The UK Government has set out plans to speed up the homebuying process by four weeks.
It will see sellers and estate agents required to provide buyers with information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move.
Binding contracts could also be introduced to stop people walking away from agreements after buyers spend months in negotiations. The UK Government said this will help halve the number of failed transactions.
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.”
Consumers could also see clear, side-by-side information on estate agents and conveyancers – including their track record and expertise, alongside new mandatory qualifications and Code of Practice.
The UK Government says the number of failed sales is currently costing the economy £1.5 billion a year. It says a “full roadmap to fix the broken system” will be set out in the new year.
Rightmove CEO Johan Svanstrom said:
“We welcome the announcement aiming to drive forward that much needed change and modernisation. The development of technology means transformation is possible, with the right collaboration and considerate planning.
“The home-moving process involves many fragmented parts, and there’s simply too much uncertainty and costs along the way. Speed, connected data and stakeholder simplicity should be key goals. We believe it’s important to listen to agents as the experts for what practical changes will be most effective, and we look forward to working with the government on this effort to improve the buying and selling process.”
Paul Whitehead, CEO at Zoopla, said:
“The homebuying process in the UK remains far too long, too complex, too uncertain and has seen far less digital innovation than many other sectors.
“Consumers are clear in their desire for greater transparency and confidence when making life’s biggest purchase and improving the visibility of trusted information earlier in the buying process is a key part of speeding up the journey.
“The property industry recognises the benefits that greater certainty and digital transformation could bring. Introducing legally binding contracts alongside better use of digital solutions has the potential to unlock significant demand and reduce failed transactions.
“At Zoopla, we are committed to working closely with industry and government, and to investing our resources, to help build a modern property ecosystem that is faster, more transparent, and trusted by all.”
David Morris, Head of Homes, Santander UK said:
“At a time when technology has changed many processes in our lives, it is incredible that the process of buying a home – an activity that is a cornerstone of our economy – remains much the same for today’s buyers as it did for their grandparents. Our recent report, “Fixing the Broken Chain” highlighted how our antiquated system is holding back economic and individual growth, causing property transactions to collapse, and deterring buyers and sellers from entering the market at all.
“This consultation reinforces our view that, as an industry, we have the opportunity to fix the system and now is the time to seize it. We’re ready to work together with Government and all those involved in the homebuying process to move this discussion into action and create a system fit for today’s buyers and sellers.”
Henry Jordan, Nationwide’s Group Director of Mortgages, said:
“Buying a home is often complex and stressful, which is why the homebuying process needs to be simplified and streamlined for the benefit of consumers, brokers and lenders. But to tackle this issue effectively, we must collaborate. That is why we look forward to working closely with government and the wider industry to modernise the homebuying process, so that buyers are given certainty earlier and to help reduce any unnecessary costs. The measures being consulted on, along with digitalisation and technology, are a major part of how we will get there.”
Paula Higgins, CEO of HomeOwners Alliance, said:
“We are absolutely delighted to see the Government taking decisive action to overhaul the homebuying process. Requiring material information to be provided upfront will make buying and selling homes faster, fairer and less stressful — giving families and first-time buyers the confidence they need when making such a major financial commitment. This is something we at the HomeOwners Alliance have long campaigned for, as our own research shows how lack of upfront information leads to delays, failed sales and unnecessary costs.
“We also strongly welcome the commitment to raise standards through better regulation and qualifications for estate agents. These reforms will help rebuild trust in the industry and ensure consumers are properly protected.”
Kate Faulkner OBE, Chair of the Home Buying and Selling Council, said:
“Buying and selling a home has never been more complex for buyers, sellers and the home moving industry. By working together we can turn today’s challenges into a better experience for the next million moves. There has never been a better moment to address these challenges positively, and I welcome the government’s commitment to driving the changes needed for consumers and the many dedicated professionals who support them to make it smoother, safer and less risky.”
Justin Young, CEO at RICS, said:
“RICS has long supported reform of the home buying and selling process, which is too often stressful, costly, and uncertain for buyers and sellers. The Government’s commitment to an industry-wide consultation is a vital step forward, and RICS will bring its expertise to the table. By embedding transparency, professionalism, and innovation into the process, we can help build a housing market that works better for everyone.”
Nathan Emerson, CEO at Propertymark, said:
“Propertymark welcomes the UK Government’s renewed commitment to reforming the home buying and selling process, with a clear focus on digitisation, transparency, and stronger consumer protection – all underpinned by mandatory professional qualifications for property agents.
“Embedding recognised standards is essential to raising professionalism, giving consumers greater confidence, and ensuring consistently higher levels of service.
“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 Evans, Law Society of England and Wales Vice-President, said:
“We welcome and share the government’s commitment to improve the home buying and selling experience. We know that many feel that the conveyancing process is slow and complicated. It can also be confusing as to who should be doing what, and there is the risk of duplication of effort. Information is often not available as quickly or as easily as it should be. Making the right reforms would help address all of these issues.
“Improving the conveyancing process for buyers and sellers and making it fit for the 21st century involves making the appropriate changes to the whole system, not just one aspect of it. We are keen to work with our members, government and all those involved in the conveyancing market to make sure the right reforms are enacted.”
Beth Rudolf, Director of Delivery at The Conveyancing Association, said:
“The Conveyancing Association welcomes these reforms, which we and other industry stakeholders have long campaigned for, in order to deliver a better home selling and purchase experience for all.
“By ensuring vital information is provided upfront, consumers and industry alike will benefit from greater certainty, reduced risk of fall-throughs and a faster, less stressful process. This is an important step towards the modern, transparent and efficient homebuying system that families and professionals have been calling for.
“These reforms have both the ability to enable conveyancing lawyers to be proactive, and to support estate agents to comply with the law.”
