Proposed changes to the buying and selling process This week the government has announced some proposed changes to the house buying and selling process in England and Wales! What is being proposed The UK Government has launched a consultation and set out a range of reforms intended to make the home buying/selling process quicker, cheaper, more reliable. Here are the main proposals: 1. Upfront information from sellers & agents Sellers (and their agents) would be required to provide key property information before the property is listed. This could include things like: Condition of the property (i.e. structural, repair issues) Leasehold costs, ground rent etc. Whether there is a chain (people needing to move out/move in) or other factors which may delay the sale. 2. Binding agreements earlier in the process Buyers and sellers might be able to enter into binding contracts sooner, to reduce the risk of deals falling through late in the process. 3. Digitalisation and data sharing Use of digital identity verification and platforms to share trusted property data among agents, conveyancers, lenders etc. Creating property “logbooks” or “property packs” (sometimes called digital property packs) that capture historical and current information about a property, so fewer surprises and more transparency. 4. Professional standards for agents Introducing a Code of Practice for estate, letting, and managing agents, plus possibly mandatory qualifications. More regulation of agents’ performance, transparency about their track records, and enforcement of minimum standards. 5. Leasehold / Right to Manage reforms For those owning leasehold properties: reforms aim to give leaseholders more control, transparency and lower costs. For example: extending leases more easily, letting homeowners take over management, challenging unfair charges. 6. Cost & time savings Overall, the reforms are projected to reduce the typical transaction time by about four weeks. First-time buyers could save around £710 per transaction; home movers slightly less (~£400) savings. Sellers might face some increased upfront cost. --- What problems these address Some of the issues the government says it wants to tackle are: Delays: Currently, it can take around 120 days or so to go from offer accepted to completion. Failed transactions: Roughly 1 in 3 property sales fall through before completion. This causes wasted time, energy, costs for buyers and sellers. Lack of transparency: Buyers often find out later about expensive or problematic issues (repairs, leases, chain delays etc.) which cause delay or renegotiation. Agents and other property professionals may have variable standards. Costs: Both in direct fees (solicitors/conveyancers, searches/surveys) and incidental costs tied to delays or failed deals. --- Potential benefits & trade-offs Here are what the reforms might mean in practice — the good, the less good, and what to watch out for. Benefit Faster sales Less waiting around for information to come through; earlier binding contracts reduce uncertainty. Lower risk of deals collapsing If more parties are committed earlier, fewer “pull-outs” after big expenses have been incurred. More predictable costs with more information up front, less chance of surprise survey or search costs. Better transparency from agents. Better protections for leaseholders More ability to challenge unfair charges, take over management, extend leases without excessive costs. But there are trade-offs / potential downsides too: Upfront costs for sellers: Sellers may need to pay for surveys, condition reports etc earlier. These are shifts in when costs are incurred rather than always being avoided. Some sellers might find them burdensome. Risk of higher listing price: If sellers know they need to provide more information or guarantee certain standards, some of that cost might be baked into asking prices. Implementation complexity: Setting up digital identity services, property packs, shared data systems etc is technically and administratively non-trivial. Different regions (England / Wales / Scotland / Northern Ireland) have different legal regimes. Effectiveness depends on enforcement: If professional standards or codes of practice are weak or unenforced, then bad behaviours or delays might persist. Optionality may cause uncertainty: For example, binding contracts “optionally” earlier could create situations where some transactions use them and some don’t, which might confuse the market. --- What to keep an eye on If you are buying or selling (or helping others to), these are things to watch as the reforms progress: 1. What becomes mandatory vs optional E.g. will binding contracts be required, or just an option? How binding will the early commitment be? 2. Exact scope of “upfront information” Details will matter — how much detail on condition, what types of searches/surveys, environmental risks, leases etc. Will those reports need to be professionally certified? 3. Costs allocation How much sellers will bear vs how much savings accrue to buyers. Will sellers pass on costs in pricing? Will there be transitional arrangements (for people who have already begun the process)? 4. How digital systems are built Reliability, access, security of data. How digital identity services will be used. Will there be inequalities (e.g., for people with less tech access)? 5. Regulation/enforcement of agents & solicitors/conveyancers What bodies will enforce standards? What penalties for non-compliance? Will the code of practice be legally binding? 6. Regional variation Laws in Scotland, Northern Ireland, and Wales differ in property, conveyancing, and leasehold law. How reforms will interact with existing systems in those places. 7. Effect on timing While the aim is to cut 4 weeks off, whether that is delivered will depend on how many of the processes are reformed together, how quickly professionals adapt, etc. --- Where we stand & timeline The government has formally launched a consultation on the reforms (in October 2025). They want views from the public, buyers/sellers, property professionals. Some reforms already in motion: e.g. digitalisation work, initial leasehold reforms, Right to Manage changes. After the consultation, the government intends to publish a “roadmap” for implementation over the current Parliament. --- My take (and key questions) From what’s been proposed, these changes seem broadly positive — especially for first-time buyers or anyone who’s felt frustrated by how long, opaque, and expensive moving home can be. The idea of more transparency, earlier binding, and using digital tools all look like things that could reduce friction. But whether it will really make a big difference depends heavily on execution. If agents / sellers resist, or systems are poorly enforced, or the new burdens just get passed back to buyers via higher prices, then gains could be smaller than hoped.