The Government has announced plans to overhaul the homebuying system in England, promising to make the process faster, cheaper and less stressful for buyers and sellers.
The proposals aim to reduce the number of failed property transactions by half and save first-time buyers around £710 on average.
Under the reforms, sellers and estate agents will be required to provide buyers with key information about a property upfront, including leasehold costs, home condition and any existing sales chain.
The changes are expected to prevent last-minute fall-throughs, cutting around four weeks from the average purchase timeline and saving buyers time, money and uncertainty.
The Government is also considering the introduction of binding contracts to prevent buyers or sellers from withdrawing late in the process.
It estimates the reforms could save the economy £1.5bn annually by reducing failed transactions.
Alongside these measures, buyers will be able to access clearer information about estate agents and conveyancers, including track records, qualifications and compliance with a new industry Code of Practice.
Housing Secretary Steve Reed said: “Buying a home should be a dream, not a nightmare. 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.”
Nathan Emerson, chief executive of Propertymark, welcomed the announcement. He said: “Buying and selling property has long been viewed by many consumers as complex, stressful, and overly complicated. It is therefore 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.
“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.”
The Government said a full roadmap for reform will be published in the new year as part of its wider housing strategy, which includes plans to build 1.5 million new homes and accelerate development.
