by Sam Akbay
Home Buying and Selling to Become Quicker and Cheaper
The process of buying and selling homes in the UK is set for a major transformation, making it faster, more efficient, and less costly for millions of people. Under new government plans, the home buying and selling process will be modernised to reduce delays, lower transaction failures, and make homeownership more accessible.
A Digital Revolution in Property Transactions
One of the biggest hurdles in property transactions is the outdated, paper-based system that slows down the process. Currently, it takes nearly five months on average to complete a property sale. To tackle this, the government is investing in digitalisation by making key property information readily available and introducing digital identity verification services.
These changes will:
- Ensure essential property data is easily shared between professionals, reducing delays.
- Minimise the need for in-person identity verification, making transactions more seamless.
- Cut down on transaction failures, which currently affect one in three property deals, costing homebuyers an estimated £400 million annually.
By embracing digital advancements, the UK property market will follow in the footsteps of countries like Norway, where home sales are completed in as little as a month.
More Power for Leaseholders
In addition to streamlining sales, new measures are being introduced to support leaseholders. Changes coming into effect on 3rd March 2025 will make it easier for leaseholders to take control of their buildings, reducing service charge disputes and unfair legal fees. This includes:
- Removing the obligation for leaseholders to pay freeholders’ legal costs in Right to Manage claims, potentially saving them up to £3,000.
- Enhancing protections against unreasonable fees and service charges.
- Providing greater control over how buildings are managed.
These reforms align with the government’s broader goal of creating a fairer housing market and improving living standards across the UK.
The Future of Home Buying and Selling
The government, in collaboration with HM Land Registry and the Digital Property Market Steering Group, is launching a 12-week project to define data-sharing standards for the property sector. Additionally, a 10-month pilot will explore the best ways to digitise local council property data. These steps are crucial in creating a faster and more transparent property transaction process.
Government Initiatives to Support the Housing Market
Beyond these reforms, the government is investing heavily in housing development and planning improvements, including:
- New Homes Accelerator to speed up planning approvals.
- £68 million funding for local councils to develop brownfield sites.
- £3 billion housing guarantees to support homebuilders.
- £700 million Home Building Fund extension to deliver 12,000 new homes.
What This Means for Buyers and Sellers
For homebuyers, these reforms will mean:
- A smoother, faster transaction process.
- Fewer unexpected hurdles and costs.
- Increased confidence in buying a home without delays or uncertainties.
For sellers and estate agents, digitalisation will reduce wasted time, improve transaction success rates, and create a more efficient property market.
Looking Ahead
The UK property market is evolving, and these changes will make buying and selling homes more straightforward and secure. At Sam Akbay Property Agency, we are committed to staying ahead of industry developments and ensuring our clients benefit from these advancements.
If you’re looking to buy or sell a property, get in touch with us today for expert guidance and a seamless experience in the changing property landscape.
