Buying or selling a home is often a lengthy and stressful process. Delays, unexpected costs, and transactions falling through are common frustrations for buyers and sellers alike.
To address these issues, the UK Government has announced a package of proposed reforms designed to make homebuying faster, more transparent, and more reliable. If implemented, the changes could represent the biggest overhaul of the property transaction process in decades.
Why are reforms being proposed?
For many buyers and sellers, the current process can feel slow and uncertain. Property transactions often take several months to complete, with some industry data suggesting the average purchase can take around 170 days from offer acceptance to completion.
One of the biggest challenges is the high number of transactions that fail before completion. Government figures suggest that around one in three sales falls through, costing sellers an estimated £400 million each year and creating significant stress, delays, and wasted expenditure for everyone involved.
A common reason for these failures is that important information about a property often emerges late in the process, after buyers have already invested time and money in surveys, legal work, and mortgage applications.
The proposed reforms aim to tackle these issues by providing more information upfront, introducing greater certainty, and embracing digital technology.
Upfront sales packs
One of the most significant proposals is the introduction of mandatory “sales packs”.
These packs would provide key information about a property before it is listed for sale, including details about its condition, leasehold costs, and chain status. The aim is to help buyers make informed decisions earlier and reduce the likelihood of unpleasant surprises further down the line.
For sellers, providing more information upfront could help attract serious buyers and reduce the risk of a sale collapsing later in the process.
Lessons from Scotland
The proposals share similarities with Scotland’s Home Report system, where most residential properties marketed in Scotland must be accompanied by a Home Report prepared before the property is listed. The report typically includes:
- A survey of the property’s condition and market value
- An Energy Performance Certificate (EPC)
- A seller-completed questionnaire containing important legal and practical information
Because buyers can access this information before making an offer, they have a clearer understanding of the property’s condition from the beginning.
Scotland has consistently recorded lower transaction fall-through rates than England, leading many industry experts to view it as a successful model.
Earlier binding agreements
Another major proposal is the introduction of earlier legally binding agreements between buyers and sellers.
Currently, either party can withdraw from a transaction before contracts are exchanged, often after significant time and money have already been invested.
Under the proposed system, buyers and sellers would become legally committed at an earlier stage, making it more difficult to walk away without a valid reason.
This could provide greater certainty for everyone involved and reduce the number of transactions that fail late in the process.
Higher standards for estate agents
The reforms also include plans for a new Code of Practice for estate agents, alongside proposals for mandatory qualifications across the sector.
The aim is to improve professional standards, create greater consistency, and help consumers feel more confident in the advice and support they receive during the homebuying journey.
A more digital process
A key part of the reforms is a move away from paper-based systems and towards digital technology.
Proposals include digital property logbooks, electronic signatures, digital identity checks, and AI-assisted conveyancing. By allowing trusted information to be shared securely between buyers, sellers, estate agents, lenders, and conveyancers, the Government hopes to reduce duplication and speed up transactions.
The Government believes these changes could cut average buying times by around four weeks and save first-time buyers an average of £650.
What happens next?
The reforms are still proposals rather than immediate changes to the law. The Government plans to introduce them gradually, beginning with new standards for estate agents and improvements to property information, before moving towards wider legislative changes later in the parliamentary term.
The proposed reforms are designed to tackle some of the biggest frustrations in the homebuying process: delays, uncertainty, and failed transactions.
By providing more information upfront, introducing earlier legal commitments, improving professional standards, and embracing digital technology, the Government hopes to create a faster and more transparent housing market.
While the success of the reforms will depend on how they are implemented, they could mark a significant step towards making buying and selling a home less stressful for future generations of homeowners.
From a surveying perspective, many of these proposals are a positive step towards a more transparent and efficient homebuying process. At SDL Surveying, we’re keen to see how the reforms develop and how the wider property industry adapts to any changes in the years ahead. While greater access to information could help reduce delays and uncertainty, understanding the condition of a property before you buy will remain a vital part of the process.
If you’re buying a home, a professional survey can help you identify potential issues and make a more informed decision. Find the right survey option for your purchase:
https://sdlsurveying.co.uk/surveys/