UK ministers unveil plan to speed up homebuying by four weeks
Ministers are set to overhaul the housebuying process with reforms aimed at cutting the time it takes to complete a property purchase by about four weeks. The proposals, part of a broader plan to reduce frustrating delays and ‘nasty surprises’, would shift some costs from buyers to sellers and require buyers to receive critical information earlier in the process.
What the reforms aim to change
The government’s plan focuses on speeding up the timeline from negotiations to completion by addressing bottlenecks that routinely derail deals. Officials say that providing buyers with essential information sooner—such as the property’s condition and the scale of any leasehold costs—could prevent last‑minute collapses that waste time and money. The ministry estimates first‑time buyers could save an average of £710 per purchase under the new system.
Shifting costs and mandating upfront disclosures
A central element of the proposals is a potential transfer of some costs from buyers to sellers and their agents. The government wants sellers and estate agents to supply buyers with key information at the outset of the process, enabling buyers to make informed decisions before they invest months in negotiations. Critics worry about how price pressures could be passed along the supply chain, but officials argue that clearer upfront information will reduce shock costs further down the line.
Context and leadership behind the plan
The initiative gained momentum as the housing department, previously led by former deputy prime minister Angela Rayner, pressed ahead with a mission to simplify the market. Rayner, who recently resigned amid a stamp duty dispute, had pledged to streamline the process in February. The new housing secretary, Steve Reed, framed the reforms as essential to turning the dream of homeownership into a practical reality for working families.
What the consultation will examine
The government will launch a UK-wide consultation to scrutinize how the reforms could be implemented across England, Wales, Scotland, and Northern Ireland. While the paper notes differences in how property purchases work within each nation, the consultation will explore common improvements such as binding contracts to prevent buyers and sellers from walking away after months of negotiation, and steps to curb post‑negotiation walkouts that waste time and money.
Potential binding contracts
One of the options under review is the introduction of more robust, binding contracts to secure commitments and reduce failed transactions. The aim is to halve the current rate of failed deals and spare families the stress and financial drain that can come with protracted negotiations. If adopted, this could change the risk calculus for both buyers and sellers, encouraging more certainty early in the process.
Regional differences and legal nuances
Differences in the legal framework across the UK mean that reforms will need careful tailoring. For example, in England and Wales there is no legal requirement to obtain a survey before purchase (although many buyers choose to have one). In Scotland, the process already requires a home report for most properties, creating a contrast with southern nations. The government’s consultation will consider how these varied practices can be harmonised or coordinated to deliver faster, clearer outcomes while respecting existing laws.
What this means for buyers and sellers
For buyers, the prospect of a faster, more transparent process offers a welcome denouement to often lengthy negotiations. The promise of upfront, critical disclosures could prevent expensive surprises and reduce the likelihood of last‑minute pulled deals. Sellers and agents, meanwhile, may face new duties to disclose information earlier, potentially influencing pricing and competitiveness in the market.
Next steps
The government will publish the consultation paper and invite feedback from consumers, industry bodies, and local authorities. The timing of potential reforms remains unclear, but officials emphasise that faster, fairer housebuying is a priority that could save money for households already stretched by the cost of living and rising mortgage rates.
