UK government introduces faster, fairer homebuying with major overhaul

Source: Gov.UK

Buying and selling a home is set to become faster, cheaper, and less stressful under major reforms unveiled today to cut delays, reduce and digitalise paperwork, and stop sales collapsing.

At a time when families are feeling the squeeze, new changes will cut homebuying times by around four weeks, save first-time buyers an average of £650, and stop the nasty surprises that cost time, money, and heartbreak. This will ensure the chance to own a home isn’t determined by who can afford to take the biggest risk.

Sellers and estate agents will have to provide key information upfront in ‘sales packs’ at the point of listing. This will set out a home’s condition, leasehold costs, and chain status so buyers can make informed decisions, and property professionals can get to work sooner – while creating a fairer, more transparent process for everyone involved.

Changes will also see new earlier binding agreements to stop parties walking away months into negotiations without a legitimate reason. This will help to give young people confidence in the system and better plan for their next steps, not put them on hold.

In addition, a new Code of Practice will raise standards for estate agents, alongside proposals for mandatory qualifications for the sector which could ensure agents are properly equipped to support efficient transactions and rebuild trust in the sector.

With the average home purchase taking around 120 days, one in three sales falling through costing sellers around £400 million per year, and failed transactions costing the economy up to £1.5 billion every year – these reforms will fix a broken system.

Prime Minister Keir Starmer, said: “Getting the keys to a home you can call your own is one of the biggest events in anyone’s life. But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach.

“We’re turning the page. Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.

“This is about building a stronger, fairer Britain, one that works for the next generation and makes the dream of home ownership a reality for many more hard-working people.”

Angela Hesketh, head of government and public affairs at Pexa, said: “The government’s response signals a clear shift towards reform, stronger industry collaboration and the digital infrastructure needed to get Britain’s property market moving, and bring about greater certainty in the process.

“Improving upfront information and data interoperability is a welcome and necessary first step. But if we are to unlock the full economic and societal benefits of an enhanced home buying experience, we need this to go much further. At present, a critical gap remains: the point of completion.

“The final stages of a transaction – coordinating completion and transfer of title – remain complex, fragmented, prone to delay and increasingly sophisticated fraud. This exposes every stakeholder in the chain. Buyers are vulnerable because they don’t legally own their property until the title is registered, conveyancers are left to handle requisitions and post completion queries with already limited capacity, and lenders are left without secured collateral.”

Maria Harris, founder and chair of the Open Property Data Association, said: “Every customer and every professional in the property and mortgage industry will be mandated to provide digitised data, in real time, using common standards, and underpinned by an accredited trust framework and digital tools.

“This is genuine transformation that will improve the process for millions of people and give consumers the confidence that comes from being in control and at the heart of their homebuying journey.”

Countries like the Netherlands, Norway, and Finland have already shown that reforms like these deliver real benefits for buyers, sellers and the industry alike.

The Netherlands uses a live tracking system for buyers and sellers to check their transaction status helping to achieve a final completion time of 20 days on average, whilst Norway’s efforts to streamline and digitalise the system has estimated savings of up to £1.4bn over 10 years.

This package will inject fresh momentum into the housing market and help people keep more money in their pockets by cutting the hidden costs and delays in buying a home to ease cost of living pressures and support a fairer housing market that works for ordinary families.

Open Banking Expo UK & Europe 2026 will feature the Smart Data Stage, spotlighting how data mobility and innovation are driving the next wave of industry change, taking place on 13–14 October at the Business Design Centre in London. Click here to find out more.