UK Government announces property transaction and deregulation reforms

The UK government has unveiled plans to save businesses approximately £116 million annually by streamlining the homebuying and selling process. As part of a broader deregulation package aimed at saving nearly £800 million per year, the measures seek to reduce administrative burdens, unnecessary paperwork, and tariff costs.

Key property reforms include the introduction of binding conditional contracts at an earlier stage and the requirement for mandatory upfront property information when homes are listed. These changes aim to address significant information gaps and delays that currently cause property professionals to spend roughly one-third of their working day managing transaction friction.

Additionally, the upcoming Autumn Budget is expected to provide details on the ‘Your First Home’ scheme, which replaces Help to Buy. While the scheme offers first-time buyers a 20% loan for new-build homes with a minimum 2.5% deposit, reports suggest the government may increase eligibility thresholds to £110,000 outside London and £140,000 within the capital to improve accessibility for middle earners.