Earlier binding decisions will prevent buyers withdrawing from transactions without legitimate reason.
Scott Clay, director at Together, said: “The government’s proposed reforms could be a game-changer for the home selling process. By bringing key property information to the forefront, embracing digital technology and creating greater commitment earlier in a transaction, the plans could deliver a faster, more transparent and more reliable property market for everyone involved.”
Transparency at a cost
Key information about the property must be provided upfront to allow buyers to make informed decisions.
Travis Scholes, commercial director at LMS, said: “The benefits of upfront, standardised property information are already clear, with real-world use cases showing how earlier access to trusted data can speed up transactions, reduce fall‑throughs and improve outcomes for buyers and sellers alike.”
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Rob Hoghton, founder and CEO of Reallymoving, said: “These changes will require all sellers to provide a survey in their sales pack – plus there will be some doubling up, as some homebuyers won’t trust what it says or will require a more detailed survey, so will commission their own on top.
“That’s a massive increase in surveying capacity, which will take vast time and resources for the industry to meet.”
David Smith, partner at Bishop & Sewell, said: “Slashing delays is a slightly optimistic turn of phrase given that the current average time to conveyance is 120 days, which is just over 17 weeks, and the government is proposing to remove four weeks from that, leaving 13 weeks.
“Some have noted that the reforms are similar to those introduced by the Housing Act 2004.
“They do not say what will be in these and the consultation admitted that they were dangerously similar to the failed policy of Home Information Packs, which was introduced by the Housing Act 2004 before promptly being scrapped.
“Unless these packs are structured in such a way that they can actually be relied on (which was a major failing with HiPs), they will be of no significant effect at all.”
Greater scrutiny of estate agents
Estate agents will be more regulated and held to qualification standards.
Jason Tebb, president of OnTheMarket, said: “The focus on upfront information, earlier certainty and higher professional standards tackles many of the root causes of delays and fall-throughs.”
Houghton added: “There’s a real danger that these changes could hand too much power to estate agents, allowing them to dominate distribution of upfront services such as conveyancing and surveys. Without safeguards, this will lead to inflated prices, preferred provider arrangements and opaque referral fees or kickbacks.
“The proposed Code of Practice for estate agents needs to address this explicitly and ensure there is complete upfront transparency, with homebuyers given information on all the options available to them when it comes to finding and appointing a surveyor or conveyancer.”
The modernisation of conveyancing
Beth Rudolf, director of delivery at The Conveyancing Association, said: “For too long, our profession has been expected to navigate transactions with incomplete information, leading to avoidable delays, frustration and fall-throughs. This reform gives us the opportunity to move from a reactive process to a proactive one.”
Smith commented: “Most buyers simply do not look at the detail of a property they like and leave it to their conveyancer. It will take a major change in behaviour for sales packs to make much difference or a change in the law.”
Digitalisation
Lesley Horton, the UK’s chief property ombudsman, said: “The wider focus on digitalisation, including the use of digital property information and measures designed to streamline transactions, has the potential to modernise a process that many consumers still find frustratingly complex.”
Ben Thompson, director of home moving strategy at the Mortgage Advice Bureau (MAB), commented on how data interoperability would favour data-forward businesses: “The reforms also accelerate the move towards a more digital home moving journey, favouring technology-led businesses that have invested in data, automation and workflow integration.”
Angela Hesketh, head of government and public affairs at Pexa, said: “Improving upfront information and data interoperability is a welcome and necessary first step. But if we are to unlock the full economic and societal benefits of an enhanced home buying experience, we need this to go much further. At present, a critical gap remains: the point of completion.
“The final stages of a transaction – coordinating completion and transfer of title – remain complex, fragmented, prone to delay and increasingly sophisticated fraud. This exposes every stakeholder in the chain.”
