The Government has announced a roadmap to modernise the home buying and selling process in England and Wales. Although no legislation has yet been introduced, the direction of travel is now becoming much clearer following recent consultations and industry engagement.
For EMPO members, whether you are a landlord, property investor, developer, or estate agent, these proposals are likely to have a significant impact over the next few years.
Why is reform needed?
The Government believes the current system is no longer fit for purpose.
Current statistics show:
- The average property transaction now takes around 170 days to complete.
- Around 20% of agreed sales fall through before completion.
- Buyers, sellers and agents all incur significant costs when transactions fail.
- The objective is to create a faster, more transparent and more reliable property market.
The Key Proposed Changes
Seller Information Packs
Perhaps the biggest change is the proposal that sellers provide much more information before a property is marketed.
Expected contents include:
- Title information
- Property Information Forms
- EPC
- Council Tax band
- Tenure details
- Leasehold information
- Material Information
- Property condition information
- Supporting legal documentation
The intention is that buyers can make informed decisions before making an offer rather than discovering issues several months into the transaction.
For landlords selling investment properties, this is likely to mean gathering documentation much earlier in the process.
Reservation Agreements
Government wants buyers and sellers to commit much earlier.
Under the proposals, once an offer is accepted both parties could enter into a legally binding reservation agreement.
This is intended to reduce:
- Gazumping
- Gazundering
- Buyers withdrawing without reason
- Sellers changing their minds late in the process
Financial penalties are expected where a party withdraws without an acceptable reason.
Property Logbooks
Every property may eventually have a permanent digital logbook.
Rather than recreating paperwork every time a property is sold, the logbook would remain with the property and record:
- Planning permissions
- Building regulations
- Guarantees
- Major improvements
- Certificates
- Repair history
Government intends to introduce these first within social housing before wider rollout.
For long-term landlords and portfolio investors, maintaining an up-to-date property record could make future disposals significantly quicker.
Digital Home Buying
The proposals include much greater use of technology, including:
- Digital identity verification
- Electronic signatures
- Shared digital property information
- AI-assisted transaction management
- Digital Land Registry records
Government is not proposing a single central software platform. Instead, existing CRM providers, conveyancers and software suppliers are expected to connect through shared national data standards.
Material Information
The legal requirement to disclose Material Information already exists.
Government now intends to provide clearer guidance and minimum standards covering information such as:
- Tenure
- Council Tax
- EPC
- Construction type
- Restrictions
- Leasehold information
- Any issue likely to influence a buyer’s decision
For estate agents this should provide greater certainty, but it is also expected that enforcement will become more consistent.
Professional Standards
A separate consultation is expected on mandatory qualifications for estate agents.
Current thinking suggests:
- Level 3 qualification may become the minimum professional standard.
- A national Code of Practice will be introduced.
- Estate agents, conveyancers and surveyors will all work under a common professional charter.
Although qualifications are not yet compulsory, Government clearly supports raising professional standards across the sector.
What the Q&A Revealed
The webinar questions provided some useful additional insight into Government thinking.
Lenders are already involved
Unlike previous attempts at reform, major banks and mortgage lenders have been involved throughout discussions and appear broadly supportive.
This should reduce the risk of duplicated work that affected previous Home Information Pack proposals.
Conveyancers will also be expected to improve
Many agents asked whether solicitors would also be held accountable.
The answer appears to be yes.
Government intends that the new professional charter applies across the whole transaction process, not just estate agents.
That should mean clearer service standards for conveyancers as well as agents.
AML checks may only need to happen once
One particularly interesting proposal concerns Anti-Money Laundering (AML).
Currently buyers often pay multiple AML fees to:
- Estate agents
- Conveyancers
- Mortgage advisers
Government is exploring a system where AML verification only needs to be completed once and can then be shared securely throughout the transaction.
If implemented, this would reduce both duplication and costs for consumers.
Auctions provide the model
Several of the proposed reforms mirror the auction process.
Auction sales are generally quicker because:
- Legal information is available upfront.
- Buyers commit earlier.
- Reservation arrangements already exist.
Government appears keen to bring many of these advantages into the mainstream property market.
Existing software providers are expected to remain
Many agents asked whether Government would introduce a central portal.
Current thinking suggests this is unlikely.
Instead, existing CRM providers, conveyancers and technology companies will be expected to work within new national data standards, allowing information to flow more efficiently between systems.
What Does This Mean for EMPO Members?
Landlords and Investors
Professional landlords should begin thinking about maintaining complete digital property records.
Keeping planning documents, guarantees, compliance certificates and property information organised is likely to become increasingly valuable when selling.
Estate Agents
Although nothing changes immediately, agencies should begin preparing by:
- Reviewing current Material Information processes.
- Speaking with conveyancing partners.
- Discussing future developments with CRM providers.
- Encouraging staff to achieve Level 3 qualifications.
- Preparing vendors for greater upfront disclosure.
Developers
Developers may benefit from shorter transaction times once the reforms mature, particularly where buyers receive more comprehensive information at the start of the sales process.
Timescales
The Government has stressed that these are proposals rather than immediate legal changes.
Current expectations are:
- 2026: Further consultations and publication of detailed standards.
- 2027 onwards: Phased implementation of new processes and industry standards.
- Longer term: Continued digitisation of HM Land Registry and widespread adoption of digital property logbooks.
EMPO’s View
The proposals represent the most significant reform of the home buying and selling process for many years.
If delivered successfully, they have the potential to:
- Reduce transaction times.
- Lower the number of failed sales.
- Improve consumer confidence.
- Raise professional standards.
- Make better use of technology throughout the property sector.
While many details remain subject to consultation, the direction of travel is now clear. Property professionals who begin preparing early are likely to be well placed as the new framework develops over the coming years.