Streamlining the home-buying and selling process will save businesses in the transaction chain £116 million a year, the government has announced.
The figure comes amid a broader deregulation package of £800m to be announced in this week's Budget, aiming to strip back paperwork and extend suspensions on tariffs for businesses.
The government previously announced its plans for a streamlined homebuying and selling processes in June this year, with major reforms aiming to cut delays, reduce and digitalise paperwork, and stop sales collapsing.
The average home purchase currently takes around 120 days, one in three sales fall through costing sellers around £400 million per year, and failed transactions cost the economy up to £1.5 billion every year.
The changes aim to cut homebuying times by around four weeks, save first-time buyers an average of £650, and stop sales falling through.
At the heart of the reforms is a major shift to digital – replacing outdated paper-based systems with faster, more reliable tools.
In addition, a new Code of Practice will raise standards for estate agents, alongside proposals for mandatory qualifications for the sector.
Further details of the proposals are expected in Wednesday's Autumn Budget.
Simon Brown, CEO of Landmark Information Group, commented: “The government’s ambition to save businesses across the property transaction chain £116 million a year, particularly through plans to streamline the homebuying and selling process, is welcome.
"Our latest research shows property professionals spend approximately a third of their working day chasing updates and overcoming unnecessary friction in the transaction process, highlighting the significant opportunity to improve productivity by removing these barriers.
"The real test of its homebuying and selling reform roadmap, however, will be whether it delivers meaningful change on the ground, with reliable property information available earlier, better-connected processes and fewer delays and duplicated efforts. Success should ultimately be measured by the time and costs saved for businesses, and the greater certainty delivered to home movers.
“As we look ahead to this week’s Budget, we will continue working with government and industry to help shape reforms that deliver on this ambition.”
