The UK government has confirmed plans to overhaul the homebuying process with new sales packs, binding agreements, and a code of practice for estate agents.
Prime Minister Keir Starmer and Chancellor Rachel Reeves jointly announced the policy, a rare move for such declarations. Starmer called the current system a “battle” that leaves buyers in limbo, pushing homeownership out of reach for many. He emphasized that purchasing a home should be a milestone, not a struggle, and framed the reforms as part of building a fairer society where ownership is accessible to more people.
Related: Magistrate helps public enter restricted court area
“We’re turning the page,” Starmer said. “Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.”
The government cites an average purchase time of 120 days, with failed transactions costing the economy up to £1.5bn annually. Reeves argued that delays, hidden costs, and collapsed deals hurt both buyers and the broader economy, emphasizing that the changes aim to put more money in buyers’ pockets while increasing housing accessibility.
Related: Court backs SRA over firm shutdown
Under the new rules, sellers and estate agents must provide a “sales pack” at listing, detailing a property’s condition, leasehold costs, and chain status. Digital property logbooks and sales packs are expected to reduce delays.
A code of practice for estate agents will be introduced this year.
Related: Unveiling the Truth: 7 Surprising Facts About Law Firms
Mark Evans, president of the Law Society, called the plan “rightly ambitious,” noting that lasting improvements require systemic reform rather than piecemeal changes. He said the proposals could create a more efficient system with better-informed consumers and higher standards for estate agents, as transparency and accountability would reduce disputes and misunderstandings.
Evans added that solicitors, who play a central role in transactions, will be key in assessing how the reforms work in practice. Implementation details, he said, will determine their success, as the legal framework must align with the operational realities of property transactions to avoid new bottlenecks.
