The UK government has proposed reforms to the housebuying process, aiming to reduce the time it takes to purchase a home by four weeks. The Ministry of Housing, Communities and Local Government announced plans to shift certain costs from buyers to sellers, including requiring sellers and estate agents to provide upfront information about the property's condition and leasehold costs.
The proposals are designed to prevent last-minute collapses in transactions, which the department estimates cost first-time buyers an average of £710. The initiative was launched under former deputy prime minister Angela Rayner, who resigned last month over a stamp duty row, and is now being pursued by housing secretary Steve Reed.
Reed stated: 'Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives.' The government did not specify how it might prevent sellers from passing on any increased costs to buyers through higher house prices.
The consultation will cover the entire UK, despite differences in homebuying processes across nations. For instance, in England and Wales, surveys are not legally required, while in Scotland, sellers must provide a home report. The consultation will also explore binding contracts to prevent buyers or sellers from walking away after negotiations, aiming to halve failed transactions.
