If you’ve ever bought or sold a home, you know how frustratingly slow and expensive the process can be. From endless paperwork to last-minute fall-throughs, it’s no wonder moving house is considered one of life’s most stressful events. But good news is on the horizon.
The government is shaking up the home-buying process with a major digital transformation aimed at making transactions quicker, smoother and, most importantly, cheaper.
A new 12-week initiative will establish clear rules on how property information is shared between conveyancers, lenders, and other key players in a sale - ensuring the whole process flows seamlessly.
The proposed changes aim to modernise what is often seen as a slow and outdated system, replacing paper-based or non-machine-readable documents with a digital framework that enables faster, more efficient transactions.
As a result millions of people are set to benefit from improvements to the way homes are bought and sold, saving them both time and money by helping stop property transactions from falling through.
Under the plans government it will modernise the way the process works to bring down current delays of almost five months.
One of the key reasons the buying and selling process can be long and frustrating is a lack of digitalisation and join up in the sector, which is why the government is opening up key property information, ensuring this data can be shared between trusted professionals more easily, and driving forward plans for digital identity services to slash transaction times.
Currently, fall throughs – which impact one in three transactions – cost people around £400 million a year, on top of the four million working days lost by conveyancers and estate agents alone which is equivalent to £1 billion.
Housing and Planning Minister Matthew Pennycook says: “We are streamlining the cumbersome home buying process so that it is fit for the 21st century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through.
“Our modernisation of the system sits alongside further reforms to improve the lives of leasehold homeowners across the country, allowing them to more easily and cheaply take control of the buildings they live in and clamp down on unreasonable or extortionate charges.
“These reforms build on the government’s Plan for Change to deliver higher living standards and 1.5 million safe and decent homes in this Parliament, and our ongoing efforts to protect leaseholders suffering from unfair and unreasonable practices as we work to end the feudal leasehold system for good.”
Currently, information such as building control and highways information is predominantly paper-based or recorded in non-machine-readable formats. On top of this, where data is available electronically, there are not established protocols for accessing, sharing and verifying that data which leads to more delays.
But under a fully digitalised home buying and selling process, the information key parties need – from mortgage companies to surveyors – will be within reach immediately, with the necessary identity checks carried out once.
Clear information early on will mean there are no surprises late on in the transaction which might cause it to fall through, so instead the transaction is completed smoothly without unnecessary time, energy or money spent.
As Beth Rudolf, Director of Delivery for The Conveyancing Association, says: “Clearly, this announcement has the potential to be incredibly positive for those going through the home buying and selling process.
“What we want is a much more joined-up, digitally-enhanced process that reduces the stress of buying and moving for people by cutting down on the uncertainty, the frustrations, the wasted money, and the simple time spent waiting for all aspects to progress. We at the CA are very supportive of this announcement and will be working with the Government and all other stakeholders to make it a reality as soon as possible.”
With the government’s plans in motion, we could soon see a faster, more reliable home-buying and selling process. Whether you're a first-time buyer, a seasoned homeowner, or a buy-to-let investor these changes could make moving house a whole lot easier – and cheaper!
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Your initial mortgage appointment is without obligation. We normally charge a fee for our services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but our standard fee is £549. Complex cases usually attract a higher fee. We will discuss and agree the fee with you prior to submitting any mortgage application.
Please be aware that the information provided within these archives has been pre-published, as of the date published on each article. The information contained within, including references to taxation, legislation, regulation, or any other issues or concerns may no longer apply.
UK Property and Finance Expert
