-
14/7/25 8:13 pm
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
As landlords prepare to face ground-breaking changes to the private rental sector, the Government has announced a similar overhaul of the way homes are bought and sold.
Housing secretary Steve Reed (main image) has revealed that his ministry is to consult on reforms to both the way homes are bought and sold and how estate agents handle the process and are regulated.
Ministerial claims for the ‘shake up’ including that it will cut the time it takes to purchase a property by four weeks and reduce fall-throughs by 50%.
The Government also plans to bring in mandatory qualifications for agents, a mandatory industry Code of Practice and also ‘clear, side-by-side information on estate agents and conveyancers’ to help buyers choose who to instruct.
One of the biggest changes is to make ‘upfront information’ mandatory including the condition of the home, leasehold costs, and chains of people waiting to move.
This will help end the ‘nasty surprises’ which result in last-minute sales collapses.
Reed says this will help end the ‘nasty surprises’ which result in last-minute sales collapses.
Optional pre-sale contracts are also to be introduced to stop people walking away from agreements without a good reason.
This will help halve the number of failed transactions, so ‘precious time and money don’t go to waste, as well as avoid heartbreak and stress for hard-working people looking for the perfect home’, says the Ministry of Housing, Communities and Local Government.
Reed says: “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.”
A full roadmap to ‘fix the broken system’ will be set out in the new year including using Property Logbooks to improve the conveyancing system, greater transparency on estate agent abilities via a digital comparison system and also minimum qualifications within the industry to remove cowboy operators.
Paul Whitehead CEO at Zoopla
“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.," he says.
"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.
"At Zoopla, we are committed to working closely with industry and government, and to investing our resources, to help build a modern property ecosystem that is faster, more transparent, and trusted by all.”
Henry Jordan, Nationwide’s Group Director of Mortgages
“Buying a home is often complex and stressful, which is why the homebuying process needs to be simplified and streamlined for the benefit of consumers, brokers and lenders. But to tackle this issue effectively, we must collaborate," he says.
"That is why we look forward to working closely with government and the wider industry to modernise the homebuying process, so that buyers are given certainty earlier and to help reduce any unnecessary costs. The measures being consulted on, along with digitalisation and technology, are a major part of how we will get there.”
Tags:
Comments