UK Plans Major Homebuying Reform to Speed Process by Four Weeks

The UK government, led by Housing Secretary Steve Reed, has unveiled plans to overhaul the homebuying system with the aim of making it faster, cheaper, and more transparent, potentially reducing the process by about four weeks. Key proposals include requiring sellers and estate agents to provide upfront information about the property's condition, leasehold costs, and chain status to reduce last-minute deal collapses, which are estimated to cost the economy £1.5 billion annually. These reforms could save first-time buyers an average of £710, although sellers might face additional costs of around £310 due to mandatory assessments and surveys. The government is also considering the introduction of binding contracts earlier in the process to minimize the risk of chains collapsing and plans to introduce mandatory qualifications and codes of practice for estate agents and conveyancers. Industry experts like Rightmove's CEO and presenter Kirstie Allsopp have welcomed the intent but caution that cooperation from all parties involved, including mortgage firms and insurers, is essential for success. While the reforms aim to boost market efficiency and consumer confidence, concerns remain about potential cost transfers to buyers through higher prices and the practicalities of implementing binding contracts.