The Government has announced a major shake up to the property market which is a pivotal moment for the residential property sector in England and Wales.
For far too long, residential property processes have been plagued by uncertainty and inefficiencies – a major frustration for homebuyers, sellers and professionals.
According to consultation papers released today, the Government is exploring ways to simplify processes, modernise the conveyancing process and make the whole process more transparent for all involved. These steps include mandating upfront information, introducing optional binding agreements, and investing in enhanced digitisation across the sector.
Finer detail: Mandatory upfront information
One of the most significant proposals for change is a requirement for sellers and estate agents to provide comprehensive property information upfront. This might include leasehold terms, condition reports, flood risk, EPC ratings and chain position, amongst other factors.
At the moment, much of this is provided much later in the process which leads to delays and in many cases a failed sale when unexpected issues crop up later in the process and an offer has already been made on the property. Providing this information upfront will lead to a reduction of wasted time for all parties involved, including legal teams and will enable buyers to make more informed decisions from the outset.
This isn’t revolutionary, if implemented, this change would mirror efficient processes in other jurisdictions, and help halve the number of property sales that fail, which are estimated to cost the UK economy around £1.5 billion a year.
Optional binding agreements
Also under consideration for implementation much earlier in the process, is the introduction of optional binding contracts. During transactions currently, either party can withdraw from a sale until contracts are exchanged, without penalty. It is this uncertainty that contributes significantly to the estimated one-in-three transactions that collapse before completion.
The Optional Binding Contract will allow buyers and sellers to have greater commitment to the sale, and reduce last-minute withdrawals. While the detail will need careful drafting to balance flexibility with enforceability, the intention is clearly towards improving confidence and reliability.
Embracing digitisation
Digitisation is key, making improvements to this area across the conveyancing process will help to streamline the process overall and is another step towards improving confidence. The Government has set out that it intends to support the development of digital ID verification, online property logbooks and standardised data sharing between industry stakeholders.
In a positive step, this will also help to cut costs and reduce fraud risk. It aligns with wider initiatives such as HM Land Registry’s push for digital conveyancing and The Law Society of England and Wales’s continued advocacy for modernisation within the sector generally.
Raising professional standards
The proposals also include a new Code of Practice and mandatory qualifications for estate agents and conveyancers. This reflects a growing acknowledgment that consistency, transparency and accountability are essential to rebuilding public trust in the homebuying process.
A modern system built on trust: As the consultation kicks off, many in the legal and property sectors view these reforms as long overdue. A clearer, more efficient and technology-led conveyancing system would not only benefit buyers and sellers but also improve the reputation of the sector as a whole.
If the proposed reforms are implemented, the residential property market in England and Wales could finally gain the modern, transparent and trustworthy process it has long needed.
The consultation closes on 29 December.
These major reforms could mark a pivotal moment for the residential property market in England and Wales, if implemented. Inefficiencies and uncertainty have plagued the process for too long and this has led to widespread frustration with buyers, sellers and professionals alike.
The proposed changes around mandatory upfront information, optional binding agreements, and digitisation all point towards a system that is faster, more transparent, and most importantly, one which is built on trust. It is hoped that these changes will also raise professional standards and implement a more consistent approach across the sector which is key to restoring public confidence and creating a conveyancing process fit for purpose. We welcome the Government’s consultation and will be following the detail closely as the roadmap takes shape ahead of 2026
This information is for guidance purposes only and does not constitute legal advice. We recommend you seek legal advice before acting on any information given.
