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Families and first-time buyers set to save time, money, and stress under major changes to the homebuying process – supporting the next generation and those locked out by a slow and unfair system
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New sales packs to ensure buyers have the information they need upfront, earlier binding agreements, and digital tools will halve the number of sales that fall through saving millions
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Reforms will cut buying times by around four weeks, save first-time buyers an average of £650, and get the housing market moving more quickly
Buying and selling a home is set to become faster, cheaper, and less stressful under major reforms unveiled today (Friday 19 June) to cut delays, reduce and digitalise paperwork, and stop sales collapsing.
At a time when families are feeling the squeeze, new changes will cut homebuying times by around four weeks, save first-time buyers an average of £650, and stop the nasty surprises that cost time, money, and heartbreak. This will ensure the chance to own a home isn’t determined by who can afford to take the biggest risk.
Sellers and estate agents will have to provide key information upfront in ‘sales packs’ at the point of listing. This will set out a home’s condition, leasehold costs, and chain status so buyers can make informed decisions, and property professionals can get to work sooner – while creating a fairer, more transparent process for everyone involved.
Changes will also see new earlier binding agreements to stop parties walking away months into negotiations without a legitimate reason. This will help to give young people confidence in the system and better plan for their next steps, not put them on hold.
In addition, a new Code of Practice will raise standards for estate agents, alongside proposals for mandatory qualifications for the sector which could ensure agents are properly equipped to support efficient transactions and rebuild trust in the sector.
With the average home purchase taking around 120 days, one in three sales falling through costing sellers around £400 million per year, and failed transactions costing the economy up to £1.5 billion every year – these reforms will fix a broken system.
Prime Minister Keir Starmer said:
Getting the keys to a home you can call your own is one of the biggest events in anyone’s life. But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach.
We’re turning the page. Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.
This is about building a stronger, fairer Britain, one that works for the next generation and makes the dream of home ownership a reality for many more hard-working people.
Housing Secretary, Steve Reed said:
Buying or selling a home should be one of life’s great moments and not a drawn-out nightmare of delays, hidden costs, and failed deals.
These changes will make the system faster, fairer, and more secure – giving families and first-time buyers the certainty they need all while saving them time and money.
The Chancellor of the Exchequer, Rachel Reeves said:
Delays, hidden costs, and deals collapsing at the last minute are not only bad for homebuyers, it’s bad for the economy too.
Our reforms will cut those delays, cut costs and make the process quicker and more reliable – getting more people on the housing ladder while keeping more money in their pockets.
We have the right economic plan – getting the housing market moving, building thousands more good-quality homes in every region, and transforming rights for renters.
At the heart of the reforms is a major shift to digital – replacing the outdated paper-based systems with faster, more reliable tools.
Digital property logbooks and sales packs will allow trusted information to be shared securely between professionals and accessed by buyers and sellers in real-time, cutting out the back-and-forth that cause so many delays.
The government will also back digital identity checks, electronic signatures and AI-assisted conveyancing to strip out duplication, reduce fraud risk and accelerate transactions from start to finish. Together, these changes will create a modern, end-to-end system where people can track and progress their move more easily.
Kindly shared by UK Government Image courtesy of Adobe
