As Keir Starmer prepares to leave Downing Street, one of the final major reforms introduced by his government could have a lasting impact on millions of homeowners across England and Wales.
Just days before announcing his resignation, the government unveiled a package of housing market reforms aimed at making the process of buying and selling homes faster, cheaper, and less likely to collapse at the last minute.
The changes target long-standing frustrations in the property market, where transactions can take months to complete and frequently fall apart after buyers and sellers have already spent significant amounts on legal fees, surveys, and other costs.
What Is Changing?
Under the proposed reforms, homeowners listing a property for sale will be required to provide a detailed “seller’s information pack” upfront. This package would include key details about the property’s condition, ownership status, leasehold arrangements, and whether the transaction is part of a wider property chain.
The goal is to ensure buyers have access to important information earlier in the process, reducing delays and minimizing surprises that often emerge weeks into a transaction.
In addition, the government plans to introduce legally binding agreements much earlier in the buying process. Buyers or sellers who withdraw without a valid reason could face financial penalties, while sellers who accept a higher offer after already agreeing to a sale may also be fined.
Why the Housing Market Needs Reform
Buying a home remains one of the most stressful financial transactions many people will ever make. Government figures estimate that the average purchase in England and Wales currently takes around four months to complete, with roughly one in three sales failing before completion.
Industry groups argue that these failed transactions cost consumers hundreds of millions of pounds each year through wasted surveys, legal work, mortgage applications, and administrative expenses.
Property portal Rightmove has suggested the process can take even longer, with some transactions averaging nearly six months from offer to completion.
What It Could Mean for Buyers
Supporters believe the reforms could provide greater certainty for homebuyers, particularly first-time purchasers who are often most vulnerable when deals collapse unexpectedly.
Earlier access to property information may reduce hidden issues emerging later, while financial penalties could discourage so-called “gazumping,” where sellers accept higher offers after already agreeing to a sale.
The government estimates that buyers could save hundreds of pounds in failed transaction costs and potentially complete purchases several weeks faster than under the current system.
A Rare Policy That Could Outlast the Politics
Although Starmer’s premiership ultimately became defined by political turbulence and declining support within Labour, housing experts note that structural reforms often have a longer lifespan than the governments that introduce them.
Whether the measures achieve their intended goals remains to be seen. However, if implemented successfully, they could represent one of the most significant changes to England and Wales’ homebuying process in decades.
For many prospective homeowners, the true test will be simple: fewer delays, fewer failed sales, and a smoother path to getting the keys to a new home.
