Here are the new homebuying rules planned for the UK

Hundreds of thousands of first-time buyers set to save £710 on average when buying a home, along with vital time and energy, thanks to the biggest shakeup to the homebuying system in UK history, the government has announced.

Proposals unveiled by the government on Monday (6 October) will speed up the long-drawn out and costly process of buying a home by four weeks, saving people money and unnecessary stress, alongside wider reforms to rewire a chaotic system which has become a barrier to homeownership.

It will see sellers and estate agents required under the plans to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move. This will help end nasty surprises which result in last-minute collapses and give greater confidence to first-time buyers making one of life’s most important decisions, the government said.

Binding contracts could also be introduced to stop people walking away from agreements after buyers painstakingly spend months in negotiations. This will help halve the number of failed transactions, so precious time and money don’t go to waste, as well as avoid heartbreak and stress for hard-working people looking for the perfect home.

“We welcome the announcement today aiming to drive forward that much needed change and modernisation. The development of technology means transformation is possible, with the right collaboration and considerate planning,” said Rightmove CEO Johan Svanstrom.

“The home-moving process involves many fragmented parts, and there’s simply too much uncertainty and costs along the way. Speed, connected data and stakeholder simplicity should be key goals. 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.”

The full list of changes are as follows:

Sellers and estate agents must publish information from searches and surveys before a property listing is published. This will enable buyers to see the physical condition, characteristics, and flood risk of the property online. It will enable buyers to make informed decisions sooner and sellers will benefit from faster transactions, resulting in fewer costly fall-throughs.
The full list of proposed mandatory upfront information includes: tenure, council tax band, EPC rating, property type, legal and transactional information such as title information and seller ID verification, leasehold terms, building safety data, standard searches, property condition assessments tailored to property age and type, service charges, planning consents, flood risk data, chain status, and clear floor plans.
Buyers and sellers will have the option to sign binding contracts that would end the practice of parties pulling out of agreements months into the process, costing families heartbreak and hundreds of pounds.
Deploying the use of digital tools – including digital property logbooks, digital ID verification, and standardised data sharing – enhancing transparency and security for buyers and sellers.
Introduce mandatory qualifications and ‘Code of Practice’ for estate, letting and managing agents, driving high standards in the sector and increase trust in the industry.
The government will publish information on the services of estate agents and property lawyers, so consumers are well informed on how and where to get help.
The average time from instruction to completion is over 5 months, and the government estimates these reforms could speed up transactions by around four weeks.