The UK government has announced a sweeping reform of the homebuying and selling system, designed to save families hundreds of pounds, speed up transactions, and reduce failed sales.
The proposals, launched by the Ministry of Housing, Communities and Local Government and Housing Secretary Steve Reed OBE MP, aim to cut up to four weeks from the average buying process and save first-time buyers around £710.
Under the plans, sellers and estate agents will be legally required to provide key information upfront, including property condition, leasehold terms, flood risk, council tax band, and chain status. This increased transparency is intended to prevent last-minute collapses and build buyer confidence.
The government is also consulting on introducing binding contracts, which would stop buyers or sellers from walking away late in the process and could halve the number of failed transactions, currently costing the UK economy £1.5 billion annually.
To drive professional standards, the proposals include a new mandatory Code of Practice and qualifications for estate, letting, and managing agents, alongside plans to publish performance data on conveyancers and estate agents.
Technology will play a key role, with digital property logbooks, ID verification, and standardised data sharing to make transactions faster and more secure.
The initiative forms part of the government’s wider pledge to build 1.5 million new homes and modernise the housing market as part of its “Plan for Change.”
Industry leaders have welcomed the move. Rightmove and Zoopla praised the push for digital innovation and transparency, while Santander and Nationwide highlighted the need for collaboration to modernise a system they say has “barely changed in generations.”
A full roadmap outlining how the reforms will be implemented is expected to be published in early 2026.
Source: UK Government Press Release, Ministry of Housing, Communities and Local Government – 5 October 2025.
