Mon, 06 Oct 2025

Mon, 06 Oct 2025 First-time buyers could save hundreds in sales plan, government says

Under new proposals, sellers and estate agents will have to provide key information about a property up front.

* The government has unveiled plans to reform the house-buying system, aiming to cut costs, reduce delays, and halve failed sales.
* Sellers and estate agents will be legally required to provide key information about a property up front, including condition, leasehold costs, and details of property chains.
* The option of binding contracts could stop either party walking away late in the process, with those who break the contract facing fines (but no firm details on how this would work).
* The government estimates that first-time buyers will save an average of £710 and shave four weeks off the time it takes to complete a property deal.
* Sellers at the end of a chain may face increased initial costs of £310.
* Housing experts welcome the move, but say more detail is needed on how the proposals will work in practice.
* The reforms aim to boost professional standards across the housing sector with a new mandatory Code of Practice for estate agents and conveyancers.
* Further details of the changes are expected to be published in the new year as part of the government's broader housing strategy, which includes building 1.5 million new homes.
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