Estate agents look set to face significant new obligations under government proposals designed to speed up property transactions and reduce the number of sales that collapse before completion.

The reforms would require agents and sellers to provide key information about a property at the point of listing through mandatory sales packs. These packs would include details such as the property’s condition, leasehold charges and chain status, with the aim of giving buyers greater certainty earlier in the transaction process and allowing conveyancing work to begin sooner.

Alongside the disclosure requirements, the government has proposed a new Code of Practice for estate agents and is considering the introduction of mandatory professional qualifications across the sector. The measures are intended to raise standards, improve consumer confidence and support more efficient transactions.

The proposals also include the introduction of earlier binding agreements between buyers and sellers in an effort to reduce the number of transactions that fall through after months of negotiation.

The government estimates that the changes could reduce average transaction times by around four weeks. Currently, a typical home purchase takes around 120 days to complete, while approximately one in three agreed sales fails to reach completion.

For estate agents, the reforms would represent one of the most significant changes to the homebuying process in recent years, potentially requiring new processes for gathering property information, managing compliance and preparing vendors before a property is brought to market.

Prime minister Sir Keir Starmer said: “Getting the keys to a home you can call your own is one of the biggest events in anyone’s life. But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach.

“We’re turning the page. Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.

“This is about building a stronger, fairer Britain, one that works for the next generation and makes the dream of home ownership a reality for many more hard-working people.”

Housing secretary, Steve Reed, commented: “Buying or selling a home should be one of life’s great moments and not a drawn-out nightmare of delays, hidden costs, and failed deals.

“These changes will make the system faster, fairer, and more secure – giving families and first-time buyers the certainty they need all while saving them time and money.”

The chancellor Rachel Reeves added: “Delays, hidden costs, and deals collapsing at the last minute are not only bad for homebuyers, it’s bad for the economy too.

“Our reforms will cut those delays, cut costs and make the process quicker and more reliable – getting more people on the housing ladder while keeping more money in their pockets.

“We have the right economic plan – getting the housing market moving, building thousands more good-quality homes in every region, and transforming rights for renters.”

The government has outlined a phased timetable for the reforms:

Later this year, ministers plan to introduce a new Code of Practice setting minimum standards for estate agents, alongside guidance aimed at improving the quality and consistency of information included in property listings.

From 2027, the government intends to consult on mandatory qualifications for estate agents and expand the use of digital tools designed to support the homebuying process.

By the end of the current Parliament in 2029, legislation is expected to be introduced requiring the use of sales packs, earlier binding agreements between buyers and sellers, and digital systems that enable the secure sharing of property information throughout the transaction process.