Government Plans to Make Homebuying 'Quicker and Cheaper' – What This Means for You

The homebuying process in the UK has long been criticised for being slow, expensive, and uncertain. With around one in three property transactions falling through before completion, the government has announced plans to modernise the system, aiming to speed up transactions, reduce costs, and minimise the risk of deals collapsing.

So, what changes are being proposed, and how could they impact you as a buyer or seller? Let’s take a closer look at the latest developments and what steps you can take to ensure a smoother move.

Government Plans to Streamline the Homebuying Process

The UK government has launched a 12-week project focused on improving the way key players in the property market—estate agents, mortgage lenders, and conveyancers—share data. This initiative aims to eliminate outdated paper-based systems and introduce more efficient digital processes to speed up transactions.

One of the key models the government is looking at is Norway’s homebuying system, where purchases are typically completed in just a month. By improving digital access to essential property information—such as planning history, highways data, and building control records—the UK could move towards a more seamless and efficient property transaction system.

While the proposed changes have been welcomed by many in the industry, some legal professionals have expressed concerns about oversimplifying the process. The government will now be gathering feedback from property professionals to refine its approach.

Why Do Property Transactions Fall Through?

One of the main reasons the government is stepping in is the high rate of failed transactions, which currently cost buyers and sellers an estimated £400 million a year. The average home purchase takes around five months to complete, leaving buyers and sellers vulnerable to delays, financial losses, and uncertainty.

The Three Most Common Causes of Failed Transactions

1. Mortgage Issues

One of the biggest causes of failed transactions is financing problems. Mortgage offers can be withdrawn if a buyer’s circumstances change, or if the property is down-valued by the lender’s surveyor.

• How to protect yourself: Buyers should secure a mortgage agreement in principle before making an offer, ensuring they have financial backing. Sellers should price their property realistically and be prepared to negotiate if a down-valuation occurs.

2. Chain Breakdowns

If you’re part of a property chain, your sale or purchase is dependent on multiple linked transactions. If one deal falls through, it can cause a domino effect.

• How to protect yourself: Where possible, consider selling to a chain-free buyer or buying a chain-free property. Working with an experienced estate agent who can help manage the chain effectively is also crucial.

3. Survey Issues

If a buyer’s survey highlights major defects—such as structural problems, damp, or outdated wiring—it can lead to renegotiations or buyers walking away entirely.

• How to protect yourself: Sellers should address potential issues before listing or consider getting a pre-sale survey. Buyers should use survey results to negotiate fairly rather than immediately pulling out of a deal.

How to Keep Your Move on Track

While the government’s new proposals could make buying and selling homes faster in the long term, there are several things you can do right now to minimise delays:

For Sellers:

✅ Ensure your paperwork (e.g. property deeds, warranties, planning permissions) is organised and up to date.
✅ Be realistic about pricing to prevent valuation issues.
✅ Choose an experienced estate agent who will keep the sale progressing smoothly.

For Buyers:

✅ Get a mortgage agreement in principle before house-hunting.
✅ Instruct a conveyancer as soon as your offer is accepted.
✅ Keep in regular contact with your solicitor and mortgage lender to avoid delays.

What’s Next for the Property Market?

With the government’s plans to digitise the homebuying process, we could see significant improvements in transaction times over the coming years. However, spring 2025 is still expected to be a competitive period for buyers and sellers alike. Those who take proactive steps to prepare their sale or purchase now will be in the best position to move quickly when the right opportunity arises.

At JW Wood Estate Agents, we’re here to guide you through every stage of the buying and selling process, ensuring you get the best outcome with minimal stress. If you’re thinking of moving, now is the time to start planning.

Adapted from Which