The Government has set out plans to overhaul the home buying process in England and Wales to speed up transactions and reduce the number of collapsed sales.
Under the proposals, sellers and estate agents would have to provide key property information at the start of the process.
Legally binding agreements will be introduced earlier to give more certainty to both parties.
The government also plans to make professional qualifications mandatory for real estate agents.
Officials believe the changes could shorten the average time to buy a home by up to four weeks.
The reforms aim to address long-standing issues within Housing marketCurrently, around one in three agreed sales fail before completion.
The government has not yet published a detailed timetable for rolling out the plans.
Maria Harris, President of the Open Property Data Association, said: “Today’s announcement represents an important step towards reforming the home buying process that has been crying out for reform for decades.
“Clients have made it clear that the current process is not fit for purpose and does not meet their expectations. We welcome the government’s commitment to creating a modern, digital-first property market that puts home buyers and sellers at the heart of the process.”
Stuart Hayer, CEO of Skipton Group, said: “This is a welcome move for buyers and sellers, and an important step towards a more modern and reliable housing market.
“As a group that helps people buy and finance their homes, we see every day how delays, rising costs and failed transactions impact people trying to move on with their lives. Better advance information, earlier certainty and smarter use of data should help reduce delays, reduce wasted costs and give buyers and sellers a smoother path to completion.”
