The government has announced proposed reforms to the homebuying process in England and Wales, aimed at reducing transaction times and the number of failed sales. The changes would require sellers and estate agents to provide more information upfront, introduce earlier binding agreements, and establish mandatory qualifications for estate agents.
According to government estimates, the reforms could reduce the average homebuying timeline by four weeks. The measures target a system where approximately one in three agreed sales currently fail to complete, costing buyers and sellers time and money.
Industry responses
Ben Robinson, managing director at Landmark Estate Agency Services, said the reforms represent “a significant change” for agents. “The key shift is moving from getting a property on the market quickly to getting it on the market properly,” he stated, adding that better-prepared listings should improve transaction speed and certainty.
Paula Higgins, CEO of HomeOwners Alliance, described buying and selling a home as “one of life’s most stressful experiences” and welcomed the government’s ambition. However, she called for “a clear and detailed timetable for implementation, with firm milestones to ensure buyers and sellers feel the benefits as quickly as possible.”
The proposed changes come as 42% of landlords consider reducing portfolios, reflecting broader shifts in the residential property market.
Sheila Kumar, CEO of the Council of Licensed Conveyancers, highlighted the potential for digitalised upfront information combined with reservation agreements to improve confidence in transactions. She said this would allow buyers and sellers to agree completion dates “much earlier in the process than at present.”
Phil Spencer, television property presenter and Move iQ founder, said he has heard frustrations about the homebuying process throughout his career. “It can be slow, stressful and uncertain, with too many transactions falling through after months of time, effort and expense,” he noted.
Stuart Haire, chief executive of Skipton Group, described the proposals as “a welcome step for buyers and sellers” and said better upfront information and earlier certainty should help reduce delays and wasted costs. He noted that first-time buyers in particular would benefit from reduced timescales and costs.
The reforms follow years of discussion within the property industry about modernising the homebuying process. While residential auction supply has been rising, the traditional conveyancing process has remained largely unchanged for decades.
Implementation timeline
The government has not yet provided a detailed implementation timeline for the reforms. Industry bodies have emphasised the importance of collaboration between estate agents, lenders, conveyancers, surveyors, and other stakeholders to ensure effective delivery of the changes.
The proposals represent the most significant overhaul of the homebuying system in years, with potential implications for transaction volumes, completion rates, and professional standards across the sector. The success of the reforms will depend on coordination between government and industry during the implementation phase.
