RICS responds to government’s home buying and selling reform announcement

RICS has welcomed the UK Government’s announcement of major reforms to the home buying and selling process, aimed at making transactions faster, improving upfront information, and reducing the risk of fall throughs.

With the average home purchase currently taking around 120 days, and one in three transactions collapsing, the government estimates that reforms announced today could cut transaction times by around four weeks and save consumers several hundred pounds.

A faster, more transparent system

The government’s proposals focus on providing better information upfront and digitising key parts of the process. Having well-informed consumers, earlier in the process, reduces the risk of fall throughs.

Central to the reforms is the introduction of ‘sales packs’, which would require sellers and estate agents to provide prerequisite information to qualify for sales listing, including an upfront property condition assessment.

Alongside this, government have also committed to providing guidance to improve the quality of information in property listings. Known as ‘material information’, it provides buyers with key facts that they should take into consideration when making a property purchase.

Government intends to speed up the home buying process and streamline transactions, through digitisation and automation, binding agreements, digital identity checks, and electronic conveyancing tools. The tools are intended to support, not replace, the application of professional judgement.

RICS recognises that these reforms have the potential to significantly improve the overall efficiency of the home buying and selling process if delivered effectively and with the support of industry. To date we have been working with the Digital Property Market Steering Group to help identify digital solutions to create faster and more reliable transactions and we look forward to continuing with this work.

While requiring more information upfront may extend the initial time it takes for sellers and estate agents to list a property, the overall transaction timeline could be shortened. Government figures suggest that buying times will be reduced by around four weeks and save first-time buyers an average of £650.

The importance of trusted, professional standards

A key element of the proposed approach is improving the quality and reliability of information available to buyers at an earlier stage.

RICS has consistently advocated that any property condition assessment forming part of a sales pack must be undertaken by a properly qualified and regulated surveying professional. Ensuring that this information is accurate, proportionate to the property in question, and delivered to high professional standards will be critical to building trust and avoiding disputes later in the process.

RICS, utilising its well-established home survey standard, will be working with industry and government to support with these changes, and the critical need to ensure that the existing professional workforce, including SME firms, are supported to meet demand effectively and continue to provide consumers with choice and impartial expertise.

RICS emphasises that these reforms must work for practitioner firms of all sizes. Many SME surveyors and agents already deliver high-quality, trusted advice at a local level, and their role will remain central to a well-functioning and localised market.

Professionalising property agents

The government has also announced plans for a new Code of Practice and potential mandatory qualifications for estate agents.

RICS previously worked with the Property Ombudsman and industry professionals to develop an overarching code for all residential property agents.

RICS agents, are qualified, regulated, and held to professional standards. We welcome moves from government to drive up professionalism across the sector.

Transforming home buying and selling panel discussion

RICS is convening industry leaders and policymakers at a major event on 30 June at RICS HQ in Parliament Square, London, where the Minister for Housing and Local Government will join discussions on how to take forward these reforms in practice.

If you would like to register, please click here.

Commenting on the announcement, Justin Young, RICS CEO said:

“Buying a home should be a straightforward and well-informed process, yet too often it becomes uncertain and stressful. RICS welcomes the government’s focus on improving how homes are bought and sold, particularly steps to give people clearer information earlier and reduce transactions breaking down part way through. Getting the right information upfront, including a reliable condition report from properly qualified and regulated surveyors, will be essential.

“RICS has long worked in support of high standards in property agency. We look forward to working closely with government and industry partners to put consistent standards in place and make sure that the professionals delivering these services have the right skills and levels of accountability.

“We also need to make sure the sector has the capacity and skills to deliver these changes, including supporting smaller firms to play their part. Done well, these reforms can build trust, improve transparency and make the process work better for buyers and sellers. RICS stands ready to work closely with government and industry to drive meaningful, lasting improvements for homebuyers and sellers.”

Supporting the profession through change

RICS recognises that delivering these reforms will require investment in skills, capacity, and systems across the sector.

Over the coming weeks, RICS will be working closely with members, particularly SME firms which form the backbone of the profession, to identify where additional support and training may be needed to help professionals remain competitive while continuing to deliver high-quality advice and services to consumers. RICS will host a webinar for members to discuss the reforms, with details on how to register published shortly.

RICS has created the Home Buying and Selling Hub, which is regularly updated to keep members and consumers informed of the changes. View the hub.