Major reforms for buying and selling homes have been unveiled today (Friday 19 June) designed to cut delays, reduce and digitalise paperwork, and stop sales collapsing. The government claims that new changes will cut home buying times by around four weeks, save first-time buyers an average of £650, and stop the nasty surprises that cost time, money, and heartbreak.
Sales Packs to Provide Key Information Upfront
Sellers and estate agents will have to provide key information upfront in ‘sales packs’ at the point of listing. This will set out a home’s condition, leasehold costs, and chain status so buyers can make informed decisions, and property professionals can get to work sooner.
Binding Agreements to Prevent Walkouts
Changes will also see new earlier binding agreements to stop parties walking away months into negotiations without a legitimate reason. In addition, the government claims a new code of practice will raise standards for estate agents, alongside proposals for mandatory qualifications for the sector which could ensure agents are properly equipped to support efficient transactions and rebuild trust in the sector.
Current System Costs Billions
The government says average home purchases take around 120 days, one in three sales fall through, costing sellers around £400 million per year, and failed transactions cost the economy up to £1.5 billion every year.
Prime Minister's Statement
Prime Minister Keir Starmer said: "Getting the keys to a home you can call your own is one of the biggest events in anyone’s life. But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach. We’re turning the page. Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve. This is about building a stronger, fairer Britain, one that works for the next generation and makes the dream of home ownership a reality for many more hard-working people."
Industry Reaction
Speaking to Newspage, Gaurav Shukla, CEO at Marlow-based Home Me Mortgages, said: "The UK home buying process has needed reform for years, so the direction of travel feels positive. Anything that reduces fall-throughs, speeds up transactions and gives buyers greater transparency upfront is welcome. Too many purchases collapse because important information only comes to light weeks or months into the process, costing everyone time, money and frustration. The biggest benefits could be greater certainty and fewer failed transactions. However, success will depend on implementation. If sales packs are simple, standardised and genuinely useful, they could help modernise the market. If they become another layer of administration and cost for sellers, there is a risk they are viewed as additional red tape. Overall, a faster, more transparent and more digital process should be good for buyers, sellers and the wider housing market, provided the reforms focus on efficiency rather than bureaucracy."
