Labour pledge homebuying shake-up that could save first-time buyers an average £710
What we know about the proposed major property reforms
- The government has announced a significant overhaul of the homebuying system in the UK, aiming to reduce costs for buyers and shorten transaction times.
- Proposed reforms include requiring property sellers and estate agents to provide more upfront information and introducing binding contracts earlier to mitigate chain collapses.
- Further proposals involve offering consumers clearer information on estate agents and conveyancers, alongside new mandatory qualifications and a code of practice to elevate industry standards.
- Officials estimate these changes could cut approximately a month off the homebuying process and save first-time buyers an average of £710.
- The planned shake-up, currently under consultation, has received a positive reception from major property websites and lenders, with a full roadmap anticipated in the new year.