MPs Set Out Demands to Improve Home-Buying Process

Why It Matters

Accelerating and clarifying transactions could revive buyer confidence, reduce failed sales and stimulate the UK housing market. Enforcing binding contracts and stricter agent standards may lower costs and improve consumer protection.

Key Takeaways

• Buyer conveyancing now averages 120 days, 60% longer than 2007.
• Sellers face 160‑day average completion, up 88% since 2007.
• Committee proposes mandatory upfront property information from sellers.
• Conditional contracts would bind parties earlier, with penalties for withdrawal.
• New estate‑agent code of practice and qualifications to be regulator‑enforced.

Pulse Analysis

The UK housing market is grappling with record‑long transaction times that are discouraging mobility and dampening price growth. Landmark Information Group’s figures – 120 days for buyers and 160 days for sellers – highlight a systemic slowdown that adds hidden costs for all parties and hampers the broader economy. Prolonged conveyancing also inflates the risk of chain break‑downs, leading to a higher incidence of failed sales and eroding consumer confidence in the property sector.

In response, the parliamentary committee proposes a suite of reforms aimed at injecting transparency and certainty into the process. Requiring sellers to provide authoritative surveys and other material information at market launch would eliminate last‑minute surprises, while conditional contracts would legally bind parties once predefined criteria are met, deterring casual withdrawals. Standardised Land Registry searches and a single, reputable ID check could streamline due‑diligence, and a mandatory code of practice – overseen by an independent regulator – would raise the professional bar for estate agents, aligning the UK more closely with best‑practice jurisdictions such as Canada and Australia.

Nevertheless, experts caution that paperwork alone will not resolve deep‑rooted delays. Mortgage underwriting, lender back‑logs, complex leasehold arrangements and fragmented property chains remain significant bottlenecks. Effective reform will require coordinated action across the conveyancing profession, lenders, and regulatory bodies to ensure that new rules complement, rather than complicate, existing workflows. If implemented thoughtfully, the proposed changes could shorten transaction cycles, lower costs, and ultimately boost the fluidity of the UK housing market.