Completed
Government unveils reforms to cut expenses and speed up the homebuying system
UPDATED Selective GB

Plan to reform housebuying aims to reduce costs and time

New housebuying reforms to cut costs and time

The government plans reforms to the housebuying process aimed at reducing costs, speeding up transactions, and preventing failed sales, with estimated savings for buyers.

  • Reforms to lower costs and delays
  • Mandatory upfront property information
  • Potential £710 savings for first-time buyers
  • Binding contracts to prevent deal failures
  • New Code of Practice for estate agents
  • Full roadmap of changes to be published
  • Tax incentives for young homebuyers

The government has announced significant reforms to the housebuying system to lower costs, speed up transactions, and reduce failed sales.

Reform Goals and Context reform housebuying

The UK government announced the most significant reform to the homebuying process in decades, aiming to reduce costs, shorten transaction times, and halve the number of failed sales, which currently cost the economy about £1.5 billion annually. The overhaul seeks to support housing supply, affordability, and delivery of 1.5 million new homes over the next parliament.[1]

Mandatory Upfront Property Information

Sellers and estate agents will be legally required to provide detailed property information upfront, including:

  • Condition of the property.
  • Leasehold costs.
  • Details of the property chain.

This aims to reduce late-stage transaction failures by increasing transparency and buyer confidence, inspired by Scotland’s more efficient system.[2][3][1]

Introduction of Binding Contracts

Buyers and sellers may enter into legally binding contracts earlier, preventing last-minute withdrawals (“gazumping”). Breaking contracts could result in fines, deterring failed transactions and reducing delays.[4][3][1]

Enhanced Professional Standards and Digital Tools

  • A mandatory Code of Practice for estate agents and conveyancers.
  • Publication of performance data to help consumers choose trusted professionals.
  • Increased use of digital tools, including property logbooks and ID verification to streamline processes.[1][4][2]

Expected Benefits and Financial Impact

  • First-time buyers could save an average of £710 due to fewer repeated surveys and faster completions.
  • The typical transaction time may drop by around four weeks, reducing stress and uncertainty.
  • While sellers at the end of a chain might face additional upfront costs (~£310), others could experience net savings thanks to reduced failures and increased market competition.[3][1]

Ongoing Challenges

Housing affordability remains a significant barrier, especially for first-time buyers, despite the proposed savings. Experts warn that requiring extensive upfront information could delay listings, potentially impacting supply in an already constrained market.[4][3]

Broader Housing Strategy and Political Context

  • The reforms are part of a wider government housing strategy including building 1.5 million new homes.
  • The Conservative party proposes additional incentives like a £5,000 tax rebate for young first-time buyers when they start full-time jobs.[3][1]

Consultation and Next Steps

A 12-week public consultation runs until late December 2025, with detailed plans expected in early 2026. Stakeholders including conveyancers and estate agents will be engaged to refine the reforms.[5][2][1]

Rachel Patel

Rachel Patel

Senior News Editor

US Business

Rachel Patel is a senior news editor and journalist specializing in political journalism and digital media. With over seven years of professional experience, she is recognized for her accuracy, source verification, and audience-focused reporting approach. Rachel earned her M.S. in Journalism & Media Studies from Stanford University (2018), where she developed expertise in media ethics, political communication, and digital storytelling. Her career has centered on bridging traditional political reporting with the fast-paced world of online journalism. She has contributed to major global media outlets, analyzing how digital platforms — from YouTube and Reddit to TikTok and Bluesky — shape political narratives, influence public opinion, and redefine news consumption. Now based in Berlin, Germany, Rachel serves as a Senior News Editor at Faharas NET, leading coverage on digital politics, media literacy, and social communication trends in the modern information landscape.

84
Articles
1.1K
Views
31
Shares
BBC News

Bbc news

Primary Source

Elena Voren

Elena Voren

Senior Editor

Blog Business Entertainment Sports News

Elena Voren is a senior journalist and Tech Section Editor with 8 years of experience focusing on AI ethics, social media impact, and consumer software. She is recognized for interviewing industry leaders and academic experts while clearly distinguishing opinion from evidence-based reporting. She earned her B.A. in Cognitive Science from the University of California, Berkeley (2016), where she studied human-computer interaction, AI, and digital behavior. Elena’s work emphasizes the societal implications of technology, ensuring readers understand both the practical and ethical dimensions of emerging tools. She leads the Tech Section at Faharas NET, supervising coverage on AI, consumer software, digital society, and privacy technologies, while maintaining rigorous editorial standards. Based in Berlin, Germany, Elena provides insightful analyses on technology trends, ethical AI deployment, and the influence of social platforms on modern life.

0
Articles
0
Views
0
Shares
407
Updates
faharasnet

faharasnet

Fact-Checking

Artificial Intelligence Blog Business Entertainment

No description yet

0
Articles
0
Views
0
Shares
129
Reviews

Editorial Timeline

Revisions
— by Elena Voren
Add SEO improvements
— by Kamar Mahmoud
Added new relevant secondary sources
— by Kamar Mahmoud
Initial publication.

Correction Record

Accountability
— by Kamar Mahmoud
  1. - Introduced mandatory upfront property information disclosure
  2. - Proposed earlier legally binding contracts in homebuying
  3. - Aimed to halve failed property transactions
  4. - Expected to save first-time buyers £710 on average
  5. - Anticipated reduction of transaction time by four weeks
  6. - Sellers at chain ends may face increased upfront costs
  7. - Proposed mandatory Code of Practice for agents and conveyancers
  8. - Plans to publish performance data on estate professionals
  9. - Emphasized digital tools for streamlining the process
  10. - Linked reforms to broader government housing supply goals

FAQ

What are the main objectives of the reforms?

To cut costs, reduce delays, and prevent failed sales.

How will sellers and agents be affected?

They must provide important property information upfront.

When will full details of the reforms be available?

A full roadmap will be published in the new year.