The Government last week unveiled a package of reforms aimed at speeding up the homebuying process, reducing costs and cutting the number of property sales that fall through before completion. Ministers claim the changes could reduce transaction times by around four weeks, save first-time buyers an average of £650 and tackle a system where the average sale takes 120 days and one in three transactions fails to complete.
As Property Soup reported last week central to the reforms is the introduction of mandatory upfront information through digital sales packs. Sellers and estate agents will be required to provide key details, including property condition, leasehold costs and chain status, at the point of listing to help buyers make informed decisions earlier in the process.
The Government also plans to introduce earlier binding agreements between buyers and sellers, designed to reduce the likelihood of either party withdrawing from a transaction after months of negotiations without a valid reason.
Alongside the transaction reforms, a new Code of Practice for estate agents will be introduced and proposals for mandatory qualifications will be explored as part of wider efforts to improve professional standards and strengthen consumer confidence in the property market.
INDUSTRY REACTION
Lesley Horton, the UK’s Chief Property Ombudsman, says: “We welcome the Government’s commitment to reforming the home buying and selling process and we’re pleased to see a number of measures that have the potential to deliver a more transparent, efficient and consumer-focused system.
“For too long, buyers and sellers have faced uncertainty, delays and avoidable transaction failures. These reforms represent an important opportunity to improve confidence at every stage of the process.
“We recognise that the proposals, if fully implemented, will change expectations on sellers in particular. Consumers will need support in understanding those new expectations, and therefore there will be an increased role for Estate Agents to support sellers and buyers through the process.
“Greater upfront information will help consumers make more informed decisions.”
“The introduction of greater upfront information will help consumers make more informed decisions earlier and reduce the risk of transactions collapsing further down the line. Buyers should be able to rely on accurate, accessible and meaningful information when making one of the most significant financial decisions of their lives, and these changes are a positive step towards achieving that.
“We are also encouraged by proposals to strengthen professional standards across the property sector. This will be even more important so that agents can provide appropriate advice to consumers through the process.
“Raising standards will help build trust.”
“Consumers rightly expect those involved in the home buying and selling process to demonstrate competence, accountability and professionalism. Raising standards and ensuring consistency across the sector will help build trust, improve outcomes for consumers and enable the successful implementation of the proposals over the longer term.
“The wider focus on digitalisation, including the use of digital property information and measures designed to streamline transactions, has the potential to modernise a process that many consumers still find frustratingly complex.
“If implemented carefully and supported by clear guidance and appropriate training, these reforms can create a home buying and selling system that is faster, fairer and better equipped to meet the needs of consumers in the years ahead.”
DIGITAL-FIRST MARKET
Maria Harris, Chair of the Open Property Data Association (OPDA), says: “This represents a significant step towards fixing a homebuying process that has been crying out for reform for decades.
“Customers have made it clear that the current process isn’t fit for purpose and doesn’t meet their expectations. We welcome the government’s commitment to creating a modern, digital-first property market that puts homebuyers and sellers at the heart of the process.
“Providing key information upfront through digital sales packs, introducing earlier binding agreements and embracing technologies such as digital identity checks and AI-assisted conveyancing are exactly the kinds of changes needed to deliver faster transactions, greater transparency and fewer fall-throughs.
“Smart data has the power to transform how we buy and sell property, creating safer and more secure processes, reducing duplication and raising standards across the sector. The government’s recognition of our work to prove that not only is this achievable, it fundamentally transforms the process, is testament to our ongoing collaboration.
“People want certainty, transparency and access to the information they need.”
“OPDA’s latest Future of Homebuying report found that 86% of home movers support the introduction of a digital property pack, demonstrating the clear appetite among consumers for a better way of moving home.
“People want certainty, transparency and access to the information they need from the outset, and with 87% of consumers happy to share their data for a better process, these reforms will help deliver that.
“The time for change is now. OPDA has been laying the foundations for the future of the property market through the development of free and open smart property data standards and by bringing together lenders, conveyancers, estate agents, technology firms, regulators and government. We are pleased to see many of the principles we have long championed reflected in these proposals.
“International examples have already shown what can be achieved through digitisation and data sharing. By working collaboratively across the industry, we have an opportunity to build a modern, fit-for-purpose property system that works better for everyone, improves the emotional and financial wellbeing of consumers and supports a more sustainable and efficient housing market.”
OPPORTUNITY TOO GOOD TO MISS
Jeremy Leaf, north London estate agent and a former RICS Residential Chairman, says: “Any measures which improve transparency and certainty in home buying, and reduce the risk of gazumping/gazundering and abortive costs while professionalising the sector are welcome – and the sooner the better.
“Having been at the RICS during the last serious attempt at change some years ago, I know how difficult it will be to make a difference, not least bringing together all the various parties involved, many with little or no interest in a more efficient or timely process.
“However, the opportunities are too great to miss. As long as this latest proposal is not more politicking but a practical attempt at meaningful change, I am confident this time the government needs business.”
POSITIVE STEP
Iain McKenzie, CEO of The Guild of Property Professionals, says: “Improving the homebuying process and making it easier for people to buy a home is a positive step.
“For families and first-time buyers who have worked hard, made sacrifices and saved for a deposit, the journey to homeownership should not be made harder by unnecessary delays, uncertainty or complexity.
“A process that is straightforward, transparent and takes less time is something the whole housing sector should support. The introduction of better upfront information, digital tools and measures to reduce failed transactions has the potential to create a more efficient system that benefits buyers, sellers and everyone involved in moving home.
“Reducing fall-throughs is particularly welcome.”
“Reducing fall-throughs is particularly welcome. When a sale collapses after weeks or months of negotiations, it creates stress, wasted time and additional costs for all parties. A more secure and predictable process will help build confidence and keep the market moving.
“The housing market also plays a much wider role in the economy. A healthy property sector supports thousands of businesses beyond estate agency, including removals companies, tradespeople, furniture retailers, household goods suppliers and many other services that benefit when people are able to move home more easily.
“These reforms are an important opportunity to create a homebuying system that works better for everyone and helps more people achieve their ambition of owning a home.”
REDUCE FALL THROUGHS
Paul Offley, Compliance Officer at The Guild of Property Professionals, says: “I welcome the government’s long overdue review of the home sales process, particularly if these reforms help reduce the time period between a sale being agreed and exchange taking place.
“The current system can create unnecessary delays, uncertainty and stress for buyers and sellers, so measures that provide greater transparency upfront, improve access to information and create a more efficient journey are a positive step forward.
“Introducing earlier binding agreements and better digital tools has the potential to reduce the number of transactions that fall through, which will benefit not only consumers but also agents and the wider property industry.
“These reforms bring positive outcomes for sellers, buyers, agents and the industry as a whole, and we look forward to seeing how they support a smoother, more reliable homebuying experience.”
A WELCOME STEP
Jason Tebb, President of OnTheMarket, says: “This announcement from Labour is a welcome step towards fixing a complex and often uncertain homebuying process.
“The focus on upfront information, earlier certainty and higher professional standards tackles many of the root causes of delays and fall-throughs.
“Improving early access to high-quality property information has long been a priority for OnTheMarket, helping buyers make more informed and transparent decisions sooner while reducing time and costs.
“We look forward to working with Government and industry to help deliver a more transparent, efficient and trusted property market.”
LONG OVERDUE
Rob Houghton, Founder and CEO of reallymoving, says: “Reform of the homebuying and selling process is long overdue and this sounds like a sensible set of changes that will reduce fall throughs and improve transparency for homebuyers. However, there are some key factors that need careful consideration.
“Firstly, only an estimated 20% of homebuyers currently get a detailed survey on the property they’re buying, many just relying on a lender valuation.
“These changes will require all sellers to provide a survey in their sales pack – plus there will be some doubling up, as some homebuyers won’t trust what it says or will require a more detailed survey, so will commission their own on top.
“That’s a massive increase in surveying capacity which will take vast time and resources for the industry to meet.
“Secondly, there’s a real danger that these changes could hand too much power to estate agents, allowing them to dominate distribution of upfront services such as conveyancing and surveys.
“Without safeguards, this will lead to inflated prices, preferred provider arrangements and opaque referral fees or kickbacks.
“The proposed Code of Practice for estate agents needs to address this explicitly and ensure there is complete upfront transparency, with homebuyers given information on all the options available to them when it comes to finding and appointing a surveyor or conveyancer.”
PROACTIVE PROCESS
Beth Rudolf, Director of Delivery at The Conveyancing Association, says: “Home buying and selling reform is about removing the current delay and uncertainty and reducing risk. It is about giving conveyancers the information they need to manage risk better.
“Liability remains where it has always been; what changes is the quality and timing of the information available.
“Conveyancers remain responsible for the advice they provide, just as they are today. The difference is they will increasingly have access to better information, earlier in the transaction, enabling risks to be identified, understood and managed before they become problems.
“For too long, our profession has been expected to navigate transactions with incomplete information, leading to avoidable delays, frustration and fall-throughs.
“This reform gives us the opportunity to move from a reactive process to a proactive one. This is not a leap into the unknown. It is a practical evolution that supports consumers, reduces wasted effort and helps professionals deliver better outcomes with greater confidence.
“When information is available earlier and shared more effectively, risk does not increase, it decreases. The result is a home moving process that is faster, more transparent and more trusted by everyone involved.”
IMPROVED CONFIDENCE
Sheila Kumar, Chief Executive of the CLC, says: “The Council for Licensed Conveyancers strongly supports these reforms because they will deliver better outcomes for consumers and professionals alike.
“The CLC has a long history of championing innovation and modernisation in the legal services market, particularly where it improves the consumer experience, and we stand ready to play our part, working with Licensed Conveyancers to deliver these changes.
“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.
“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.
“Digitalisation will positively transform the work of conveyancers.”
“The CLC is currently working with Raidiam and the Open Property Data Association, conveyancers, tech and data providers to pilot a Smart Data Property Trust Framework that is demonstrating how that can be delivered.
“Digitalisation will also transform very positively the work of conveyancers, who will be able to devote more time to advising their clients and less to the task of gathering information.
“Improved “speed to confidence” is the great prize of the industry’s efforts over many years, and we are delighted that the government has recognised its importance through this roadmap. It has the potential to make home buying and selling simpler, faster and more certain, while helping to remove a major barrier to the efficient use of the nation’s housing stock.”
GOVERNMENT SUPPORT IMPORTANT
Nick Hale, CEO of Movera, says: “These reforms represent a significant step forward in modernising the home buying process and improving outcomes for both consumers and the industry.
“Encouraging earlier commitment to transactions along with wider adoption of digital identity checks, electronic signatures and the responsible use of AI, has the potential to reduce friction, improve certainty and hep transactions progress more smoothly.
“We’re pleased to see that these steps compliment the work we have been doing within Movera and its brands to implement digital tools from the outset and improve transaction outcomes.
“We have invested in NPTN, working alongside partners such as Connells Group, because we believe a connected, end-to-end digital process can help deliver these benefits at scale.
“This government-level support for broader adoption will be important in driving consistency across the sector and giving firms of all sizes the confidence to embrace trusted digital solutions that ultimately lead to a more efficient and secure property transaction process.”
FIX THE POINT OF COMPLETION
Angela Hesketh, Head of Government and Public Affairs at PEXA, says: “The Government’s response signals a clear shift towards reform, stronger industry collaboration and the digital infrastructure needed to get Britain’s property market moving, and bring about greater certainty in the process.
“Improving upfront information and data interoperability is a welcome and necessary first step. But if we are to unlock the full economic and societal benefits of an enhanced home buying experience, we need this to go much further. At present, a critical gap remains: the point of completion.
“The final stages of a transaction – coordinating completion and transfer of title – remain complex, fragmented, prone to delay and increasingly sophisticated fraud. This exposes every stakeholder in the chain.
“Buyers are vulnerable because they don’t legally own their property until the title is registered, conveyancers are left to handle requisitions and post completion queries with already limited capacity, and lenders are left without secured collateral.
“If we are serious about delivering a truly end-to-end digital property market, fixing this ‘last mile’ must be the next priority.”
CLEAR BENEFITS
Travis Scholes, Commercial Director at LMS, says: “We welcome the Government’s drive to modernise the home buying and selling process, something LMS and our partners have been working towards for many years.
“The benefits of upfront, standardised property information are already clear, with real-world use cases showing how earlier access to trusted data can speed up transactions, reduce fall‑throughs and improve outcomes for buyers and sellers alike.
“At scale, this progress relies on shared infrastructure and common data standards. Through initiatives such as National Property Transaction Network (NPTN) by LMS, we are already demonstrating how secure data sharing can enable earlier collaboration, reduce duplication and improve transparency – creating stronger foundations for transactions from the outset and tackling long‑standing friction in the process.
“Crucially, these reforms build a strong narrative around how this contributes to improving the overall home-buying journey and delivers benefits across the end-to-end process. Open, collaborative solutions like NPTN will be key to delivering shorter transaction times and better experiences forestate agents, law firms, lenders buyers and sellers alike, ensuring the full value of a modernised property market is realised.”
DIGITAL ID SOLUTIONS
David Jones, director at Click2Check, says: “Backing for digital identity checks from the Ministry of Housing, Communities and Local Government is a big step forward and should encourage those firms holding back from digital adoption that now is the time to leave traditional manual methods behind.
“Leaning into digital IDV, along with other digital solutions like AML and open banking reporting, is the only way to guarantee your firm is consistently meeting regulatory requirements and that any and all evidence collected will stand up to lender scrutiny.
“Manual checks are no longer thorough enough to combat today’s fraud risks, and completing a check alone is no longer sufficient – it’s as good as not doing one at all.
“Firms today must have a clear time-stamped and auditable compliance trail that proves they know their client and their financial circumstances inside and out. Using digital solutions is the only surefire way to do that and the fucus now should be on ensuring the industry can adopt these solutions consistently.”
STRATEGICALLY POSITIVE
Ben Thompson, Director of Home Moving Strategy, Mortgage Advice Bureau, says: “Mortgage Advice Bureau (MAB) sees the direction of travel as strategically positive.
“The reforms are intended to reduce friction across the home-moving process and improve transaction certainty over time.
“As sellers become more transaction-ready before marketing, buyers will increasingly need to become mortgage-ready earlier in the process, directly supporting our focus on early customer engagement and strengthening the value MAB provides to its estate agency partners.
“The reforms also accelerate the move towards a more digital home-moving journey, favouring technology-led businesses that have invested in data, automation and workflow integration. This strongly aligns with the strategic direction of MAB 3.0 and further reinforces the rationale behind the recent HomeOwners Alliance acquisition.
“Implementation will be phased over the remainder of the current Parliament, with benefits expected to emerge progressively as the reforms become embedded across the housing market.”
REAL CHANGE POTENTIAL
Matthew Carter, Head of Homes at Coventry Building Society, says: “Giving people better information upfront and more certainty throughout the process has the potential to make moving home feel less stressful and more like the milestone it should be.
“For anyone who’s been through the homebuying process, this will feel like a long overdue step in the right direction. Too many buyers have faced months of uncertainty, unexpected costs and the heartbreak of deals falling through.
“These changes have real potential, but making them work will depend on close collaboration across the industry, and we’re keen to play our part in helping bring that to life for homebuyers.”
GAME-CHANGER
Scott Clay, Director at Together says: “The Government’s proposed reforms could be a game-changer for the home-selling process.
“By bringing key property information to the forefront, embracing digital technology and creating greater commitment earlier in a transaction, the plans could deliver a faster, more transparent and more reliable property market for everyone involved.”
“The reforms will both reduce the period it takes for buyers to get a purchase over the line, as well as the time and money wasted on the many purchases which fall through due to undeclared costs and the gazumping scourge.
“However, the Government should be mindful of the fate of Home Information Packs (HIPs), which were introduced with similar ambitions in 2007 before being abandoned amid concerns over cost and bureaucracy. The success of these reforms will depend on whether digitisation can deliver the benefits without repeating the mistakes of the past.”
Read the Roadmap HERE.
