Government Unveils House-Buying ‘Shake-up’

The government has announced new measures to change the process of buying and selling homes.

Under the new proposals, sellers and estate agents would be legally required to provide key details about a property upfront. This would include the property’s condition, leasehold costs and its position in a chain.

Legally binding contracts are also planned to stop either side from pulling out late in the deal.

Ministers have said that first-time buyers could save around £710 under the new plans, and that the time to complete a sale could fall by up to four weeks. The reforms will also help to cut the number of failed property transactions, which cost the economy around £1.5 billion a year.

How have the plans been received by industry experts?

Speaking about the new proposals, housing secretary Steve Reed said: “Buying should be a dream, not a nightmare. Our reforms will fix the broken system.”

Miatta Fahnbulleh, under-secretary of state at the Ministry of Housing, told the BBC that the aim is to give buyers information upfront, reducing the need for repeated surveys. She also pointed to Scotland, where similar measures have lowered the number of failed transactions.

The proposed changes have also drawn support from key voices in the industry. Property expert Kirstie Allsopp said she was “really glad the government has grasped this nettle”, while Rightmove’s chief executive Johan Svanstrom described the reforms as a chance to modernise a “fragmented system”.

There are concerns, however, that the new plans could have the same effect as previous legislation that complicated home-buying. Conservative shadow housing minister Paul Holmes said the proposals risk “reinventing the last Labour government’s failed Home Information packs – which reduced the number of homes put on sale, and duplicated costs”.

What do the new plans mean for buyers and sellers?

If introduced, the government’s planned reforms could bring greater transparency and confidence to the housing market, especially for first-time buyers.

Requiring sellers to provide detailed information upfront may help to reduce unexpected costs and late withdrawals, while binding contracts are likely to provide more certainty.

The government has said a full roadmap will be published in the new year. Until then, questions remain about how the system would work in practice and how potential risks will be managed.

We know the housing market can be unpredictable at the best of times, but an experienced conveyancing solicitor can help you get the most out of your sale or purchase. We can help you find the right conveyancing expert.