Homebuying Overhaul to Streamline Sales and Lower Costs

On Friday 19 June 2026, the Government announced a significant package of reforms aimed at overhauling the homebuying process. The changes are intended to make transactions faster, cheaper and less prone to collapse, with a particular focus on supporting first-time buyers and addressing a system widely seen as slow and inequitable. As Prime Minister Keir Starmer noted, the current process too often “turns it into a battle, leaving people in limbo, ”with the reforms intended to bring the system “into the modern age” and give participants greater certainty.

Currently, property transactions take around 120 days on average, with a notable proportion falling through before completion. The reforms therefore focus on reducing delays, improving certainty and limiting wasted expense, with an anticipated reduction of around four weeks in transaction times and an average saving of £650.00 for first-time buyers.

A central change is the introduction of mandatory “sales packs” at the point of listing. These will provide key information upfront, including the property’s condition, leasehold costs and chain position, allowing buyers to make informed decisions earlier in the process and enabling professionals to progress matters more efficiently. This front-loading of information is intended to reduce late-stage issues and create a more transparent transaction from the outset.

The proposals also include earlier binding agreements, aimed at reducing the ability of parties to withdraw late in the transaction without consequence. This represents a shift from the current position, where commitment is only secured on exchange of contracts, and is expected to provide greater certainty once terms have been agreed.

Alongside this, the reforms promote greater use of digital tools, including property logbooks, electronic signatures and identity checks. These measures are intended to streamline communication, reduce duplication and allow information to be shared more reliably between parties.

Finally, a new Code of Practice and proposals for mandatory qualifications are expected to raise professional standards across the sector.

Comment

Taken together, the reforms represent a potentially fundamental shift in approach, placing greater emphasis on early information, earlier commitment and modernised processes. While key elements, particularly binding agreements, will require careful implementation, the proposals signal a move towards a more efficient and dependable system, with reduced risk, fewer fall-throughs and a more accessible route to home ownership, reflecting a broader aim of making that “one of life’s biggest moments” less uncertain and more achievable for buyers.

As always, the Leathes Prior Residential Property Team will be on hand to keep you informed on these reforms, and guide you through property transactions in the most effective way possible with the current guidelines and when these reforms come into effect.