The government has announced plans for a major overhaul of the home buying and selling system, aiming to make one of life’s most significant transactions faster, fairer, and more transparent. The proposals - currently under consultation - could see buyers and sellers benefit from reduced delays, lower costs, and a welcome rise in confidence across the market.
At the heart of the reforms is a drive for greater upfront information. Sellers and estate agents would be legally required to provide key details about a property - including its condition, leasehold terms, and any chain dependencies - at the point of listing. The government believes this will help buyers make better-informed decisions and reduce the risk of transactions falling through late in the process.
Estimates suggest that first-time buyers could save an average of £710, while the overall time to complete a typical sale could fall by around four weeks. The government is also considering the introduction of binding contracts, designed to halve the number of failed transactions - an issue that currently costs the UK economy an estimated £1.5 billion each year.
From an industry perspective, the proposals also mark a renewed push to raise professional standards. A new mandatory Code of Practice and a focus on mandatory qualifications for estate agents and conveyancers could bring long-awaited consistency and transparency to the sector - a goal that aligns closely with John D Wood & Co.’s commitment to trusted, professional service.
While the principles are welcomed, it’s clear that implementation will need to be carefully managed. The last attempt at mandating upfront information - the now-defunct Home Information Packs - faltered amid concerns that it slowed down listings. Striking the right balance between efficiency and accessibility will be key to success.
As consultations unfold, industry bodies such as Propertymark are urging the government to provide clear timelines and ensure meaningful input from practitioners who understand the day-to-day realities of the market.
At John D Wood & Co., we welcome these discussions and remain committed to helping clients navigate the evolving property landscape with confidence and clarity.
Whether you are considering selling, buying, or simply want to understand how potential reforms might affect your plans, our experts are here to guide you through every step of the process.
Author:
Polly Ogden Duffy
Managing Director
Contact: [email protected]
