Millions of homebuyers and sellers in the UK are set to benefit from major reforms aimed at modernising the property transaction process. These changes, announced by the government on February 9, will significantly reduce delays, cutting transaction times that currently average nearly five months. By embracing digital solutions and improving data-sharing between trusted professionals, the new measures are expected to save both time and money, ultimately preventing a large number of failed transactions selling houses in Dorset and Hampshire and beyond.

One of the primary reasons home buying and selling remains a slow and frustrating experience is the lack of digital integration across the sector. To address this, the government is introducing a framework that will make key property information more accessible, ensuring seamless data exchange among estate agents, mortgage lenders, and conveyancers. In addition, plans to implement digital identity verification services will streamline the process, eliminating the need for repeated in-person ID checks. These improvements aim to bring property transactions into the 21st century, offering a more efficient and transparent experience for buyers and sellers alike in Dorset and Hampshire and beyond.

Currently, one in three property transactions falls through, costing UK buyers and sellers approximately £400 million annually. The inefficiencies in the system also result in over four million working days being lost each year by professionals in the industry, amounting to an economic impact of nearly £1 billion. By adopting a fully digital approach, similar to the system in Norway where transactions are typically completed within a month, the UK government aims to minimise disruptions, reduce costs, and create a more reliable housing market.

In addition to improving the home-buying process, the government is rolling out further measures to support leaseholders who often find homeownership falling short of their expectations. From March 3, 2025, new legislation will empower leaseholders by simplifying the Right to Manage process. These reforms will grant leaseholders greater control over their buildings, allowing them to oversee service charges more effectively and eliminating the requirement to cover their freeholder’s legal fees when making a Right to Manage claim. This change could save leaseholders up to £3,000 per claim and reduce the ability of landlords to obstruct the process.

Housing and Planning Minister Matthew Pennycook emphasised the significance of these reforms, stating:

“We are streamlining the cumbersome home buying process so that it is fit for the twenty-first 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.”

At present, key information such as building control and highways data remains largely paper-based or stored in non-machine-readable formats. Where digital records do exist, there are no standardised protocols for accessing and verifying the information, leading to further delays in transactions. The government is now working in collaboration with HM Land Registry and the property sector to implement a 12-week project designed to establish agreed rules on data-sharing. Additionally, a 10-month pilot programme will be launched with selected local councils to explore the best approach for opening up more property-related data and making it digitally accessible.

This initiative is being led by the Digital Property Market Steering Group, a coalition of industry and government experts dedicated to modernising the home-buying and selling process. The government’s push for digital identity verification services is also expected to accelerate transaction times and ensure greater security in property dealings.

These measures build upon the government’s broader efforts to boost the housing market, which include:

• Launching the New Homes Accelerator to fast-track thousands of homes delayed in the planning system.
• Establishing an independent New Towns Taskforce to create large-scale communities of at least 10,000 new homes each.
• Awarding £68 million to 54 local councils to unlock development on brownfield sites.
• Allocating £47 million to help councils overcome delays caused by nutrient neutrality rules.
• Providing an additional §3 billion in housing guarantees to help developers access funding.
• Extending the Home Building Fund for another year, ensuring up to £700 million in support for SME housebuilders and enabling the construction of 12,000 new homes.

With over 300,000 property transactions collapsing annually, these reforms mark a significant step toward a faster, more reliable, and cost-effective housing market. By digitising processes and removing unnecessary barriers, the government aims to improve affordability and accessibility in the UK’s property sector, benefiting millions of homebuyers and sellers across the country and those who hope to sell houses in Dorset and Hampshire and beyond.

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Mark Meyer

CEO

The Meyers Group