BREAKING NEWS: GOVERNMENT HOMEBUYING SHAKE-UP, INDUSTRY RESPONSE

THE HEADLINES

Families and first-time buyers set to save time, money, and stress under major changes to the homebuying process – supporting the next generation and those locked out by a slow and unfair system
New sales packs to ensure buyers have the information they need upfront, earlier binding agreements, and digital tools will halve the number of sales that fall through saving millions
Reforms will cut buying times by around four weeks, save first-time buyers an average of £650, and get the housing market moving more quickly

INDUSTRY RESPONSE

Phil Spencer, Property Expert & Move iQ Founder said:

For as long as I’ve worked in property, one of the biggest frustrations I’ve heard from buyers and sellers is that the process simply doesn’t work as well as it should. It can be slow, stressful and uncertain, with too many transactions falling through after months of time, effort and expense.

I welcome these proposals – they address many of the issues consumers have been grappling with for years, from a lack of upfront information to unnecessary delays and last-minute surprises. Giving people a clearer picture from the outset and creating greater certainty throughout the transaction process can only be a positive step.

These have the potential to make moving home a far better experience for everyone involved. Having spent decades at the heart of the housing market, I’ve seen first-hand the emotional and financial toll that a failed transaction can take. Anything that helps buyers and sellers move with greater confidence and fewer obstacles is to be applauded.

I look forward to seeing these changes brought forward and the difference they could make to the way we buy and sell homes.

Paul Whitehead, CEO, Zoopla said:

Zoopla sits at the heart of the UK property market and over 6 million homeowners are tracking the value of their most important asset and planning their next move. They deserve better than a home-buying process that takes months, falls through too often, and leaves everyone poorer for it.

These proposed reforms change that. Upfront sales packs, digital logbooks and binding contracts aren’t just technical reforms – they are the foundations of a market people can trust. Zoopla will continue to be an active partner to the Government and industry in building a faster more transparent system that makes moving simple.

Johan Svanstrom, CEO, Rightmove said:

This is an encouraging step towards a faster and more efficient property market, addressing some of the biggest frustrations that home-movers and industry participants face. By making more information available upfront, there is a clear opportunity to reduce fall-throughs and increase transparency. Our UK-wide data shows that it takes a lengthy 170 days on average to complete a transaction and that over one in five transactions initially falls through. Last year, fall-throughs alone meant that approximately £900 million in potential stamp duty receipts and estate agency commission in England was lost, and consumers lose both precious time, certainty and money when needing to repeat transaction processes. The implementation and phasing of these initiatives will be key to ensure consistency and adoption. It needs to be helpful to the vital role estate agents play in the marketplace, and to avoid any unintended consequences.

Increased mobility, transparency and certainty is key to overall economic growth. We strongly believe that further digitisation and improvements to the home-moving process can help to speed it up and reduce friction. It will require cross-industry collaboration and innovation to achieve the aims set out today.

Andrew Asaam, Homes Director at Lloyds Banking Group said: 

Buying or selling a home is one of the biggest financial moments in people’s lives.

There is a clear opportunity to simplify the process and provide greater certainty in what can be a slow and complex journey, where transactions sometimes fall through for reasons beyond people’s control. Alongside these welcome steps towards reforming the home buying and selling journey, we’ve launched the first digital homebuying pilot with Connells and LMS that could be a real game changer, cutting the back and forth to make it faster and less stressful, so people can move forward with confidence at every step.

Chris Rosindale, Chief Operating Officer at Connells Group said: 

We welcome the Government’s commitment to modernising the homebuying process. Making key property information available earlier and embracing digital solutions will help reduce delays, increase certainty and create a better experience for buyers and sellers. We believe in reform that makes the system faster, more transparent and more reliable, and are excited to play our part in this transformation of the homebuying process.

Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association said:

This is a significant step towards fixing the home buying process that is too often slow, uncertain and stressful. Better upfront information and smarter use of data and technology will help reduce failed transactions and give people greater confidence when moving home.

These changes will be particularly important for first-time buyers, helping them navigate the complex process with greater certainty and confidence. We look forward to working with government and industry to deliver these reforms.

Mark Evans, Vice President, Law Society of England and Wales said:

It is in the interests of everyone that the home buying and selling process is improved. The government’s roadmap is rightly ambitious because to make long-lasting improvements the system needs to be reformed as a whole.  

The reforms proposed are a positive step towards creating a more efficient system with better informed consumers, and estate agents expected to meet good standards.  

How the different proposals are implemented will be key to the success of the reforms. Solicitors play a key role in home buying and selling and are ideally placed to assess how the proposals will work in practice. We welcome the opportunity to work with the government on how these proposals can be effectively adopted.

Sheila Kumar, CEO, Council of Licensed Conveyancers said:

The Council for Licensed Conveyancers strongly supports these reforms because they will deliver better outcomes for consumers and professionals alike. The CLC has a long history of championing innovation and modernisation in the legal services market, particularly where it improves the consumer experience, and we stand ready to play our part, working with Licensed Conveyancers to deliver these changes.

It is now vital that all parts of the home buying and selling market – from estate agents and lenders to conveyancers, surveyors, managing agents and removal companies – work together to implement these reforms swiftly and effectively in the public interest.

Most importantly, digitalised upfront information that can be shared with trust – especially when combined with reservation agreements – will greatly improve confidence in transactions and allow buyer and seller to agree a date for completion much earlier in the process than at present.

This “speed to confidence” is the great prize of the industry’s efforts over many years, and we are delighted that the government has recognised its importance through this roadmap. It has the potential to make home buying and selling simpler, faster and more certain, while helping to remove a major barrier to the efficient use of the nation’s housing stock.

Nathan Emerson, CEO at Propertymark, said:

Propertymark is pleased to see the UK Government come forward with a phased roadmap to reform the home buying and selling process. For too long the process has been inefficient, costly and time-consuming. Propertymark data demonstrates that transaction times continue to trend upwards, prompting a sector wide appetite and ambition for much needed reform. 

A clear focus on professional standards, digitised and trusted information as well as the appropriate use of binding contracts will help to modernise and speed up home moves. A lack of upfront and timely information is regularly cited as being a major reason for transactional delays and a root cause of costly fall throughs. A phased implementation will ensure the sector has the capability and capacity to support the changes in a managed and staged way.

Justin Young, CEO at RICS said:

Buying a home should be a straightforward and well‑informed process, yet too often it becomes uncertain and stressful. RICS welcomes the government’s focus on improving how homes are bought and sold, particularly steps to give people clearer information earlier and reduce transactions breaking down part way through. Getting the right information upfront, including a reliable condition report from properly qualified and regulated surveyors, will be essential. 

RICS has long worked in support of high standards in property agency. We look forward to working closely with government and industry partners to put consistent standards in place and make sure that the professionals delivering these services have the right skills and levels of accountability. 

We also need to make sure the sector has the capacity and skills to deliver these changes, including supporting smaller firms to play their part. Done well, these reforms can build trust, improve transparency and make the process work better for buyers and sellers. RICS stands ready to work closely with government and industry to drive meaningful, lasting improvements for homebuyers and sellers.

Kate Faulkner OBE, Chair at the Home Buying and Selling Council said:

Changing the way we buy and sell a home requires commitment and collaboration across government, industry, the media and consumers. The good news is that much of the groundwork has already been done, with the foundations in place to support the improvements announced by the Government today. 

What matters now is that the roadmap is not just another set of ambitions, but a practical plan that works for industry and consumers alike. Developed through consultation and delivered in phases, it gives everyone involved the opportunity to implement change in a way that is realistic, affordable and sustainable. 

With this roadmap, we can work more closely together to deliver greater transparency, increased certainty and reduced risk throughout the home moving process, helping consumers and home moving services benefit from a system that is clearer, faster and more reliable.

Maria Harris, Chair at the Open Property Data Association (OPDA) said:

We wholeheartedly support these commitments and the strategic roadmap that will improve the homebuying process for everyone. Putting consumers at the heart, and in control, of their property data and experience reflects the growing public support for safe and secure digital solutions.  

The depth and scope of the reforms sets clear direction and next steps for the industry, giving the certainty and confidence that firms need to embrace a digitised future. Delivering these much-needed changes will not only fix the current broken process, they will transform the property industry and enable us to realise significant consumer and economic benefits.  

We look forward to continuing our collaboration with government and industry stakeholders on the design and implementation of the  standards that will underpin a modern, data-driven and more sustainable home buying and selling market.

Simon Brown, CEO at Landmark Information Group said: 

Today’s announcement marks an important step towards modernising the home buying and selling process. For years, transactions have been slowed by fragmented information, inconsistent standards and a lack of transparency, often leaving consumers facing costly, unnecessary delays and uncertainty. 

We welcome the Government’s focus on upfront information, digital property packs and Smart Data. These are essential foundations for a faster, fairer and more trusted property market and will enable the sector to unlock the real opportunity that lies in making trusted property information available earlier in the process and enabling it to be shared securely across the transaction chain. 

Looking ahead, success will depend on continued collaboration between the Government and industry to ensure trusted information can be shared consistently, securely and at scale. If we get that right, these reforms have the potential to improve the experience of moving home while unlocking significant economic benefits across the wider property market.

Stuart Haire, Chief Executive, Skipton Group, said: 

This is a welcome step for buyers and sellers, and an important move towards a more modern and reliable housing market.  

As a Group that helps people both buy and finance their homes, we see every day how delays, rising costs and failed transactions affect people trying to move forward with their lives. Better upfront information, earlier certainty and smarter use of data should help cut delays, reduce wasted costs and give buyers and sellers a smoother route to completion. 

For first-time buyers in particular, cutting weeks off the process and saving money will make a real difference to getting onto the housing ladder.

Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association said: 

This is a significant step towards fixing the home buying process that is too often slow, uncertain and stressful. Better upfront information and smarter use of data and technology will help reduce failed transactions and give people greater confidence when moving home. 

These changes will be particularly important for first-time buyers, helping them navigate the complex process with greater certainty and confidence.  We look forward to working with government and industry to deliver these reforms.

Paula Higgins, CEO of 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. These reforms have the potential to bring the process into the 21st century. 

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.

Neil Jefferson CEO at the Home Builders Federation said:

Moves to make the home buying and selling process more efficient such that it is quicker, more reliable and cheaper for home buyers and sellers alike are welcome. We will continue to work with Government to reform the current system that is unnecessarily bureaucratic and stressful for what should be the most exciting purchase of a person’s life.

Kindly shared by UK Government Image courtesy of Adobe