The government has announced plans to reduce costs for businesses in the property transaction chain by £116 million annually through streamlined homebuying and selling processes.
Chancellor John Healey disclosed the measure as part of a broader deregulation package worth nearly £800 million per year. Full details are scheduled for release on 28 October, coinciding with the Budget announcement.
Transaction process reforms
Ministers have committed to overhauling the transaction process through the introduction of binding conditional contracts at an early stage and mandatory upfront property information when homes are listed. Housing minister Matthew Pennycook informed the Commons in June that a detailed roadmap would be published later in the year.
Simon Brown, Chief Executive of Landmark Information Group, acknowledged the government’s ambition but emphasised the need for practical implementation. Research from Landmark indicates that property professionals currently spend approximately one-third of their working day pursuing updates and addressing friction in the transaction process.
This aligns with recent findings showing significant information gaps in property transactions, which have led to delays and increased costs.
“The real test of its homebuying and selling reform roadmap will be whether it delivers meaningful change on the ground, with reliable property information available earlier, better-connected processes and fewer delays and duplicated efforts,” Brown stated.
Industry digitisation
The reforms come as the property sector increasingly adopts digital tools to reduce administrative burdens and improve efficiency in transaction processes.
Brown added that success should be measured by time and cost savings for businesses, alongside greater certainty for home movers. Healey commented that British firms are “fed up with form-filling and pointless paperwork that eats into valuable time and money.”
The government has indicated it will continue working with industry stakeholders to shape reforms ahead of the Budget announcement. The property sector awaits specific details on how the £116 million in savings will be achieved and what regulatory changes will be implemented.
