UK Government Unveils Landmark Reform to Streamline House Buying Process

House-buying Reform Plan Aims to Cut Costs and Time The UK government has unveiled a major overhaul of the house-buying system, aiming to reduce costs, delays, and failed sales. The new proposals, which have been welcomed by some experts but criticized for lacking detail, are designed to provide key information about properties up front and introduce binding contracts. According to the government, the reforms could save first-time buyers an average of £710 and shave four weeks off the typical property deal completion time. Sellers at the end of a chain may face increased initial costs of £310, however. The plans build on previous attempts to mandate sellers to offer key information through home information packs (HIPS), which were scrapped in 2010 due to complaints that they discouraged or delayed sellers from putting their homes on the market. "We believe these reforms will make a real difference for first-time buyers and help them get onto the property ladder," said a government spokesperson. "By providing more transparency and certainty, we can reduce the stress and uncertainty of buying a home." The proposals have been broadly welcomed by some housing experts, who argue that they could help to address the issue of housing affordability. "This is a step in the right direction," said Kate Faulkner, a property expert. "However, we need more detail on how these reforms will work in practice and what impact they will have on the wider market." The government estimates that the overhaul could reduce failed sales by half, which would save buyers an average of £1,400 per transaction. "The current system is often opaque and confusing for buyers," said a spokesperson for the National Association of Estate Agents. "These reforms aim to provide more clarity and certainty, making it easier for people to buy their dream home." The plans are part of a broader effort to address the issue of housing affordability in the UK. According to data from the UK's Office for National Statistics (ONS), the average house price in England has risen by over 40% since 2010. While some experts have welcomed the reforms, others have expressed concerns that they do not go far enough to address the root causes of housing unaffordability. "The problem is not just about providing more information or making contracts binding," said a spokesperson for the Campaign to Protect Rural England. "We need to see more action on issues like planning policy and affordable housing provision." The government has announced that it will consult with stakeholders and experts before finalizing the reforms, which are expected to come into effect in 2024. Background: The UK's house-buying system is complex and often opaque, with many buyers facing lengthy delays and high costs. The current system relies on a patchwork of regulations and guidelines, which can lead to confusion and disputes between buyers and sellers. Additional Perspectives: Some experts have argued that the reforms do not go far enough to address the issue of housing affordability. Others have expressed concerns that the increased initial costs for sellers at the end of a chain could deter them from selling their properties. The government has been criticized for lacking detail on how the reforms will work in practice and what impact they will have on the wider market. Current Status: The government is currently consulting with stakeholders and experts before finalizing the reforms, which are expected to come into effect in 2024. *Reporting by Bbc.*