How latest homebuying reforms will help you
When you’re trying to stick to a tight budget while buying your next home, whether you’re a first-time buyer or not, the process can be stressful. Costs keep adding to your overall plan, and it can feel like you’ll never reach the point of actually getting the keys.
Sometimes the process takes so long that if the transaction falls through at any point, that’s time you won’t get back, along with money already spent.
What the government has announced
One of the key points in Labour’s general election manifesto in July 2024 was to overhaul the homebuying and selling process, to prevent issues like this or at least minimise their impact. On 19 June this year, the Ministry of Housing, Communities and Local Government (MHCLG) published its latest set of rules, with the aim of slashing delays, cutting costs and stopping sales from falling through.
The key points of the reforms
MHCLG highlights the following in its publicity for the scheme:
- Saving time, money and stress for everyone involved in buying or selling, with particular emphasis on families and first-time buyers locked out by an unfair, slow system.
- New sales packs so property information is available up front, rather than buyers waiting weeks into the process as currently happens.
- Earlier legally binding agreements and digital tools to halve the number of sales that fall through later on, saving homebuyers millions of pounds.
- Cutting buying times by around four weeks to get the housing market moving more quickly.
- Saving first-time buyers an average of £650, making a property purchase more attainable.
What ministers have said
Prime Minister Keir Starmer said of the announcement:
“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 Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.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.”
Housing Secretary Steve Reed added:
“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.”
What this means for your move
Alongside these reforms is a real push towards digital tools, including electronic signatures, AI-assisted conveyancing to cut out duplication, digital identity checks, and digital property logbooks and sales packs holding trusted information about a property.
The plan follows other European countries that have already adopted similar processes. Whether the fresh momentum the government hopes for actually arrives depends on how effectively the reforms are implemented and how quickly the industry takes them up.
If all goes to plan, the time between getting your offer accepted and reaching completion should be significantly reduced. That should help your budget too, making the financial side of the move smoother. The push towards digital and electronic management should also cut out a lot of the time currently lost to paper and post.
Getting this right will need input from everyone involved, including estate agents, chartered surveyors, mortgage lenders and conveyancing solicitors, to make sure the reforms don’t add complexity to an already difficult process. We’ll be monitoring progress and reporting on any changes as they happen.
Getting the right legal support
Appointing a solicitor is one of the most important parts of any property transaction. It’s a necessity when you’re buying a home, but you can still get a focused, quality service without losing control of your budget.
With Best Value Conveyancing, you’ll be assigned a solicitor to manage the legal side of your move, with fixed-price quotes and disbursement costs confirmed up front. We also offer a no completion, no fee guarantee, so if your sale or purchase falls through, even due to gazumping, you won’t pay. Call us on 0800 0387 007, free from mobiles, to get your transaction moving today.
