Government urged to bring in homebuying overhaul sooner

The timetable for the major reforms of the homebuying system announced last week has been criticised for being too long, leaving buyers still vulnerable to the fall-throughs that the new system is being designed to combat.

The government has boldly pledged that its wide-ranging reforms, which include new sales packs, earlier binding agreements and digital tools, will halve the number of sales fall-throughs and shave around four weeks off buying times, and save first-time buyers an average of £650.

A protracted timetable

However, the timescale is long. This year will see the launch of a Code of Practice to set out minimum standards for property agents and guidance to improve the quality of information in property listings. 

Meanwhile, from 2027, a consultation on estate agent qualifications and expanded digital tools will begin, followed by comprehensive legislation to require sales packs, binding contracts, and digital systems by the end of Parliament.

The government says this phased approach will give the sector time to adapt while delivering improvements as quickly as possible, but Paul Smith, chairman and founder of Spicerhaart, said it was simply too long.

‘Too far away’

He said: “2029 is far, too far away. The housing market is changing rapidly and consumers need these protections sooner rather than later. If Government is serious about reducing fall-throughs, improving transaction times and raising standards, it needs to accelerate the timetable.”

The market is also questioning the government’s ability to implement the reforms, particularly in light of the current infighting at the top. “Mandatory qualifications, a proper code of practice and better upfront information will all help, but implementation will be everything. We’ve seen too many well-intentioned property reforms disappear into the long grass,” said Smith.

He also offered his services to help see the changes through. “After 42 years in estate agency, I’d be more than happy to offer ministers a few pointers on how to make it work,” he said. “Free of charge, of course. That might be the cheapest part of the entire reform programme.”

Kate Faulkner, chair at the Home Buying and Selling Council, said that all parties needed to be involved. “Changing the way we buy and sell a home requires commitment and collaboration across government, industry, the media and consumers. What matters now is that the roadmap is not just another set of ambitions, but a practical plan that works for industry and consumers alike.”