One of the key promises in Labour's 2024 election manifesto was to reform how homes are bought and sold in England. On 19 June this year, the Ministry of Housing, Communities and Local Government (MHCLG) published its latest set of plans, with the stated aim of slashing delays, cutting costs and stopping sales from falling through.
One of the most frustrating parts of buying a home is the sheer amount of time the process takes, from having your offer accepted to finally reaching completion and taking ownership of the property. These new rules are designed to simplify that process for both buyers and sellers. How achievable that proves to be will, of course, depend on how successfully the changes are implemented.
What the reforms include
The key points highlighted by MHCLG are:
- Saving time, money and stress for everyone involved in buying or selling, with particular emphasis on families and first-time buyers who are currently locked out by a slow, unfair system.
- New sales packs so property information is available up front, rather than buyers having to wait weeks for it, as often happens now.
- Earlier legally binding agreements and digital tools designed to halve the number of sales that fall through later in the process, saving homebuyers millions of pounds.
- Cutting buying times by around four weeks to get the housing market moving more quickly.
- Saving first-time buyers an average of £650, making getting on the ladder more attainable.
What the government has said
Prime Minister Keir Starmer said of the announcement:
"Getting the keys to a home you can call your own is one of the biggest events in anyone's life. But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach. 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 Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve. This is about building a stronger, fairer Britain, one that works for the next generation and makes the dream of home ownership a reality for many more hard-working people."
Housing Secretary Steve Reed added:
"Buying or selling a home should be one of life's great moments and not a drawn-out nightmare of delays, hidden costs, and failed deals. These changes will make the system faster, fairer, and more secure, giving families and first-time buyers the certainty they need all while saving them time and money."
And Chancellor of the Exchequer Rachel Reeves said:
"Delays, hidden costs, and deals collapsing at the last minute are not only bad for homebuyers. It's bad for the economy too. Our reforms will cut those delays, cut costs and make the process quicker and more reliable, getting more people on the housing ladder while keeping more money in their pockets. We have the right economic plan: getting the housing market moving, building thousands more good-quality homes in every region, and transforming rights for renters."
A bigger push towards digital conveyancing
Alongside these reforms is a real push for greater use of digital tools, including electronic signatures, AI-assisted conveyancing to strip out duplication, digital identity checks, and digital property logbooks and sales packs that hold trusted information about a property in one place.
The overall plan follows the lead of other European countries that have already adopted similar processes. Whether the fresh momentum the government hopes for actually arrives will depend on how effectively the reforms are implemented and how quickly they're taken up across the industry.
To make these reforms work in practice, MHCLG will need buy-in from everyone involved in the homebuying process, from estate agents to mortgage lenders to conveyancing solicitors. We'll be following the progress of these plans and reporting back as they develop.
What this means if you're buying or selling
Whatever your plans, whether you're selling up or buying somewhere new, you'll need effective, focused legal representation to make sure the legal side of things is handled as quickly and efficiently as possible. Talk to Homeward Legal as soon as possible to get your transaction moving.
Our conveyancers will start work on your move as soon as you agree to the quotation and appoint us to represent you. Call us now on to get your conveyancing quote started, or to talk through your plans to move, or get a quick quote using Homeward Legal's easy-to-use quote generator.