The government has signalled a major reform of the homebuying system, saying the proposals could reduce costs for buyers and shorten the process. Planned changes include requiring sellers and estate agents to provide more information when a property is listed, reducing the need for buyers to carry out searches and surveys. Contracts could be binding earlier to reduce the risk of a property chain collapsing. The package would also introduce clearer information about estate agents and conveyancers, including their track record and expertise, alongside new mandatory qualifications and a code of practice to raise standards.

Housing Secretary Steve Reed said the proposals, which are the subject of a consultation, would help make “a simple dream a simple reality”. The government will publish a full road map in the new year after completing the consultation. Mr Reed said buying a home should be a dream, not a nightmare, and the reforms aim to fix the system so hardworking people can move on to the next chapter. It is estimated the reforms could shave about a month off the time to buy a home and save first-time buyers on average around £710. People selling a home could face upfront costs of around £310 due to the inclusion of assessments and surveys. Those in the middle of a chain could see a net saving of about £400 as higher selling costs are outweighed by lower buying expenses.

Wider use of online processes, including digital identity checks, could help speed transactions, with the government pointing to Finland’s digital real estate system, which can complete in around two weeks. The consultation also draws on other jurisdictions, including Scotland, where more upfront information and earlier binding contracts are used. The plan has been welcomed by property websites and lenders. Rightmove’s Johan Svanström said the home-moving process involves many fragmented parts and that speed, connected data and stakeholder simplicity should be key goals, with the company looking forward to working with the government on improvements. Zoopla’s Paul Whitehead said the British homebuying process remains long, complex and uncertain, with comparatively less digital innovation than in other sectors. Santander’s head of homes David Morris noted that technology has changed many processes, yet buying a home remains largely the same. Nationwide’s Henry Jordan said the process should be simplified and modernised to give buyers certainty earlier and help reduce costs, adding that collaboration between government, brokers and lenders is essential. The Conservative shadow housing minister Paul Holmes warned that while digitisation and speed are welcome, the plans could risk reviving Labour-era Home Information Packs, which reduced listings and increased costs.