Reapit has welcomed the government’s new consultation into reforming the home buying and selling process describing it as a crucial opportunity to fix a system that currently leaves one in three property transactions collapsing before completion.
The consultation, launched this week by the Department for Housing, Communities and Local Government, aims to speed up transactions and reduce costs for buyers and sellers through measures such as mandatory upfront property information, digital ID verification and binding contracts.
It follows years of industry pressure for reform, with Reapit among those calling for a more transparent and data-driven market.
Ministers hope that digitising key parts of the process and standardising data across the sector could help shorten the average five-month transaction timeline that frustrates both buyers and estate agents. The government estimates that failed transactions cost consumers more than £400 million annually.
AGENCY LICENSING
Reapit has long argued that the UK could learn from successful systems abroad. Drawing on its experience in markets such as Australia and Denmark, where it supports the majority of estate agencies, the company said that introducing clear property data and digital logbooks could cut transaction times dramatically.
In Australia, where much of the process is digitised, homes move from listing to signed contracts within 30 days, with completions following shortly after.
The consultation also explores the introduction of estate agency licensing – a move inspired by the Danish model, where stricter regulation and transparent data-sharing are credited with improving consumer confidence.
Reapit powers around 80% of Danish estate agents and says similar reforms could raise professional standards in the UK.
VERIFIED PROPERTY INFORMATION
The firm is already working with industry partners to support open data initiatives such as the Unique Property Reference Number (UPRN), which allows agents to match and verify property information across platforms.
Its own software enables agents to store UPRNs within Reapit’s platform, improving data consistency and ensuring buyers and sellers have access to accurate, detailed property information.
Steve Richmond (main picture), General Manager of Reapit UK and Ireland, says: “We welcome these reforms and the government’s recognition that the current homebuying system isn’t working as well as it should.
“Agents see the impact of these frustrating delays – transactions take on average five months, with far too many collapsing along the way. Effective reforms with the backing of industry could transform property purchases for agents, buyers, and sellers alike; creating a faster, fairer and more transparent homebuying experience for all.”
ROADMAP FOR REFORM
Dr Neil Cobbold, Reapit’s Commercial Director, adds: “We look forward to contributing to the consultation and helping shape a practical roadmap for reform.
“I was pleased to discuss these issues with Steve Reed, Secretary of State for Housing, Communities and Local Government, at last week’s Labour Party Conference, where he welcomed continued engagement from Reapit.
“We’ll be working with colleagues in Denmark and Australia where similar reforms have taken place so we can help the government design reforms that are practical, effective, and deliver real benefits to UK agents, buyers and sellers.”
COMPLEX PROCESS
Industry leaders have repeatedly warned that the complexity and inefficiency of England’s homebuying process – which has remained largely unchanged for decades – has deterred some would-be buyers and sellers from entering the market.
The collapse of one in three transactions typically stems from issues uncovered late in the process, such as missing documentation, title problems, or delays in conveyancing.
By introducing mandatory upfront information and digitised property records, policymakers hope to reduce the likelihood of late-stage failures while boosting transparency and trust.
The government consultation is expected to run for 12 weeks, with responses sought from estate agents, mortgage lenders, conveyancers and consumer groups.
Draft legislation could follow in 2026, although ministers have indicated that some measures – including digital ID verification and data-sharing standards – may be introduced sooner through voluntary industry adoption.
