Property professionals have begun responding to the government’s proposed overhaul of the homebuying process, which would require sellers and estate agents to provide more information upfront, introduce earlier binding agreements and pave the way for mandatory qualifications across the sector.

The reforms, announced last night, are designed to reduce transaction times, cut the number of sales that fall through and improve transparency for buyers. The government estimates the changes could shorten the average homebuying process by four weeks and help tackle a system in which around one in three agreed sales fails to complete.

EYE NEWSFLASH: Estate agents face mandatory qualifications under major homebuying shake-up – Property Industry Eye

Industry reaction: 

Ben Robinson, managing director, Landmark Estate Agency Services: “For estate agents, these reforms represent a significant change, but also a real opportunity. The key shift is moving from getting a property on the market quickly to getting it on the market properly. Better-prepared listings and greater transparency from the outset should help buyers make more informed decisions earlier, improve transaction speed and certainty, and support more completed moves. That benefits home movers, agents and the wider market.

“While some may see these changes as an additional burden, the right tools, data and support can make the change simple and seamless. For agents, this is an opportunity to take control, spend less time chasing, worrying and firefighting and more time focused on what drives value – winning instructions, advising clients, progressing serious buyers and growing revenue.

“Whilst the suggested direction in this announcement is welcome, the implementation of these reforms will be key. It is essential that the changes are made with the industry, not done to the industry.”

Paula Higgins, CEO of HomeOwners Alliance: “Buying and selling a home remains one of life’s most stressful experiences, despite being the biggest financial transaction most people will ever make. These reforms have the potential to bring the process into the 21st century, but consumers have waited long enough for meaningful change.

“Providing more information upfront, raising standards and embracing digital solutions should reduce delays, fall-throughs, unnecessary costs and frustration. HomeOwners Alliance welcomes the government’s ambition, but ministers must now turn that ambition into action. We look forward to seeing a clear and detailed timetable for implementation, with firm milestones to ensure buyers and sellers feel the benefits as quickly as possible.”

Sheila Kumar, CEO, Council of Licensed Conveyancers said: “The Council for Licensed Conveyancers strongly supports these reforms because they will deliver better outcomes for consumers and professionals alike. The CLC has a long history of championing innovation and modernisation in the legal services market, particularly where it improves the consumer experience, and we stand ready to play our part, working with Licensed Conveyancers to deliver these changes.

“It is now vital that all parts of the home buying and selling market – from estate agents and lenders to conveyancers, surveyors, managing agents and removal companies – work together to implement these reforms swiftly and effectively in the public interest.

“Most importantly, digitalised upfront information that can be shared with trust – especially when combined with reservation agreements – will greatly improve confidence in transactions and allow buyer and seller to agree a date for completion much earlier in the process than at present.

“This “speed to confidence” is the great prize of the industry’s efforts over many years, and we are delighted that the government has recognised its importance through this roadmap. It has the potential to make home buying and selling simpler, faster and more certain, while helping to remove a major barrier to the efficient use of the nation’s housing stock.”

Phil Spencer, TV property presenter and Move iQ founder: “For as long as I’ve worked in property, one of the biggest frustrations I’ve heard from buyers and sellers is that the process simply doesn’t work as well as it should. It can be slow, stressful and uncertain, with too many transactions falling through after months of time, effort and expense.

“I welcome these proposals – they address many of the issues consumers have been grappling with for years, from a lack of upfront information to unnecessary delays and last-minute surprises. Giving people a clearer picture from the outset and creating greater certainty throughout the transaction process can only be a positive step.

“These have the potential to make moving home a far better experience for everyone involved. Having spent decades at the heart of the housing market, I’ve seen first-hand the emotional and financial toll that a failed transaction can take. Anything that helps buyers and sellers move with greater confidence and fewer obstacles is to be applauded.

“I look forward to seeing these changes brought forward and the difference they could make to the way we buy and sell homes.”

Stuart Haire, chief executive of Skipton Group: “This is a welcome step for buyers and sellers, and an important move towards a more modern and reliable housing market.

“As a Group that helps people both buy and finance their homes, we see every day how delays, rising costs and failed transactions affect people trying to move forward with their lives. Better upfront information, earlier certainty and smarter use of data should help cut delays, reduce wasted costs, and give buyers and sellers a smoother route to completion.

“For first-time buyers in particular, cutting weeks off the process and saving money will make a real difference to getting onto the housing ladder.”

Paul Whitehead, CEO, Zoopla: “Zoopla sits at the heart of the UK property market and over 6 million homeowners are tracking the value of their most important asset and planning their next move. They deserve better than a home-buying process that takes months, falls through too often, and leaves everyone poorer for it.

These proposed reforms change that. Upfront sales packs, digital logbooks and binding contracts aren’t just technical reforms – they are the foundations of a market people can trust. Zoopla will continue to be an active partner to the Government and industry in building a faster more transparent system that makes moving simple.”

Johan Svanstrom, CEO, Rightmove:  “This is an encouraging step towards a faster and more efficient property market, addressing some of the biggest frustrations that home-movers and industry participants face. By making more information available upfront, there is a clear opportunity to reduce fall-throughs and increase transparency. Our UK-wide data shows that it takes a lengthy 170 days on average to complete a transaction and that over one in five transactions initially falls through.

“Last year, fall-throughs alone meant that approximately £900 million in potential stamp duty receipts and estate agency commission in England was lost, and consumers lose both precious time, certainty and money when needing to repeat transaction processes. The implementation and phasing of these initiatives will be key to ensure consistency and adoption. It needs to be helpful to the vital role estate agents play in the marketplace, and to avoid any unintended consequences.

“Increased mobility, transparency and certainty is key to overall economic growth. We strongly believe that further digitisation and improvements to the home-moving process can help to speed it up and reduce friction. It will require cross-industry collaboration and innovation to achieve the aims set out today.”

Henry Jordan, Nationwide’s group director of Mortgages: “Buying a home can often be a slow, complex and stressful process, so we welcome the government’s proposals. They are a major milestone in the efforts to simplify and streamline the homebuying process.

“Speeding up homebuying isn’t just about convenience – it’s about helping more people complete their purchases with less frustration and fewer surprises along the way. Giving buyers key information upfront, at the point a property is listed, has the potential to transform the process – reducing unnecessary delays and giving people greater confidence to move quickly.

“We look forward to working with government and the wider industry to implement these proposals and deliver a simpler, faster and more transparent homebuying experience for everyone.”

EYE NEWSFLASH: Estate agents face mandatory qualifications under major homebuying shake-up