant potential to further digitise the process and modernise how information is shared, ensuring that critical details are delivered at the right moments to support better decision-making.
"Additionally, incorporating regular review and insight into the process would help assess its effectiveness and make future improvements more straightforward to implement."