UK Government proposes home-buying reforms to save businesses £116m annually

The UK government has introduced a roadmap to streamline the home-buying and selling process, a move projected to save property businesses approximately £116 million per year. These reforms are part of a broader initiative aimed at reducing administrative and tariff costs by nearly £800 million annually and cutting the regulatory burden on businesses by 25% by the end of Parliament.

Research from the Landmark Information Group indicates that property professionals currently spend about one-third of their working day managing transaction friction and chasing updates. The report, ‘Property transaction reform: What the market wants next’, highlights that 73% of recent home movers expressed a desire for more information regarding properties or locations prior to making offers.

Industry stakeholders, including conveyancers and estate agents, have expressed support for the reforms. While 68% of professionals believe there is sufficient clarity to begin planning for these changes, experts emphasize that success will depend on providing reliable property information earlier in the process and ensuring information flows consistently across all stages of the transaction.