Major Shake-Up to the House-Buying System Could Save Buyers £700 and Cut a Month Off Moving Time

The government has unveiled plans for a major overhaul of the house-buying process — one that could save buyers hundreds, speed up transactions, and dramatically reduce the number of failed sales.

For years, England and Wales have lagged behind when it comes to property efficiency. Slow paperwork, collapsing chains, and “gazumping” have left buyers and sellers frustrated. Now, a 12-week consultation aims to fix it — drawing inspiration from the quicker, more transparent Scottish model.

What’s Changing?

More Information Up Front

Under the new proposals, sellers and estate agents would be legally required to provide key details about a property before it even goes on the market.

That means up-front information on:

• The condition of the home

• Leasehold costs (if applicable)

• Details of any property chain

The goal is simple — reduce the need for repeated surveys, unnecessary searches, and last-minute surprises that cause sales to fall apart.

Seller-Led Surveys

Instead of waiting for buyers to commission their own survey after an offer is accepted, sellers could be encouraged to get this done before marketing.

This would allow potential buyers to see all the important details right away — saving time, reducing duplication, and giving everyone greater confidence before proceeding.

As Housing Minister Miatta Fahnbulleh put it, “You know what you’re getting. Every time there’s a new buyer, you don’t need to start over.”

Binding Contracts

Perhaps the most controversial proposal is the introduction of binding contracts earlier in the process.

This could halve the number of failed transactions — currently costing the UK economy an estimated £1.5 billion a year — by stopping either party from walking away without serious cause.

While the details aren’t final, anyone who breaches such a contract could face fines. The intention is to give more security and stability, especially to first-time buyers.

4. New Code of Practice for Agents and Conveyancers

The government also wants to raise professional standards across the board. A new mandatory Code of Practice is being proposed, along with side-by-side performance data for agents and conveyancers.

The Financial Impact

The reforms are expected to:

• Save first-time buyers an average of £710

• Cut around four weeks off the time it takes to complete a typical deal

• Reduce failed sales by half

However, sellers (particularly those at the end of a chain) could face increased upfront costs of around £310 — mainly due to survey and documentation requirements.

That said, the government believes most people will still benefit overall, with a potential net saving of £400 once lower buying costs and smoother completions are factored in.

Lessons from the Past

It’s not the first time the government has tried this. The old Home Information Packs (HIPs) were introduced with similar intentions but quickly scrapped after complaints that they slowed down listings and increased costs.

The hope this time is that the approach will be simpler, digital-first, and better balanced between both parties.

What It Means for the Market

If these changes go ahead, it could make one of the most stressful parts of life — moving house — a lot smoother.

More transparency, fewer failed sales, and faster completions can only be a good thing. But as always, the details will matter.

As agents, we’ll be watching this one closely. The difference between a well-executed reform and a bureaucratic headache will come down to how these new rules are actually implemented.