The average UK home purchase still takes around 120 days from offer to completion. One in five sales falls through before reaching that point, at a cost to sellers of roughly £400 million a year nationally, and an estimated £1.5 billion in lost economic activity. For a system that underpins one of the largest financial decisions most people will ever make, these numbers have been hard to justify for some time.
This month, the government published a roadmap aimed at changing that. The headline measures include sales packs at the point of listing, so buyers see a property’s condition, leasehold costs and chain status upfront rather than discovering problems weeks into a transaction; earlier binding agreements designed to stop parties walking away without good reason once a deal is underway; digital property logbooks to replace paper based processes between solicitors, agents and lenders; and a new Code of Practice for estate agents, with mandatory qualifications under consultation from 2027.
The roadmap is being delivered in phases rather than all at once, which is sensible given the scale of change involved. The Code of Practice arrives first, later this year. Sales packs and digital tools follow. Full legislation requiring binding contracts and digital systems across the board is expected by the end of this Parliament.
For our clients, the direction of travel is the important part. Reducing fall throughs and shortening timelines benefits everyone in a transaction chain, not just first time buyers, though they stand to save an average of £650 per purchase under the reforms. Sellers gain more certainty that an accepted offer will actually complete. International buyers, who often coordinate purchases across time zones and legal jurisdictions, stand to benefit considerably from more standardised, digitised information changing hands earlier in the process.
We will be watching how these reforms are implemented in practice, and what they mean for our clients buying and selling in London and across the UK. In the meantime, if you are considering a purchase or sale and want a clear view of where the process currently stands, get in touch with our team.
