Buying and selling a home is one of life’s biggest financial decisions. The homebuying process in England is often criticised for being slow, complicated and vulnerable to delays. However it doesn’t need to be. The Government has recently unveiled a major package of proposed homebuying reforms designed to modernise the way people buy and sell property. The changes aim to make property transactions faster, more transparent and less likely to fall through. Therefore these will help buyers and sellers move with greater confidence. For example, earlier access to key property information and a new Code of Practice for estate agents. Additionally, there are proposals around mandatory estate agent qualifications. Consequently, the reforms could have a significant impact on the future of the UK property market.
Whilst many of the proposals are still being consulted on and may take time to implement, they represent one of the most substantial discussions around improving the home moving process in recent years. In this guide, we explain what the proposed homebuying reforms involve. We also cover why they are being introduced. Furthermore, we discuss what they could mean for anyone buying or selling a home in Surrey and across England.
Why Are Homebuying Reforms Being Introduced?
According to Government figures, around one in three agreed property sales currently fail to complete. At Curchods this figure is 1 in ⅞. Transactions can take several months, with unexpected issues often only discovered late in the process. Failed sales are estimated to cost consumers hundreds of millions of pounds every year. The proposed reforms are intended to reduce delays, improve transparency and provide greater certainty for everyone involved in a move. The Government believes the changes could significantly reduce transaction times by up to four weeks. Additionally, they may save some buyers/ sellers hundreds of pounds in unnecessary costs.
Key Homebuying Reforms Buyers and Sellers Should Know About
More Property Information Available Before a Home Is Listed
One of the most significant proposals would require sellers and estate agents to provide more property information before a home is marketed. This could include details about the property’s condition, leasehold costs where applicable, planning information, drainage systems and other key facts that buyers often only discover later in the transaction. For buyers, this could mean fewer surprises. For sellers, it could help attract more serious and informed purchasers from the outset.
Earlier Legal Commitments Could Reduce Property Transaction Fall-Throughs
Another proposal involves introducing legally binding agreements much earlier in the process. At present, buyers and sellers in England and Wales can generally withdraw from a transaction before contracts are exchanged. This can lead to situations such as gazumping, gazundering and costly fall-throughs. Under the proposed reforms, both parties could be asked to commit earlier, helping reduce uncertainty and improve confidence throughout the transaction. Exactly how this would work remains subject to consultation and future legislation.
New Estate Agent Standards and Code of Practice
The Government also plans to introduce a new Code of Practice for estate agents, designed to establish clearer professional standards across the industry. For consumers, this should provide greater consistency and transparency when working with property professionals. This will be in addition to an already robust redress system in the property Ombudsman, whose code of practice is robust, clear, fair and comprehensive.
Could Estate Agent Qualifications Become Mandatory?
Perhaps the most widely discussed proposal is the introduction of mandatory qualifications for estate agents. The Government has confirmed that it will consult on how this could be implemented as part of wider efforts to raise professional standards. Many industry bodies have long advocated for recognised qualifications, arguing that they would help increase consumer confidence and ensure consistent levels of expertise across the sector.
At Curchods, we welcome any initiatives that help raise professional standards across the property industry. Continuous learning has long been a core part of our culture, with our negotiators benefiting from extensive in-house training, ongoing professional development and regular coaching throughout their careers. While the details of any future qualification framework are yet to be confirmed, we believe our longstanding commitment to investing in our people means we are already well positioned for the direction the industry is heading.
What the Homebuying Reforms Mean for Buyers and Sellers
For most buyers and sellers, these proposals should be viewed as an effort to improve an already well-established process, making it more efficient, transparent and consistent across the industry. More information upfront could help reduce delays, while earlier commitments may provide greater certainty for everyone involved in a transaction.
For reputable estate agents, many of these principles are nothing new. Clear communication, honest advice and professional expertise have always been fundamental to delivering a successful move. At Curchods, these standards have long been embedded in the way we work, which is reflected in the trust our clients place in us and our 5,000+ Google reviews with an average rating of 4.9 stars.
Importantly, many of the proposed reforms will take time to implement, with the Government indicating that changes are likely to be introduced gradually over the coming years.
What the Reforms Mean for Estate Agents and Property Professionals
The proposals reflect a broader shift towards greater professionalism, transparency and digitalisation across the property industry.
At Curchods, we welcome any measures that help create a smoother and more transparent homebuying process. Many of the proposed reforms focus on areas that buyers and sellers already value – clear communication, accurate property information and professional guidance throughout the transaction. As one of Surrey’s leading estate agents, our focus has always been on helping clients navigate the buying and selling process with confidence. Whether you’re purchasing your first home, upsizing, downsizing or investing in property, experienced local advice remains one of the most valuable parts of a successful move.
Looking Ahead
The proposed reforms represent one of the most significant discussions about homebuying in England and Wales for many years. Although implementation is likely to be gradual, the ambition is straightforward. There should be fewer failed transactions, greater certainty and a smoother experience for everyone involved.
As always, if you’re considering buying or selling property in Surrey, our local experts are here to guide you through every stage of the process and help you make informed decisions with confidence.
