RICS backs Parliamentary call for urgent reform of the home buying and selling process

RICS welcomes the UK Parliament Housing, Communities and Local Government Committee’s recognition of the need to improve the home buying and selling process in England and Wales.

The Committee’s letter to the Minister for Housing and Planning comes at an important moment as the government considers responses to the proposals to reform the home buying and selling process and material information following last year’s consultation.

RICS has been clear that meaningful reform is long overdue, and we welcome parliamentary scrutiny that reflects the scale of the challenge and the opportunity to deliver lasting improvements for consumers and the wider economy.

The costs of transactions falling through run into the hundreds of millions of pounds each year. For the public, this can mean thousands of pounds spent on legal fees, surveys and searches for properties that ultimately do not complete. Alongside the significant emotional strain that failed transactions place on consumers, there is also a wider fiscal impact, with lost revenue to government through stamp duty not collected when transactions collapse.

Professional, upfront information

The Committee rightly recognises the importance of upfront information and the value it can bring in informing consumers early, increasing transparency and reducing the risk of unexpected issues arising later in the transaction process. Well prepared upfront information has the potential to reduce fall‑throughs, shorten transaction times and give buyers greater confidence when making what is often the biggest financial decision of their lives.

Importantly, the Committee also acknowledges the lessons that must be learned from the experience of Home Information Packs and the challenges faced in the past. RICS agrees that any future reforms must avoid repeating previous mistakes and should be carefully designed around evidence, professional standards and consumer outcomes.

RICS welcomes the Committee’s recognition that upfront information must be prepared by professionally competent practitioners, with a specific reference to the important role of RICS surveying professionals. Property condition information, including any upfront condition assessment, must be proportionate to the property in question, and undertaken by professionals who are properly qualified, regulated and can provide an impartial assessment of a home.

Engagement with RICS members, including through roundtables as part of the consultation response, raised the importance of ensuring any future reforms underpin the value surveyors of all sizes, be it sole-traders, SMEs or corporates, have in providing valued and tailored advice to buyers before making one of the largest purchases of their lives. This is a valid concern RICS continue to raise in discussions with government.

Raising standards in property professionals

RICS further supports the Committee’s recommendation to introduce a Code of Practice and minimum qualifications for property agents, including estate agents. This would be an important first step, however RICS recommends that Government should also legislate to provide for a strengthened role for designated professional bodies (DPBs) in delivering professional regulation of relevant professional roles and agency businesses in the sector. A DPB model would align with the findings of Lord Best’s Regulation of Property Agents report and the wider drive to improve competency, transparency and conduct across the sector. However, it will deliver greater confidence in a quicker and more proportionate way than establishing another statutory regulator.

As the role of vendors and their agents evolves alongside greater emphasis on upfront information, increasing professionalism in property agency will be essential. RICS has previously worked with Baroness Hayter and organisations including Propertymark, TPOS, Trading Standards, the NRLA and others to develop a draft Code of Practice, which we hope will provide a strong foundation for future regulation. RICS is currently exploring options to build on this work, leading the development of professional guidance for different types of agency practice, drawing on best-in-class expertise.

Advising on change

It is encouraging to see Parliament and government recognise the need to reform the home buying and selling process, and the central role that regulated surveyors, professional bodies and clear standards play in creating a more efficient, high‑performing system. RICS is working constructively with officials and the Minister to help shape these reforms, building on well-established standards for home surveys and consumer insight.

We continue to stress the importance of consumers having access to upfront information and professionally prepared property condition assessments that are suitable for the property involved, while preserving flexibility for both vendors and buyers to appoint their own surveyor and commission additional surveys where appropriate. Building on past lessons and evidence from other jurisdictions will be important to ensure any reforms genuinely benefit consumers. This will be particularly critical if there is any move towards more binding transactions, which must be underpinned by professionalism, trust, and robust standards in how upfront information is collated and assessed.

Getting this right will better protect consumers, support economic activity, and help ensure the housing market functions more smoothly for everyone.

Further details on the proposed reforms by government to home buying and selling in England and Wales can be found on the RICS Home Buying and Selling Hub.