The government’s consultation on Home Buying and Selling reform aims to address long-standing frustrations in the property market by reducing the average transaction time and improving transparency. While the proposals are ambitious, they reflect a growing consensus among estate agents and conveyancers that the current system is too slow and prone to delays.
Reducing transaction times through digital innovation
Currently, the average property transaction takes around 120 days to complete, a period that many in the industry find excessive. The government’s consultation seeks to shorten this by approximately four weeks, a target considered achievable thanks to advances in property technology, or “proptech.” Coordinated use of digital tools and clearer workflows could streamline the process, making it faster and less stressful for all parties involved.
Kevin Shaw, National Sales Managing Director at LRG, highlights that his company already employs processes aligned with the consultation’s objectives. Early provision of information and digital platforms have demonstrated benefits such as improved efficiency and reduced uncertainty during sales.
Sellers to provide key information upfront
A central proposal is for sellers to supply essential details—such as lease information, service charges, ground rent, and title data—before a sale is agreed. This upfront transparency aims to minimise unexpected issues that often cause sales to fall through, benefiting both buyers and sellers by reducing delays and abortive costs.
LRG’s partnership with digital platforms like Kotini exemplifies this approach. Approximately 75% of clients complete required forms, including TA6 and TA7, within three days, illustrating how early information gathering can create a market of committed vendors and reduce speculative activity.
Learning from past reforms: Home Information Packs
Some critics compare the current proposals to the Home Information Packs (HIPs) introduced nearly two decades ago, which ultimately failed. However, the failure of HIPs was largely due to technological limitations at the time. Sellers had to pay significant sums to compile documents that often became outdated before a sale concluded, leading to repeated costs.
Today’s digital platforms offer a more cost-effective and efficient method for providing necessary information, improving both cash flow and productivity for agents and sellers alike.
Impact on stalled chains and industry efficiency
Faster completions would reduce the number of stalled chains, saving time and resources while supporting healthier businesses. This creates a positive cycle where consumer benefits align with industry gains.
There is a recognised risk that smaller independent agents and conveyancers might face higher initial costs to adopt new systems. However, increased competition among software providers is expected to drive prices down over time, and efficiency savings should outweigh these upfront investments.
Limitations and ongoing challenges
Even with full implementation, the reforms will not resolve all issues affecting property transactions. Delays caused by local authority searches remain a significant constraint in some areas, although digital communication improvements are helping. Additionally, lender underwriting panels and surveyor availability can slow progress, particularly during busy periods.
The reforms will also have varying effects depending on the type of transaction. Simpler freehold sales and new-build properties stand to benefit most, while rural properties, leaseholds, and managed estates may still experience longer processes due to the complexity and volume of information required.
No reason to delay reform
Despite these challenges, there is a strong case for proceeding with the reforms without delay. The overall market is expected to move faster, with gains compounding as systems integrate and users adapt. The success of these changes will also depend on the broader fiscal environment, particularly decisions on property taxation expected in the upcoming Budget.
Kevin Shaw concludes that the consultation’s direction is correct, advocating for a system that rewards preparedness, transparency, and professionalism—benefiting all parties involved in property transactions.
What this means for landlords
For landlords, the proposed reforms could lead to quicker sales and fewer aborted transactions, reducing the time properties remain on the market. Increased transparency and upfront information requirements may also provide greater certainty during the selling process, helping landlords plan their investments and finances more effectively.
However, landlords should be aware that some property types, such as leasehold or rural properties, may still face longer transaction times due to inherent complexities. Staying informed about these changes and working with agents who embrace digital tools will be key to maximising the benefits of the reforms.
Source: Based on reporting from Property118
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Source: www.property118.com
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