Good news? The sales process may get faster
Ministers have outlined proposals that would place more of the financial responsibility for property transactions on sellers, as part of a wider effort to speed up the housebuying process.
The government is consulting on reforms that would require sellers and estate agents to provide buyers with comprehensive information—such as property condition and leasehold charges—before a sale is agreed.
The Ministry of Housing, Communities and Local Government has stated that these changes are intended to “end nasty surprises which result in last-minute collapses”, with estimates suggesting that first-time buyers could save £710 on average under the new system.
The reforms also propose the introduction of binding contracts earlier in the process, aiming to reduce the number of failed transactions and shorten the time between instruction and completion by around four weeks.
“Buying a home should be a dream, not a nightmare,” said housing secretary Steve Reed. “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.”
The consultation is UK-wide, though the homebuying process differs by nation. In Scotland, sellers must provide a “home report” before listing a property, while in England and Wales there is no such legal requirement, though buyers often commission their own surveys.
The government has not detailed how it will prevent sellers from passing on increased costs to buyers through higher asking prices. Officials argue, however, that requiring more information upfront and introducing earlier binding agreements could halve the number of failed transactions and reduce wasted time and expense for all parties.
Further proposals include mandatory qualifications and a formal code of practice for estate, letting, and managing agents, intended to raise standards across the sector. The government expects to publish a full roadmap of the proposed reforms in the new year.
Commenting on the announcement, Nathan Emerson, chief executive of industry body Propertymark, welcomed the government’s renewed commitment to reforming the homebuying and selling process.
“Embedding recognised standards is essential to raising professionalism, giving consumers greater confidence, and ensuring consistently higher levels of service,” Emerson said.
“Equally, it is vital that reforms are evidence-based and informed by those who understand the realities of the sector on the ground. Agents work with buyers and sellers every day, and their experience will be crucial to ensure changes are practical, proportionate, and effective.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, however, said that while measures to speed up the homebuying process are welcome, these suggestions by the ministers 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,” Harris pointed out.
“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.”
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