The UK government has announced new rules to prevent gazumping, a practice where sellers accept a higher offer after already agreeing to a sale. Under the proposed reforms, legally binding sales agreements will be introduced early in the home-buying process, meaning sellers cannot withdraw without a legitimate reason.
Housing Secretary Steve Reed confirmed the changes will be implemented by 2029. Buyers will also receive more detailed information about properties through mandatory sales packs, including the condition of the house and whether the seller is part of a chain.
Prime Minister Sir Keir Starmer stated: '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 Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.' 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.'
The reforms aim to align England and Wales more closely with Scotland's system, where such agreements are already standard. Currently, Rightmove reports that it takes an average of six months to complete a property sale, with 20% of deals collapsing.
The government plans to introduce a new code of practice for property agents this year, while the sales pack legislation will require further consultation and is expected to be enacted before the end of 2029.
