Plan to speed up the homebuying process
UK ministers have unveiled proposals aimed at speeding up the homebuying process by around four weeks. The plan, part of a broader drive to reform conveyancing, seeks to cut lengthy delays that often derail purchases, particularly for first-time buyers. The government argues that a faster, clearer system could help families move into new homes sooner and save money over the course of a transaction.
Shifting costs and improving information for buyers
Key elements of the proposal include a potential shift of some costs from buyers to sellers and estate agents. The intention is to require sellers to provide buyers with vital information up front, such as the condition of the property and any ongoing leasehold costs. By making disclosures more transparent, officials believe buyers can make informed decisions earlier in the process, reducing late-stage surprises that trigger collapses.
The Ministry of Housing, Communities and Local Government said the reforms are designed to “end nasty surprises which result in last-minute collapses.” The department estimates first-time buyers could save an average of £710 on a typical purchase as a result of the changes.
From policy to implementation: what changes are proposed
The government’s plan for change would also explore binding contracts to stop parties from walking away after months of negotiations. In practice, this would aim to halve the number of failed transactions, preserving time and money for both buyers and sellers. While the idea is to stabilise transactions, the administration acknowledged it must balance flexibility with certainty to prevent unfair terminations.
Consultation will cover the entire UK, recognizing that the conveyancing landscape varies by nation. England and Wales currently have no mandatory pre-purchase survey, although many buyers opt for one. By contrast, Scotland requires a home report before a property can be marketed unless it is a new-build. The proposed reforms would need to respect these regional differences while seeking a more consistent baseline of information for buyers across the country.
Potential impacts and questions for policy
Officials have asked how a shift of costs to sellers might influence prices. Critics argue that higher seller or agent costs could be passed on to buyers through increased listing prices. The government has not yet set out concrete measures to guard against such price inflation, leaving questions about net benefits for buyers and the housing market as a whole.
Another crucial area under review is how binding agreements could be implemented across diverse legal systems within the UK. The consultation will examine whether such contracts would apply to all property types or be targeted at specific segments, and how enforcement would work if a party sought to back out of an agreement on short notice.
Context and political momentum
The initiative follows months of debate sparked by a stamp duty controversy and leadership changes within the housing department. The new housing secretary, Steve Reed, framed the reform effort as a straightforward path to helping “hardworking people” realise the dream of homeownership without the nightmare of prolonged negotiations and last-minute failures.
While the proposals aim to streamline the process, the government emphasises that consultation will be thorough, with input from stakeholders across England, Scotland, Wales and Northern Ireland. The outcome could shape how homebuying operates for years to come, influencing buyers, sellers, landlords, and real estate professionals.
As the consultation progresses, buyers waiting for clearer timelines and fewer surprises may find reassurance in the prospect that a faster, more transparent process is on the horizon. For now, the plan represents a bold attempt to modernise the UK’s homebuying framework while preserving fairness and accountability at every step.
