In a highly unusual show of force, today’s changes proposed for the sales and lettings industry have been led by Prime Minister Sir Kier Starmer and Chancellor Rachel Reeves, as well as Housing Secretary Steve Reed.

Starmer says: “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 Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.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.” 

And Reeves comments: “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.” 

Housing Secretary Reed adds: “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.  

Here’s a reminder of what the proposals are:

Digitisation, the return of an upfront sales pack at the point of listing, and binding sales agreements are the key elements of the plan. 

Agents and vendors must provide key information upfront in ‘sales packs’.

These will set out a home’s conditions, leasehold costs, and chain status so buyers can make better informed decisions.

There will also be a new earlier binding agreements “to stop parties walking away months into negotiations without a legitimate reason.”

In addition, there will be a new Code of Practice for estate agents alongside mandatory qualifications “which could ensure agents are properly equipped to support efficient transactions and rebuild trust in the sector.”

With the average home purchase taking around 120 days, one in three sales falling through costing sellers around £400 million per year, and failed transactions costing the economy up to £1.5 billion every year – these reforms will fix a broken system. 

At the heart of the reforms is a major shift to digital, replacing paper-based systems.

Digital property logbooks and sales packs will allow information to be shared between professionals and accessed by buyers and sellers in real-time.

The government will also back digital identity checks, electronic signatures and AI-assisted conveyancing.

It says the aim is “to strip out duplication, reduce fraud risk and accelerate transactions from start to finish” and create “a modern, end-to-end system where people can track and progress their move more easily.”

The government announcement cites exemplars from overseas.

The Netherlands uses a live tracking system for buyers and sellers to check their transaction status helping to achieve a final completion time of 20 days on average, whilst Norway’s efforts to streamline and digitalise the system has estimated savings of up to £1.4 billion over 10 years. 

The government announcement concludes: “This package will inject fresh momentum into the housing market and help people keep more money in their pockets by cutting the hidden costs and delays in buying a home to ease cost of living pressures.”

The government has given a broad timeline for the changes.

• Later this year: a Code of Practice to set out minimum standards for property agents and guidance to improve the quality of information in property listings;

• From 2027: consultation on estate agent qualifications and expanded digital tools;

• By the mid-2029 (the end of this parliament): comprehensive legislation to require sales packs, binding contracts, and digital systems that support the efficient sharing of trusted digital property information.