UK ministers aim to speed up homebuying by four weeks

"Ministers are attempting to cut the time it takes to buy a home by four weeks under new proposals aimed at overhauling the housebuying process. The UK government will also consult on plans to shift costs from buyers to sellers, including compelling sellers and estate agents to provide buyers with vital information such as the condition of the home and the scale of any leasehold costs upfront."

"The Ministry of Housing, Communities and Local Government said the proposals were aimed to help end nasty surprises which result in last-minute collapses, with the department estimating that first-time buyers will save 710 on average when buying a home. The initiative began when the department was being run by the former deputy prime minister Angela Rayner, who resigned last month over a stamp duty row and who pledged to streamline the housebuying process in February."

"The new housing secretary, Steve Reed, said: Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives. Through our plan for change', we are putting more money back into working people's pockets and making a simple dream a simple reality. The government did not outline how it might prevent sellers passing any freshly inflated costs back on to first time buyers through higher house prices."

Ministers propose cutting the homebuying timeline by four weeks through an overhaul of the housebuying process. The government will consult on shifting costs from buyers to sellers and require sellers and estate agents to provide upfront information on property condition and leasehold costs. The Ministry estimates first-time buyers will save £710 on average. The initiative began under former deputy prime minister Angela Rayner and is now pursued by housing secretary Steve Reed, who framed reforms as removing obstacles and returning money to working people. The UK-wide consultation will also consider binding contracts to reduce last-minute collapses despite differing national processes.

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