Big Changes Could Be Coming to the Home Buying and Selling Process

The government has announced that it is consulting on new proposals to transform the home buying and selling process in England and Wales.

On Monday, 6 October, the Ministry of Housing, Communities and Local Government shared that the process is often “long, complicated and frustrating” for both consumers and property professionals. In response, they are reviewing the Material Information consultation and the Home Buying and Selling Reform consultation.

A major part of this review will focus on the legal responsibilities of homeowners and their agents when it comes to sharing key information in property listings.

What the Consultation Covers

Here are the key areas the government is exploring:

• Faster transactions: Binding contracts could be introduced earlier, potentially cutting around a month from the time it takes to buy a home.
• Lower costs: First-time buyers could save an average of £710. Sellers may be asked to contribute to some upfront costs.
• Fewer failed sales: The goal is to reduce the number of collapsed transactions by half, saving the economy an estimated £1.5 billion each year.
• Higher standards: A new Code of Practice and mandatory qualifications would raise standards across the industry.
• More transparency: Buyers would receive important information about the property earlier in the process, helping them make better decisions.

The Benefits

If these changes are introduced, the home buying and selling process could become more reliable and less stressful. Buyers and sellers would have a clearer understanding of their responsibilities and fewer surprises along the way. The reforms could also give buyers more confidence and reduce wasted time and money.

The Challenges

It is important to remember that this is still a consultation. It may be many months before final decisions are made. Any changes will depend on continuity in the role of housing ministers.

If the proposals do go ahead, there will be a period of adjustment as the industry adapts. Sellers may face new responsibilities around providing information and covering some costs at the beginning of the process. Working with an agent who is ready for these changes will be essential.

Our View

At Chartwell Noble, we welcome these proposals and believe they could transform the way homes are bought and sold. We plan to take an active role in the consultation because the reforms align with our commitment to transparency, service, and results.

We are proud to say that we are already preparing for these changes and adapting our processes to stay ahead.

What Happens Next

The government is expected to release a full roadmap in the new year. In the meantime, we are keeping our clients informed and supported at every stage.

If you want to understand how these proposed reforms affect you, our team is here to help.

Ross D’Aniello
CEO, Chartwell Noble