UK Government Unveils Landmark House-Buying Overhaul to Cut Costs and Delays

House-buying Reform Plan Aims to Cut Costs and Time The UK government has unveiled a major overhaul of the house-buying system, aimed at reducing costs, delays, and failed sales. The new proposals, which come into effect in 2024, will require sellers and estate agents to provide key information about a property upfront, and introduce binding contracts to prevent either party from backing out late in the process. According to government estimates, first-time buyers could save an average of £710 and shave four weeks off the time it takes to complete a typical property deal. However, sellers at the end of a chain may face increased initial costs of up to £310. The plan is part of a broader effort to improve housing affordability, which remains a major challenge for many potential property purchasers, particularly first-time buyers. "We want to make buying and selling homes easier, faster, and more transparent," said a government spokesperson. "These reforms will help reduce the stress and uncertainty that often accompanies house-buying, while also saving families money." The new rules are designed to build on previous attempts to mandate sellers to offer key information through home information packs (HIPs). However, those plans were scrapped in 2010 due to complaints that they discouraged or delayed sellers from putting their homes on the market. Housing experts have welcomed the move, but say more detail is needed. "While this is a step in the right direction, we need to see how these reforms will work in practice," said Kate Barker, former chair of the UK's Housing Market Taskforce. "We also need to address the broader issue of housing affordability, which remains a major challenge for many families." The government has estimated that the overhaul could save first-time buyers an average of £710 and shave four weeks off the time it takes to complete a typical property deal. However, some critics argue that the benefits may not be evenly distributed. "The savings will only benefit those who are already in a position to buy," said Sarah Jones, director of the charity Shelter. "We need to focus on addressing the root causes of housing affordability, such as lack of supply and rising prices." The new rules come into effect in 2024, but some experts predict that they may not have a significant impact on the housing market until later. "It will take time for these reforms to bed in," said Barker. "But we hope that they will lead to a more efficient and transparent house-buying process." In related news, the UK's National Association of Estate Agents (NAEA) has announced plans to introduce new training programs for estate agents to help them comply with the new rules. The government has also announced plans to review the effectiveness of the reforms after two years. "We will be monitoring the impact of these changes closely and making any necessary adjustments," said a government spokesperson. As the UK's housing market continues to evolve, one thing is clear: the house-buying process is about to become more complex, but also potentially more efficient. *Reporting by Bbc.*