By The government have launched a new Home Buying and Selling reform consultation group to oversee the ‘biggest shakeup to the homebuying system in this country’s history’. The latest proposals aim to improve the efficiency of the homebuying process, estimating to speed up the transaction of buying a home by ‘four weeks’, with first-time buyers set to save ‘£710 on average when buying a home’, reducing both time and money.
The consultation is set to take place for 12 weeks and is positively welcomed by experts across the industry, granting optimism for a new wave of change in the process.
Introduction of Binding Contracts
To combat the risk of buyers and sellers walking away midway through negotiations months into the process, the proposal aims to introduce binding contracts for both parties.
Publishing of Mandatory Information
Proposal to set guidelines for the publishing of information before a property listing is published, providing buyers with the power to access information on searches and surveys on the condition of a property online, including physical consideration, characteristics and flood risk. The full list of proposed mandatory upfront information includes:
- Tenure
- Council tax band
- EPC rating
- Property type
- Legal and transactional information, such as title information and seller ID verification
- Leasehold terms
- Building safety data
- Standard searches
- Property condition assessments tailored to property age and type
- Service charges
- Planning consents
- Flood risk data
- Chain status
- Clear floor plan
The Material Information Consultation can also be found here: Material information in property listings – GOV.UK.
Introduction of Digital Tools
Part of the proposal aims to deploy a range of digital tools- including digital property logbooks, digital ID verification and standardised data sharing to help streamline the process, all aiming to improve the transparency and ease of access to the information needed during the homebuying process.
A Mandatory ‘Code of Practice’
To drive high standards across the sector and professionalism across the indusrty, the new proposals aim to introduce mandatory qualifications and ‘Code of Practice’ for estate, letting and managing agents.
Let’s hear what experts from the UK Property Market say about the consultation:
Kate Faulkner OBE, Chair of the Home Buying and Selling Council, says:
“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.”
Henry Jordan, Nationwide’s Group Director of Mortgages, says:
“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 the 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.”
Paul Whitehead CEO at Zoopla, says:
“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.”
Lucy McCallum, Head of Residential Conveyancing, and property specialist at leading law firm WSP Solicitors, says:
“Giving buyers the option to enter into binding contracts early on in the process, before all legal checks have been completed, is unlikely to work in practice. Particularly where a buyer has a lender. If a lender’s requirements cannot be met once all due diligence has been completed, the buyers would be bound to complete, and unable to fund the purchase, and they would risk losing their deposit. We would need to see more details on what is being proposed.”
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, says:
“We warmly welcome these proposals, which recognise just how outdated and stressful the homebuying process has become. Anything that brings greater transparency and certainty to buyers and sellers is a step in the right direction. Providing key information upfront will help everyone make more informed decisions, reduce fall-throughs, and restore confidence in the market.
Estate agents are often caught in the middle when transactions stall because of missing information or unexpected issues – so giving buyers clarity earlier will save not only time and money, but also a lot of unnecessary frustration.
Digitisation and clear professional standards are long overdue and will help raise the bar across the industry. It’s encouraging to see a genuine focus on collaboration between government, agents, conveyancers and lenders to deliver a system that truly works for today’s buyers and sellers.”
Tomer Aboody, director of specialist lender MT Finance, says:
“This is some positive news as these proposals would speed up the home-buying process. As we know, the current system, which is often plagued by multiple delays, can, and does, result in some transactions falling away.
“The proposals to reduce costs along the way are also helpful although the potential savings are not that significant compared with the amount of stamp duty buyers need to pay. If the Government was able to combine this new financial saving with potentially some reduction in stamp duty, this could fuel activity in the market at the same time as speeding up the process.”
Mark Chick, director of ALEP (the Association of Leasehold Enfranchisement Practitioners) and Senior Partner at Bishop & Sewell LLP says:
“ALEP welcomes the consultation on reforming the home buying and selling process and in particular the promise to improve the provision of leasehold sales information. This is already an objective set out in the Leasehold and Freehold Reform Act 2024. We feel that the task of streamlining the conveyancing process should not be underestimated and we welcome the chance of stakeholders to engage in the best way of refining these measures.
We look forward to discussing further the opportunity for change and improvement in the conveyancing process, although do we note with caution the issues caused by previous attempts to reverse the emphasis by the introduction of ‘Home Information Packs’ and we very much hope that any proposed reforms will look to learn the lessons from the past in this area.
We look forward to engaging with government and other bodies to ensure that the chances to improve matters for all involved in the home buying and selling process, be they leaseholders, freeholders or property managers to bring about effective and lasting change.”
More information on the home buying and selling reform consultation can be found here.
Press release released on Monday 6 October, announcing homebuying shakeup here.
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