Homebuying Reform unpacked – with Propertymark

Buying and selling a home in the UK can be a notoriously slow and uncertain process – with transactions taking around 5–6 months on average¹, and 1 in 4 sales falling through², costing the industry millions each year.

The reform aims to:

• Cut transaction times by around 4 weeks
• Reduce fall-throughs significantly through earlier commitment
• Save first-time buyers an average of £650 per transaction
• Introduce a faster, more transparent and more digital sales process

What’s actually changing?

• 🔍Upfront sales packs at listing
  Agents and sellers will need to provide key property information (condition, leasehold costs, chain status) from day one.
• 📄Earlier binding agreements
  Designed to stop buyers and sellers pulling out months into the process without consequence.
• 🔄Digital transformation
  Greater use of digital tools, identity checks and data-sharing to streamline transactions.
• ✅New code of practice and qualifications
  Supporting strong standards across the industry – with mandatory qualifications back in focus.

We’ve invited the CEO of Propertymark, to unpack what this means for you.

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