UK government unveils plans to speed up home sales and stop deals falling through
Home buyers in England and Wales could see purchase times cut by around four weeks and first-time buyers save an average of £650 under government reforms to the home buying process announced on Friday.
The changes, set out by Housing Secretary Steve Reed, include requiring sellers and estate agents to provide upfront “sales packs” when a property is listed, covering the home’s condition, leasehold costs and chain status.
Earlier binding agreements are also planned, which would make a transaction legally binding once an offer is accepted and impose financial penalties on parties who withdraw without a valid reason.
The government says one in three home sales currently falls through, costing sellers around £400 million a year and the wider economy up to £1.5 billion a year.
The average home purchase currently takes around 120 days to complete.
Digital tools including property logbooks, electronic signatures and AI-assisted conveyancing are also part of the package, alongside a new Code of Practice setting minimum standards for estate agents and proposals for mandatory qualifications in the sector.
Steve Reed said: “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.”
Paula Higgins, chief executive of the HomeOwners Alliance, said: “Buying and selling a home remains one of life’s most stressful experiences, despite being the biggest financial transaction most people ever make.”
“Providing more information upfront, raising standards and embracing digital solutions should help reduce delays, fall-throughs, unnecessary costs and frustration for consumers. HomeOwners Alliance welcomes the government’s ambition and urges ministers to maintain momentum so buyers and sellers start to see real improvements as quickly as possible.”
The reforms will be introduced in phases. A Code of Practice for property agents is due later this year, with consultation on estate agent qualifications and expanded digital tools from 2027. Legislation requiring sales packs, binding contracts and digital systems is expected by the end of Parliament.
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