On October 6, 2025, the UK government unveiled sweeping proposals to overhaul the homebuying and selling process, aiming to make it faster, cheaper, and less stressful for millions of Britons. The initiative—announced in a series of statements and consultations—targets the longstanding issues that have plagued the property market for decades, including protracted transaction timelines, high costs, and a staggering rate of failed deals.
Currently, buying or selling a home in the UK is a drawn-out affair. According to government estimates, the average sale takes over five months to complete, and nearly one in three deals collapse before reaching the finish line. These failures cost buyers and sellers a combined £400 million each year in wasted expenses, a figure that has drawn sharp criticism from consumer advocates and industry experts alike. The Royal Institution of Chartered Surveyors, as reported by Economic Times, welcomed the proposed reforms, noting that the current system is “often too costly and slow.”
So, what exactly is changing? At the heart of the government’s plan is a push for greater transparency and upfront information. Under the new proposals, home sellers and estate agents will be required to provide detailed information about a property before it even hits the market. This includes its physical condition, planning permission consents, flood risk data, leasehold costs, and details about any chains of people involved in moving. According to a government statement cited by Bloomberg, this move is designed to put an end to “nasty surprises” that often derail transactions at the eleventh hour.
The reforms are expected to shave about four weeks off the average sale time—no small feat in a process that typically stretches over five months. For first-time buyers, the savings could be substantial: government estimates suggest they will save around £710 per transaction, while home movers could pocket an extra £400. Sellers, however, may see their upfront costs rise by about £310, but the government argues this will be offset by a higher likelihood of successful sales, given that the average failed transaction currently costs sellers around £800.
Another cornerstone of the plan is the potential introduction of binding contracts for buyers and sellers. Right now, either party can withdraw from a deal at any point between an offer being accepted and the exchange of contracts, often with little warning. Under the new system, optional contracts could make sales binding much earlier in the process. If one party chooses to pull out after an agreement is reached, they could face financial penalties—such as forfeiting a deposit. This, the government hopes, will halve the number of failed transactions and bring much-needed certainty to buyers and sellers alike.
To further streamline the process, digital property packs or logbooks are set to become the norm. These digital records will store current and historical information about each property, enabling solicitors and estate agents to progress transactions more quickly and with greater confidence in the data provided. As the government notes, similar systems are already mandatory for new builds in countries like France. The move to digital documentation is expected to reduce the need for buyers to commission their own searches and surveys, saving both time and money—and sparing homeowners from the burden of managing stacks of paper records.
The government is also taking aim at estate agents, a sector it describes as “lightly regulated.” A new mandatory Code of Practice is on the table, which would set minimum standards for service and introduce qualification requirements for agents. This follows calls from consumer advocates, including MoneySavingExpert.com founder Martin Lewis, for better policing of the industry. Lewis, who appeared in a recent BBC Panorama investigation into estate agents, remarked, “The big problem that we have is consumers, even if they were to report it, they're scared that 'I might lose out on this one house that I really want, so maybe I shouldn't rock the boat.' Because the problem is there is no proper policing of this market going on.”
Of course, not everyone is convinced that the proposals will deliver the promised benefits. Mark Cunningham, a partner at tax and business advisory firm Blick Rothenberg, pointed out that the reforms bear a striking resemblance to the Home Information Packs (HIPs) introduced by the Labour government in 2007. Those packs, intended to reduce delays and uncertainty, ended up increasing upfront costs for sellers and were ultimately suspended in 2010. Cunningham warned, “While the intent behind the new proposals of reducing transaction times and overall costs is welcome, if they increase upfront costs, it will deter sellers just like HIPs.”
The government, for its part, is keen to avoid repeating past mistakes. In its consultation document, it acknowledges the challenges that plagued HIPs—including issues of trust, reliance, and outdated information—and insists that its new approach will draw on data from trusted sources, with clear standards and regular updates.
It’s also worth noting that the reforms may not apply uniformly across the UK. Scotland, for instance, has its own distinct legal framework for property transactions, and the government says that any future changes in England, Scotland, Wales, or Northern Ireland will depend on the outcomes of the ongoing consultation and subsequent legislation. The consultation is set to run until December 29, 2025, with a full roadmap for the reforms expected to be published in the new year.
Beyond the immediate changes to the buying and selling process, the government has set its sights on a broader goal: building 1.5 million new residential properties over the five-year term of the current parliament. This ambitious target underscores the urgency of addressing the housing crisis and making the market more accessible to first-time buyers and families alike.
The proposed reforms have already sparked vigorous debate among industry professionals, consumer advocates, and policymakers. While there’s broad agreement that the current system is in need of an overhaul, the devil—as always—will be in the details. Will the new measures deliver on their promise to cut costs, speed up transactions, and reduce stress for buyers and sellers? Or will they, as some fear, simply shift the burden from one group to another?
For now, the UK’s homebuyers and sellers will have to wait and see. With the consultation period open and a roadmap on the horizon, the property market could be on the cusp of its most significant transformation in years.
