The UK government has unveiled proposals aimed at cutting the time it takes to buy a home by four weeks and shifting more of the upfront costs from buyers to sellers, which was supported by property platforms and lenders.
Under the plans, announced late on Sunday, sellers and estate agents would be required to provide buyers with key information – including property condition, leasehold costs and the size of the chain of people waiting to move – before an offer is made.
The consultation will also consider binding contracts to prevent buyers or sellers walking away late in the process.
The Ministry of Housing said the reforms are intended to “end nasty surprises which result in last-minute collapses and give greater confidence to first-time buyers”, estimating that first-time buyers could save £710 on average when purchasing a home.
Housing secretary Steve Reed said: “Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives."
There was support from the industry, including property platforms Rightmove and Zoopaa, as well as lenders.
"The home-moving process involves many fragmented parts, and there’s simply too much uncertainty and costs along the way," said Rightmove CEO Johan Svanstrom.
"We believe it’s important to listen to agents as the experts for what practical changes will be most effective, and we look forward to working with the government on this effort to improve the buying and selling process.”
Zoopla boss Paul Whitehead agreed that the homebuying process in the UK is "far too long, too complex, too uncertain", and that consumers had been "clear in their desire for greater transparency and confidence when making life’s biggest purchase and improving the visibility of trusted information earlier in the buying process is a key part of speeding up the journey".
Santander UK highlighted that its own recent research highlighted how the current system is "holding back economic and individual growth, causing property transactions to collapse, and deterring buyers and sellers from entering the market at all".
"This consultation reinforces our view that, as an industry, we have the opportunity to fix the system and now is the time to seize it," said Santander head of homes David Morris.
"We’re ready to work together with government and all those involved in the homebuying process to move this discussion into action and create a system fit for today’s buyers and sellers.”