UK Government Consultation Proposes Homebuying Overhaul

The UK Government's housing division has launched a consultation to overhaul the buying experience, with the consultation set to close at the end of 2025.

The government will investigate new proposals to transform the homebuying and selling process in collaboration with the industry. The Ministry of Housing's proposals say a successful consultation would result in average savings of £710 in "the biggest shakeup to the homebuying system in this country’s history."

The government found that the average time from instruction to completion is over five months, while reforms could speed up transactions by around four weeks.

The consultation suggests wider reforms will remove barriers to homeownership. Sellers and estate agents would be required under the plans to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move. Binding contracts could also be introduced to stop people walking away from agreements.

Literature shared on the gov.uk website said:

It takes an average of 120 days to complete once the buyer’s offer has been accepted, and transaction times have increased by 60% since to 2007. Around 1 in 3 transactions fail, costing buyers and sellers around £400m per year in wasted costs. Older people often face particular challenges when looking to move or downsize with lengthy and uncertain processes deterring them from selling homes that no longer meet their needs. These inefficiencies have consequences for the housing market and broader economy.

Subject to the outcome of this consultation, we will publish a roadmap setting out how government will transform home buying and selling over the course of this parliament. We want to ensure future reforms are practical, enforceable and built to last, and to make sure that both consumers and professionals are confident that the system will change in a meaningful and sustainable way.

Housing Secretary, Steve Reed, said:

"Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives. Through our Plan for Change we are putting more money back into working people’s pockets and making a simple dream a simple reality."

Several high-profile industry figures commented on the consultation, including Rightmove's Johan Svanstrom, and Zoopla's Paul Whitehead.

Svanstrom said:

"We welcome the announcement today aiming to drive forward that much needed change and modernisation. The development of technology means transformation is possible, with the right collaboration and considerate planning.

"The home-moving process involves many fragmented parts, and there’s simply too much uncertainty and costs along the way. Speed, connected data and stakeholder simplicity should be key goals. We believe it’s important to listen to agents as the experts for what practical changes will be most effective, and we look forward to working with the government on this effort to improve the buying and selling process."

Whitehead said:

"The homebuying process in the UK remains far too long, too complex, too uncertain and has seen far less digital innovation than many other sectors.

"Consumers are clear in their desire for greater transparency and confidence when making life’s biggest purchase and improving the visibility of trusted information earlier in the buying process is a key part of speeding up the journey.

"The property industry recognises the benefits that greater certainty and digital transformation could bring. Introducing legally binding contracts alongside better use of digital solutions has the potential to unlock significant demand and reduce failed transactions."

The full list of proposed mandatory upfront information includes: tenure, council tax band, EPC rating, property type, legal and transactional information such as title information and seller ID verification, leasehold terms, building safety data, standard searches, property condition assessments tailored to property age and type, service charges, planning consents, flood risk data, chain status, and clear floor plans.