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Sellers will provide condition reports and chain status at listing. The changes aim to cut four weeks from average transaction times.
The IndependentThe UK Government plans to require sellers and estate agents to supply key information in sales packs at the point of listing. The packs will include a home’s condition, leasehold costs and chain status. The Government estimates the changes could reduce the time for a sale to complete by around four weeks.
Rightmove data shows it currently takes an average of 170 days to complete a transaction in the UK, with over one in five transactions initially falling through. Connells Group data shows it takes around 70 days longer in England and Wales than in Scotland to move from sale agreed to exchange. The Government will shift toward digital property logbooks and sales packs.
It will also back digital identity checks, electronic signatures and AI-assisted conveyancing. Earlier binding agreements will be introduced to prevent parties walking away without legitimate reason. A new code of practice for estate agents will be introduced, along with proposals for mandatory qualifications.
Prime Minister Sir Keir Starmer stated: “Getting the keys to a home you can call your own is one of the biggest events in anyone’s life. But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach. ” The Government’s full roadmap will be rolled out across the rest of the Parliament.
A code of practice for property agents will be set out later this year. From next year, a consultation on estate agent qualifications and expanded digital tools will begin. Legislation to require sales packs, binding contracts and digital systems is expected by the end of the Parliament.
The majority of measures will apply in England, Wales and Northern Ireland. The UK Government does not expect its measures to apply in Scotland. Johan Svanstrom, Rightmove chief executive, said the data shows lengthy average completion times and high fall-through rates.
Henry Jordan, Nationwide Building Society’s group director of mortgages, described the proposals as a major milestone in efforts to simplify the process. Mark Evans, president of the Law Society of England and Wales, said it was in the interests of everyone that the process is improved.
Justin Young, chief executive of the Royal Institution of Chartered Surveyors, said the group looks forward to working with Government and industry partners to put consistent standards in place.
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