The Government’s Home Buying and Selling Reforms

What’s Changing and Why We Welcome Them

It now takes about 150 days to go from an accepted offer to completing a house purchase, and about one in three sales fall through before reaching that point. That means months of effort can end up wasted. Buyers and sellers lose out but still pay for the surveyor, conveyancer, and searches, and often feel exhausted before they even get the keys.

This week, the government shared its plans to change how homes are bought and sold in England and Wales. The reforms aim to tackle two main issues: how long sales take and how often they fall through. The goal is to cut four weeks off the process and save first-time buyers an average of £650. What stands out to us is the focus on getting the right information to people earlier in the process.

The government’s plan puts this idea into action with three main changes:

• Sales packs would be prepared at the point of listing, including a property condition report, leasehold costs, and the chain status, so buyers have all this information before they make an offer.
• Binding conditional contracts would commit both sides much earlier, soon after an offer is accepted. If someone pulls out without a good reason, they will face a financial penalty.
• Digital property logbooks, identity checks, electronic signatures, and AI-assisted conveyancing would securely carry trusted information between professionals and cut out repeated paperwork that slows everything down.

Binding contracts are the biggest of these changes, but details like what counts as a valid reason to withdraw and how penalties will work still need to be decided. If this is handled well, it could remove much of the wasted effort in the current system. If not, it could force people into decisions they do not fully understand. That is why having clear information about the property’s condition is so important.

Most of what makes a sale wobble comes down to when new information is uncovered. A defect a buyer knows about before they commit is something they can take advice on and factor into the price. The same defect, discovered once the money is committed and patience is thin, lands as a shock. The problem is rarely the defect itself; it’s finding out too late to do anything about it.

Reforms Welcomed Across the Industry

These changes have been welcomed across the property industry, not least by the professionals who deal with the current process and its frustrations every day.:

Amy Reynolds, Head of Sales at Estate Agents Antony Roberts:

We are desperately trying to hold onto a sale that has been agreed for months, but the buyer only did their survey late in the day when the enquiries were all satisfied. An issue about the ground floor flat’s planning permission came up on the survey, the solicitors have been trying to rectify it through an indemnity policy but we are running out of time and it is highly likely the sale will fall through because the buyers mortgage offer is about to expire. The flat is otherwise ready to exchange, the seller has found a rental, the buyers have given notice on their flat and both parties are devastated with the likely outcome. All of this would have been avoided had the survey been done at the start. There was ample time for the problem to be rectified, but sadly, that time isn’t now available.|

Chris Barry, Business Development Director at conveyancing firm Thomas Legal:

We welcome proposed changes to reform and enhance the house buying process in England and Wales. For decades, the process has become longer and more painful for clients as additional legislation is introduced and essential cogs become increasingly underinvested.

Our data clearly shows a spike in abortive matters for anything over 120 days meaning a reduction in time between sale agreed and exchange will help all involved.

Being more transparent from the outset will allow agents to line up the right buyer and prevent surprises from arising at the final hour in the process.

The move to a more front loaded process, including AI support, will allow property professionals to support more clients and provide a higher level of service which is what the industry has been lacking for some time.

Our Position

At Novello, we do more than welcome these reforms. We have been working towards them. As a premium RICS-regulated chartered surveying firm operating across England and Wales, we have built our reputation on one belief: better information, earlier, leads to better outcomes for buyers, for sellers and for the professionals who support them. These reforms reflect how we already work.

The move towards upfront property information fits our model rather than disrupting it. We work with a strong and growing network of referral partners across estate agency, conveyancing and mortgage advice, united by a shared commitment to giving clients clarity at the point they need it most.

What We’re Building

Novello is developing a digital upfront survey product through Speklr, designed to meet the new legislative framework from day one. We have been building it for the past year, with a beta version out next month.

This is not a reaction to change. We have invested in it ahead of the legislation, because the industry should not wait for the law to catch up with what clients already deserve. The product gives buyers a professional assessment of a property’s condition at the point of listing, rather than at the end of a process where surprises cost more than money.

For our referral partners, it means a joined-up service that puts the client first from the first listing.

Why Timing Decides It

This is the gap Novello’s upfront survey product is built to close. Bringing the property’s condition forward to the point of listing gives everyone in the chain the information they need while there is still time to use it.

The legislation is coming and the market is shifting. Novello is ready.