Investors will have to wait for end of Parliament for full introduction Government urged to bring in homebuying overhaul sooner
Investors looking to take advantage of the shorter homebuying process that the government aims to bring in with its major homebuying reforms will be disappointed at its timescale.
The government has said the reforms, which include new sales packs, earlier binding agreements and digital tools, will cut four weeks of the buying process, halve the number of sales fall-throughs, and save first-time buyers an average of £650.
A protracted timetable
But it will be the end of parliament before such changes are implemented. Instead, in 2026 a new Code of Practice to set out minimum standards for property agents and guidance to improve the quality of information in property listings will be launched, followed by a consultation on estate agent qualifications and expanded digital tools next year.
The launch of comprehensive legislation to require sales packs, binding contracts and digital systems has simply been pledged ‘by the end of Parliament’ in the government’s own timetable for implementation.
It says that this phased approach will give the sector time to adapt while delivering improvements as quickly as possible.
However, Paul Smith, chairman and founder of Spicerhaart, thinks otherwise. 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.”