The government has announced one of the biggest overhauls of the home buying process in years, with reforms designed to stop sales falling through, cut the typical purchase time by around four weeks, and save first-time buyers an average of £640.
The problems being tackled will be familiar to anyone who has moved recently. The average purchase now takes around 120 days, and roughly one in three sales collapse before completion. That costs sellers an estimated £400 million a year, and the wider economy up to £1.5 billion.
So what is changing? Sellers will provide upfront sales packs at the point of listing, setting out a property’s condition, leasehold costs and chain status from the start. Binding agreements will come in earlier to stop either party walking away without good reason. There will be a new Code of Practice for estate agents alongside mandatory qualifications. And the whole process will move towards digital, with shared property logbooks, electronic signatures and conveyancing assisted by AI.
The changes will be phased in. A Code of Practice is expected later this year, consultation on qualifications and digital tools follows from 2027, and comprehensive legislation is planned by the end of this parliament in 2029.
Our view at Drivers & Norris
We welcome this. Having guided London property decisions for more than 170 years, we think the direction of travel is right, and much of it reflects how we already work.
Take binding agreements. We already offer reservation agreements through our partner Gazeal, which let buyer and seller commit to the agreed terms at an early stage while the legal process continues. With financial protection in place if either party withdraws without a valid reason, it does exactly what the government’s reforms are reaching for, and it is available to our clients today.
The same is true of the push for faster, smoother transactions. We work with trusted conveyancers through our network with The Guild of Property Professionals, staying close to the legal side of every sale so issues are caught early and deals keep moving.
A note of realism, though. These tools are only ever as good as the people using them, and in London especially, where chains are long and leasehold is common, local knowledge still makes the difference. We see these reforms as a way to do our job better, not a replacement for it.
If you are thinking of buying or selling and want to understand what these changes could mean for you, we are always happy to talk it through.
Source: Estate Agent Today
— Drivers & Norris