Home Buying and Selling: Reform Roadmap

My noble Friend the Parliamentary Under-Secretary of State for Housing and Local Government (Baroness Taylor of Stevenage) has today made the following statement:

Buying or selling a home should be one of life’s most important milestones, yet for too many people the process is frustrating, uncertain and deeply stressful. For too long, people have had to navigate a system where they lack clear information and have little visibility of progress.

That is why I am delighted to announce that Government are reforming the broken home buying and selling system to reduce delays, cut costs and stop sales falling through. The fundamental changes we are introducing to fix this broken system will allow people to move into the right homes at the right time, put down roots in their communities, and relocate more easily for work. They will also save critical time and reduce the costs involved in what is already an emotional process for those buying or selling a home. These reforms will bring benefits not only for families, but also property professionals, the housing market, and the wider economy.

The Government have published a landmark road map setting out how we will transform the home buying and selling process over the course of this Parliament. Alongside this, we published our response to two key consultations—on home buying and selling reform, and on material information in property listings. Together, these publications mark a decisive shift from consultation to delivery, underpinned by strong and widespread support for reform from consumers and professionals across the sector.

The case for change is clear. The current home buying and selling process is slow, costly and uncertain. It takes around 120 days on average to complete once an offer has been accepted, and around one in three transactions fall through, costing buyers and sellers around £400 million each year in wasted costs. These failures create unnecessary stress for households, reduce confidence in the market and impose wider economic costs.

Our reforms will create a system that is more streamlined, less stressful and fit for the future. At a time when households are feeling the squeeze, new changes will cut home-buying times by around four weeks, save first-time buyers an average of £650, and stop the nasty surprises that cost time, money and heartbreak. Overall, first time buyers are set to save more than £200 million a year, and the reforms will support a housing market in which people can move with greater confidence and with less risk of late surprises and failed transactions. They will also support the Government’s wider agenda of unlocking housing supply, improving affordability and supporting the delivery of 1.5 million homes.

The road map sets out a phased programme of action to ensure that change is practical, enforceable and built to last. We will act now where we can, while preparing carefully for more complex changes that require legislation or further market development. This phased approach reflects what we heard through consultation and our continued engagement with industry, and will help ensure that consumers and professionals can have confidence that the system will change in a meaningful and sustainable way.