6 Oct 2025
Shake-up to home buying could result in cheaper and quicker process
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
Labour promise to speed up to home-buying process by approximately four weeks – this is currently around five months on average.
Changes could include:
- Property sellers and estate agents to provide more information upfront, meaning less requirement for searches and surveys
- Binding contracts to be introduced earlier to mitigate the risk of a chain breaking and gazumping
- Clearer information about estate agents and conveyancers to be included on their track record and knowledge, as well as mandatory qualifications and Code of Practice to ensure high standards are met (they are currently unregulated)
- Online processes such as digital ID could help to make transactions smoother.
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The Bank of England Governor, Andrew Bailey, has advised that, due to the “very big energy shock” the economy is facing, they won’t be in a rush to increase UK interest rates.
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