Millions of homebuyers across the UK are set to benefit from new government reforms aimed at modernising the home buying and selling process, cutting down delays and reducing costs.
The changes, announced on 9 February, are designed to bring property transactions into the digital age, helping to prevent deals from falling through and saving buyers and sellers time and money.
Making Home Buying Quicker and Cheaper
The government plans to address one of the key issues in property transactions: the lack of digitalisation in the sector. By opening up access to key property information and introducing digital identity services, the process will become more streamlined. These reforms aim to reduce the average delay of nearly five months and help avoid unexpected surprises later in the transaction.
Currently, one in three property transactions falls through, costing people around £400 million a year. The government hopes to reduce these numbers by making property data easier to share between trusted professionals like conveyancers, surveyors, and mortgage lenders.
Housing and Planning Minister Matthew Pennycook said:
“We are streamlining the cumbersome home buying process so that it is fit for the twenty-first century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through.”
Improvements for Leaseholders
In addition to speeding up home sales, the government is also introducing measures to improve the lives of leaseholders. From 3 March 2025, new legislation will make it easier and cheaper for leaseholders to take control of their buildings through the Right to Manage process.
The changes will eliminate the requirement for leaseholders to cover legal fees for their freeholders when making a Right to Manage claim, potentially saving up to £3,000. This is part of a broader effort to clamp down on unreasonable service charges and give leaseholders more power over how their buildings are managed.
Digital Property Market Reforms
To support these changes, the government is launching a 12-week project to establish rules for sharing property data between conveyancers, lenders, and other parties involved in transactions. HM Land Registry will also run 10-month pilots with councils to digitise property information and make it more accessible.
These reforms are part of the government’s Plan for Change, which aims to deliver 1.5 million safe and decent homes during this parliament, alongside efforts to end unfair leasehold practices.
For more information on the leasehold reforms, visit the government’s leaseholder reform page.
