Buying and selling a home in UK set to become ‘faster, fairer and more secure’ in new house market shake-up
The process of buying and selling a home is set to be overhauled with government plans aimed at making transactions faster and less complicated.
Ministers believe the reforms could cut the average sale time by around four weeks, potentially boosting confidence in the housing market and saving buyers and sellers from unexpected financial traps that often lead to deals collapsing.
Central to the proposed changes is a requirement for sellers and real estate agents to provide comprehensive “sales packages” in advance at the point a property is listed.
These packages will include details of important information such as the condition of the home, rental costs and property chain status.
This initiative is designed to promote a more transparent and equitable system for all parties involved by providing potential buyers with vital information early in the process.
Additionally, the government plans to move from traditional paper-based systems to more efficient digital platforms.
Digital property ledgers and sales bundles will help information be shared securely between professionals and accessed by buyers and sellers in real time, eliminating the “back and forth” sharing of information that can hinder sales.
The government said it will also support digital identity checks, electronic signatures and AI-assisted transfer to eliminate duplicates, reduce the risk of fraud and speed up transactions.
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The changes would also include previous binding agreements that prevented parties from engaging in negotiations for months without a legitimate reason.
A new code of practice will raise standards for estate agents, along with recommendations for mandatory qualifications for the industry to ensure estate agents are suitably equipped to support efficient transactions.
Prime Minister Sir Keir Starmer said: “Getting the keys to a home to call your own is one of the biggest events in everyone’s life.
“But the system that is currently supposed to provide support is turning this into a war, leaving people in limbo and making this opportunity inaccessible.
“We are turning the page. Our reforms will bring this outdated process into the modern age, saving people time and money and giving them the security they deserve.”
Housing Minister Steve Reed said: “Buying or selling a home should be one of life’s greatest moments, and not a drawn-out nightmare of delays, hidden costs and failed deals.
“These changes will make the system faster, fairer and safer, saving families and first-time shoppers time and money while giving them the certainty they need.”
Chancellor Rachel Reeves said: “Delays, hidden costs and deals falling through at the last minute are not just bad for home buyers, they’re also bad for the economy.”
The government said the “full roadmap” would be rolled out to the rest of Parliament and codes of practice for estate agents would be set out later this year.
From next year, these moves will include consultation on estate agent qualifications and expanded digital tools.
Legislation that will require sales packages, binding contracts and digital systems is expected to be introduced by the end of parliament.
The phased approach will give the industry time to adapt, the government said.
Housing is a devolved policy area and the UK Government anticipates that the majority of measures will apply in England, Wales and Northern Ireland.
As there is a separate framework in Scotland, the UK Government does not expect its measures to apply there.
Where legislation is proposed, the final territorial scope will be determined through the legislative process.
The government noted successes in other countries and said the Netherlands, for example, was using a live tracking system for buyers and sellers to check their transaction status.
The plans have been welcomed by industry experts, some of whom said they would particularly benefit first-time buyers.
Phil Spencer, TV presenter and founder of Move iQ, said: “I welcome these proposals – they address many of the issues consumers have been grappling with for years, from lack of advance information to unnecessary delays and last-minute surprises.”
Paul Whitehead, Zoopla’s chief executive, said homeowners “deserve better than a home buying process that takes months, fails too often and leaves everyone poorer”.
Johan Svanstrom, CEO of Rightmove, said: “Our UK-wide data shows that it takes an average of 170 days for a transaction to complete, with more than one in five transactions initially failing.
“Last year’s declines resulted in the loss of nearly £900 million in potential stamp duty receipts and estate agent commission in the UK, with consumers losing both valuable time, certainty and money when they had to repeat transaction processes.”
Andrew Asaam, head of residential at Lloyds Banking Group, said: “There is a clear opportunity to simplify the process and provide greater certainty on a slow and complex journey where transactions sometimes fail for reasons beyond people’s control.”
Henry Jordan, Nationwide Building Society’s group director of mortgages, described the proposals as “a significant milestone in efforts to simplify and streamline the home-buying process”.
He said: “Accelerating home buying isn’t just about convenience; it’s about helping more people complete their purchases with less frustration and fewer surprises.
“Giving buyers basic information upfront, at the point a property is listed, has the potential to transform the process, reducing unnecessary delays and giving people more confidence to act quickly.”
Chris Rosindale, Chief Operating Officer at Connells Group, said: “We believe in reforms that will make the system faster, more transparent and more reliable and we are excited to play our part in this transformation of the home buying process.”
So far this year in England and Wales it typically takes around 70 days longer to move from the agreed point of sale for exchange than in Scotland, according to data from Connells Group.
Paul Broadhead, head of mortgage and housing policy at the Building Societies Association (BSA), said: “These changes will be particularly important for first-time buyers, helping them manage the complex process with greater certainty and confidence.”
Mark Evans, president of the Law Society of England and Wales, said it was “in everyone’s interest to improve the home buying and selling process”.
Nathan Emerson, managing director of property professional society Propertymark, said: “A clear focus on professional standards, digitized and reliable information and the appropriate use of binding contracts will help streamline and speed up house moves.”
Justin Young, chief executive of the Royal Institute of Chartered Surveyors (Rics), said: “We look forward to working closely with the Government and industry partners to introduce consistent standards and ensure professionals providing these services have the right skills and levels of responsibility.
“We also need to make sure the sector has the capacity and skills to deliver these changes, including supporting smaller firms to play their part.”
Skipton Group CEO Stuart Haire said: “Particularly for first-time homebuyers, cutting weeks off the process and saving money will make a real difference to getting on the housing ladder.”
HomeOwners Alliance chief executive Paula Higgins said: “HomeOwners Alliance welcomes the Government’s ambition and calls on ministers to keep up the momentum so buyers and sellers start to see real improvements as soon as possible.”
