A sweeping reform of the home-buying process could save buyers around £700 and cut up to a month off transaction times, under new proposals being considered by the government.

The planned changes would see sellers and estate agents required to provide more detailed information upfront when a property is listed, reducing the need for buyers to pay for multiple searches and surveys.

Ministers are also exploring the introduction of binding contracts earlier in the process — a move aimed at preventing gazumping and reducing the risk of property chains collapsing.

Additional reforms could require estate agents and conveyancers to meet new mandatory qualifications and follow a strengthened code of practice, giving buyers clearer insight into their experience and success rates.

Housing Secretary Steve Reed said the consultation aims to turn “a simple dream into a simple reality,” adding:

“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 will publish a full roadmap in the new year once the consultation has concluded.

Officials estimate the reforms could save first-time buyers an average of £710 and shorten the process by about one month. Sellers may face additional costs of around £310 for upfront assessments and surveys, but those in a property chain could still see a net saving of around £400, as reduced buying costs outweigh higher selling expenses.

The proposals also encourage wider use of digital tools, such as online ID verification, to streamline transactions. The government pointed to Finland’s digital real estate system, where property purchases can be completed in as little as two weeks.

The consultation draws on examples from other countries, including Scotland, where buyers receive more upfront information and binding contracts are agreed earlier in the process.

At Chill, we would welcome such changes. The system needs a major shakeup.