Major shake-up of home buying announced

A shake-up to the house-buying system which could cut a month off the time it takes - and slash around £700 from the moving bill - is on the table.

Changes could include requiring property sellers and estate agents to provide more information when a home is listed for sale, reducing the need for buyers to carry out searches and surveys. Binding contracts could also be introduced at an earlier stage, reducing the risk of a chain collapsing and gazumping - when someone makes a higher offer for a house than someone whose offer has already been accepted by the seller.

The proposals could also deliver clearer information to consumers about estate agents and conveyancers, including their track record and expertise, along with new mandatory qualifications and a code of practice to drive up standards. Housing Secretary Steve Reed said the proposals, which are the subject of a consultation, would help make "a simple dream, a simple reality".

The government says it will set out a full roadmap in the new year after consulting on its proposals. Mr Reed said: "Buying a home should be a dream, not a nightmare.

"Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives." Officials believe the proposed package of reforms could cut around a month off the time it takes to buy a new home and save first-time buyers an average of £710. People selling a home could face increased costs of around £310 due to the inclusion of upfront assessments and surveys.

Those in the middle of a chain would potentially gain a net saving of £400 as a result of the increased costs from selling being outweighed by lower buying expenses. Wider use of online processes, including digital ID, could help make transactions smoother, the government argued, pointing to the Finnish digital real estate system which can see the process completed in around two weeks.

The consultation also draws on other jurisdictions, including the Scottish system where there is more upfront information and earlier binding contracts. Read more:How to spot a nightmare neighbour before you buy a housePhil Spencer reveals his top tips for buying your dream home Meanwhile, the Conservatives have pledged to give young people a £5,000 national insurance rebate to help with the cost of their first home when they get their first full-time job as part of their plans to "reward work.