From sales packs to AI-assisted conveyancing, reform plan targets system that costs the economy up to £1.5 billion a year in failed transactions
The UK government has announced a package of reforms to the homebuying and selling process in England, with measures designed to reduce transaction times, lower costs and decrease the rate of failed sales.
The reforms, announced today, include a requirement for sellers and estate agents to provide key information in upfront "sales packs" at the point of listing, covering a property's condition, leasehold costs and chain status. Earlier binding agreements will also be introduced to reduce the number of parties withdrawing from negotiations without legitimate reason.
A new Code of Practice for estate agents will be established, with proposals for mandatory qualifications also under consideration.
The government said the average home purchase currently takes around 120 days to complete, with one in three sales falling through — costing sellers approximately £400 million per year, and the wider economy up to £1.5 billion annually.
"Getting the keys to a home you can call your own is one of the biggest events in anyone's life," said prime minister Keir Starmer. "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 Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve."
Housing secretary Steve Reed added: "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."
Chancellor Rachel Reeves also remarked: "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."
Digital infrastructure forms a central element of the reforms. Digital property logbooks and sales packs will enable information to be shared securely between professionals and accessed by buyers and sellers in real time. The government will also support digital identity verification, electronic signatures and AI-assisted conveyancing to reduce duplication and fraud risk.
International precedent supports the case for reform. The Netherlands operates a live tracking system enabling buyers and sellers to monitor transaction progress, with an average final completion time of 20 days. Norway's digitalisation programme is estimated to have generated savings of up to £1.4 billion over 10 years.
The government said the reforms are expected to cut homebuying times by around four weeks and save first-time buyers an average of £650.
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