.jpg "What the government’s housing roadmap means for buyers and sellers")
While the direction of travel is now clear, the changes will be phased with much detail still to be shaped by consultation. Here’s a snapshot of the key messages so far:
In June the government published its roadmap for reforming how homes are bought and sold in England and Wales, the most significant raft of changes in years.
The proposed shake-up includes changes which could effectively bring an end to gazumping and gazundering, as well as introducing upfront sales packs, greater digitalisation, and setting minimum standards for estate agents. It is intended to create a faster, more reliable and more transparent process, improving the experience of both sellers and buyers.
Why the government is acting
- Across the sector it reportedly takes around 120 days on average to complete once an offer is accepted. At Savills the period is shorter than this but it is roughly 60% longer than in 2007.
- Also across the sector around one in three transactions falls through, usually late in the process, leaving buyers and sellers with wasted expenditure and months of stress.
- Fall-throughs are estimated to cost the economy around £1.5 billion a year, according to research from Santander, in a sector that handles 1.2 million transactions and contributes £100 billion to the UK economy annually.
These challenges are attributed to missing or late upfront information, weak commitment until very late in the process, inconsistent agent standards, limited transparency, repeated processes and a lack of digitalisation.
What is changing?
Among the key changes, the reforms will mean:
- Upfront information via sales packs. By the end of this Parliament, the government will introduce legislation for a standardised, upfront sales pack, including searches and a property condition report, to be prepared before a property is listed. Unlike the Scottish system, at this stage it won't include a formal valuation for lending purposes.
- Binding conditional contracts. To reduce late fall-throughs, parties will be required to enter into binding commitments sooner, with fair exceptions such as a collapsed chain. This will only come into force once sales packs are embedded in the process.
- Professionalising property agents. A non-statutory code of practice setting minimum standards will be published in 2026, with a consultation on mandatory qualifications for estate and letting agents to be undertaken in 2027.
- Digital logbooks and sales packs. Secure digital records of property information are set to become a standard part of the sales process.
Whether it’s a city apartment or a house in the country, buying and selling a home can be stressful – and lengthy.
Good, experienced agents will help smooth the path – and greater certainty over offers, as well as more upfront information, will leave buyers and sellers with fewer unforeseen bumps in the road.
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)