How Will Government's Plan to Speed Up House Sales Process Impact Property Market?

The government has announced plans to modernis

e the home buying and selling process, aiming to reduce delays, currently averaging five months. The initiative will make key property information more accessible and shareable among professionals, streamlining transactions through digital identity services and reducing the need for in-person ID checks.

By making property data more accessible, the government hopes to reduce transaction fall-throughs, which cost £400 million annually and waste four million working days. It also aims to eliminate surprises during the process, ensuring smoother transactions with less time, energy, and money spent.

The government is working with the property market, supported by HM Land Registry (HMLR), to launch a 12-week project to establish data-sharing protocols. Additionally, HMLR will lead a 10-month pilot program with local councils to digitize more property data.

The government is also introducing reforms to make it easier for leaseholders to manage their properties, including removing the requirement for leaseholders to cover legal fees when making a Right to Manage claim, saving up to £3,000.

Housing Minister Matthew Pennycook stated that these reforms aim to streamline the home buying process, saving money and reducing stress, while also empowering leaseholders and improving living conditions. These changes are part of the government’s broader efforts to deliver higher living standards and end the leasehold system.