Major reforms of the homebuying system designed to speed transactions up and prevent fall-throughs, have been published by the Government.

It says the changes will cut buying times by four weeks, and save first-time buyers an average of £650.

And a code or practice, followed by mandatory qualifications, for estate agents will be issued before the end of the year.

Sales packs

New sales packs, earlier binding agreements, and digital tools will halve the number of sales that fall through, the announcement claims.

The packs to be introduced within three years, will set out a home’s condition, leasehold costs, and chain status.

Changes will also see new earlier binding agreements to stop parties walking away months into negotiations, the lengthy press release reads.

Roadmap

A ‘roadmap’ to fix the “broken system” will be implemented across the rest of the Parliament (up to three years).

This includes legislation to require sales packs, binding contracts, and digital systems that support the efficient sharing of trusted digital property information by the end of this Parliament

And a Code of Practice to set out minimum standards for property agents and guidance to improve the quality of information in property listings later this year.

And from 2027, a consultation on estate agent qualifications and expanded digital tools.

Industry comment

Prime Minister Keir Starmer (pictured) says: “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 Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.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.”

Buying or selling a home should be one of life’s great moments and not a drawn-out nightmare.”

Housing Secretary Steve Reed says: “Buying or selling a home should be one of life’s great moments and not a drawn-out nightmare of delays, hidden costs, and failed deals.

“These changes will make the system faster, fairer, and more secure – giving families and first-time buyers the certainty they need all while saving them time and money.”

Chancellor Rachel Reeves says: “Delays, hidden costs, and deals collapsing at the last minute are not only bad for homebuyers, it’s bad for the economy too.

“Our reforms will cut those delays, cut costs and make the process quicker and more reliable – getting more people on the housing ladder while keeping more money in their pockets.

“We have the right economic plan – getting the housing market moving, building thousands more good-quality homes in every region, and transforming rights for renters.”

Sheila Kumar, CEO at the Council of Licensed Conveyancers, says:  “The Council for Licensed Conveyancers strongly supports these reforms because they will deliver better outcomes for consumers and professionals alike.

“It is now vital that all parts of the home buying and selling market – from estate agents and lenders to conveyancers, surveyors, managing agents and removal companies – work together to implement these reforms swiftly and effectively in the public interest.

Digitalised upfront information that can be shared with trust – especially when combined with reservation agreements.”

“Most importantly, digitalised upfront information that can be shared with trust – especially when combined with reservation agreements – will greatly improve confidence in transactions and allow buyer and seller to agree a date for completion much earlier in the process than at present.”

Henry Jordan, Nationwide’s Group Director of Mortgages, says: “Buying a home can often be a slow, complex and stressful process, so we welcome the government’s proposals. They are a major milestone in the efforts to simplify and streamline the homebuying process.

Giving buyers key information upfront, at the point a property is listed, has the potential to transform the process.”

“Speeding up homebuying isn’t just about convenience – it’s about helping more people complete their purchases with less frustration and fewer surprises along the way. Giving buyers key information upfront, at the point a property is listed, has the potential to transform the process – reducing unnecessary delays and giving people greater confidence to move quickly.

“We look forward to working with government and the wider industry to implement these proposals and deliver a simpler, faster and more transparent homebuying experience for everyone.”

Phil Spencer, Property Expert & Move iQ Founder, says: “For as long as I’ve worked in property, one of the biggest frustrations I’ve heard from buyers and sellers is that the process simply doesn’t work as well as it should. It can be slow, stressful and uncertain, with too many transactions falling through after months of time, effort and expense.

I welcome these proposals – they address many of the issues consumers have been grappling with for years.”

“I welcome these proposals – they address many of the issues consumers have been grappling with for years, from a lack of upfront information to unnecessary delays and last-minute surprises. Giving people a clearer picture from the outset and creating greater certainty throughout the transaction process can only be a positive step.”

Paul Whitehead, CEO at Zoopla, says: “Upfront sales packs, digital logbooks and binding contracts aren’t just technical reforms – they are the foundations of a market people can trust.

“Zoopla will continue to be an active partner to the Government and industry in building a faster more transparent system that makes moving simple.”

By making more information available upfront, there is a clear opportunity to reduce fall-throughs and increase transparency.”

Johan Svanstrom, CEO at Rightmove, says: “This is an encouraging step towards a faster and more efficient property market, addressing some of the biggest frustrations that home-movers and industry participants face.

“By making more information available upfront, there is a clear opportunity to reduce fall-throughs and increase transparency.

“The implementation and phasing of these initiatives will be key to ensure consistency and adoption. It needs to be helpful to the vital role estate agents play in the marketplace, and to avoid any unintended consequences.”