The UK Government has announced a package of reforms aimed at modernising the homebuying process, reducing transaction delays and tackling the high number of property sales that fall through before completion.
The proposals form part of a wider programme to simplify the homebuying and selling process, with ministers seeking to improve transparency, reduce hidden costs and provide greater certainty for buyers and sellers. According to Government figures, around one in three property transactions currently fail to complete, costing buyers and sellers an estimated £400 million each year.
Announcing the reforms, Housing Secretary Steve Reed said:
“We are streamlining the cumbersome homebuying process so that it is fit for the twenty-first century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through.”
“These reforms will help improve transparency and provide greater certainty for buyers and sellers, supporting our wider ambition to deliver economic growth and get Britain building again.”
Among the proposed changes are requirements for sellers and estate agents to provide key property information upfront through standardised ‘sales packs’, including details on a property’s condition, leasehold costs and chain status. The Government is also exploring the introduction of earlier legally binding agreements between buyers and sellers, designed to reduce practices such as gazumping and last-minute withdrawals from transactions.
The reforms are expected to be supported by greater use of digital technologies, including digital identity verification, electronic signatures, digital property information and AI-assisted conveyancing processes.
Chancellor Rachel Reeves added that improving the efficiency of the housing market would not only benefit consumers but also support wider economic growth.
The news has been broadly welcomed across the property sector, with industry leaders highlighting the potential benefits of improved information sharing, digitalisation and greater certainty for consumers.
Responding to the announcement, Angela Hesketh, Head of Government and Public Affairs at PEXA, welcomed the Government’s focus on reform but warned that further action will be needed to deliver a truly digital property market.
Angela 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.
She added that ‘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’.
“If we are serious about delivering a truly end-to-end digital property market, fixing this ‘last mile’ must be the next priority.”
PEXA has long advocated for the digital transformation of property transactions, including the digitisation of completion and settlement processes, arguing that greater interoperability and end-to-end digital infrastructure are essential to improving certainty, reducing risk and enhancing the consumer experience.
The Government has indicated that the reforms will be introduced progressively throughout the current Parliament, with further consultation and legislative changes expected as the programme develops.
