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The new June announcement from the UK Government could be one of the most significant changes to the homebuying process in England in years. If implemented as proposed, the reforms aim to tackle the biggest frustrations buyers and sellers face: long delays, failed transactions, hidden information and duplicated paperwork.
What is changing?
1. Upfront sales packs
Sellers and estate agents will be expected to provide key property information from the start. This should help buyers make informed decisions earlier and reduce surprises later in the process. They include:
- Property condition
- Leasehold costs and obligations
- Chain status
- Other essential legal and ownership details
2. Earlier binding agreements
The government plans to introduce measures that make it harder for parties to walk away from a transaction without good reason, potentially reducing the number of collapsed sales.
3. New standards for estate agents
A new Code of Practice is planned, alongside consideration of mandatory qualifications for estate agents.
4. Digital homebuying
The reforms place a strong emphasis on technology. The aim is to reduce paperwork, speed up communication and cut fraud risks. It includes:
- Digital property logbooks
- Digital sales packs
- Electronic signatures
- Digital identity verification
- AI-assisted conveyancing
What could this mean for buyers?
For first-time buyers in particular, the reforms could bring:
- Greater certainty during the purchase process
- Faster transactions
- Fewer unexpected costs
- Better visibility of potential issues before making an offer
The government estimates homebuying times could be reduced by around four weeks and save first-time buyers an average of £650.
What could this mean for sellers?
Sellers may need to do more preparation before listing their property, but the trade-off could be:
- More committed buyers
- Fewer fall-throughs
- Faster completions
- Reduced risk of transactions collapsing late in the process
Why is reform needed?
According to the government, the average home purchase currently takes around 120 days, with roughly one in three transactions falling through. This is estimated to cost sellers £400 million annually and the wider economy up to £1.5 billion each year.
The bigger picture
The reforms form part of the government’s wider housing agenda, led by Keir Starmer, Steve Reed and Rachel Reeves. While the proposals will take time to implement and many details are still to be confirmed, the direction of travel is clear: a more digital, transparent and efficient homebuying process.
Are you looking to buy soon? Let’s chat about what these changes mean for you and how we can provide individual, personalised advice.
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Put simply, the more deposit you have, the better, as a higher deposit will generally attract a lower mortgage rate. But, because mortgage products change all the time, do give us a call, as the percentage deposit you need will vary.
Mortgage lenders will have a maximum LTV (loan to value) that they’re prepared to offer you. For example, if you’re looking at a property with a value of £250,000 and the lender offers you £212,500, this means your LTV is 85%, so your deposit would be £37,500 which equates to 15%.
When buying a property, or re-mortgaging, rather than take your word for it, the lender will need a valuation of your intended property purchase, to ensure that what you’re asking to borrow, coincides with the property’s value. In fact, they’ll insist upon it.
It’s well worth investing in a survey too. This will tell you about the general condition of the property. If you’re investing in a property that’s older, or in a general state of disrepair, it would be well worth investing a little extra in a structural survey.
When saving for your deposit, don’t forget to save extra for things like solicitor fees, surveys, stamp duty, home insurance, removal costs, mortgage arrangement fees, etc.
To assess whether or not you can afford a mortgage, lenders will look in detail at things like your salary, any other income you receive. Plus, they will also need to know about any other outgoings such as car loans, credit card debt, personal loans, utility bills, childcare, general living costs. All this is taken into consideration when applying for a mortgage.
Also, be aware that lenders will look at your credit score too. They need to be confident that you can pay back your mortgage and that you pay back any other credit, essentially to make sure that you are a reliable borrower.
We’ve been in the property industry for a number of years now and as such, only work with trusted partners, such as conveyancing solicitors, etc. So if you need help, then do not hesitate to ask and we will put you in touch.
Comparison sites serve their purpose, but, because they don’t have access to the whole of market, the results you will see will be limited. Comparison sites will only show the results of the lenders who have paid to advertise on their site.
At Steeples Mortgages, we’re more than happy to chat things through with you, we much prefer the personal touch, be that by telephone, Zoom or in person.
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Aaron Steeples
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Founded Steeples Mortgages in 2017. Two decades in finance with a client-first approach built on honest, transparent advice.
Kylie Waite
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Oversees every client’s journey from application to completion, ensuring a smooth and stress-free experience.
Duncan Schofield
Mortgage & Protection Advisor
40 years in financial services. Specialist knowledge with self-employed clients and complex mortgage cases.
Adnan Ahmed
Mortgage & Protection Advisor
Dedicated to helping clients find the right products with clarity and care, from first-time buyers to remortgages.
Cheryl Whitehead
Mortgage Administrator
Cheryl has been working in the mortgage industry for over three years now and has built up valuable experience.