Breaking News - Government announces Major Home Buying Overhaul

PRESS RELEASE

Ministry of Housing, Communities and Local Government and The Rt Hon Steve Reed OBE MP

Hundreds of thousands of first-time buyers are set to save £710 on average when buying a home, along with vital time and energy, thanks to the biggest shakeup to the homebuying system in this country’s history. 

Proposals unveiled by the government on Monday 6 October will speed up the long-drawn out and costly process of buying a home by four weeks, saving people money and unnecessary stress, alongside wider reforms to rewire a chaotic system which has become a barrier to homeownership.  

It will see sellers and estate agents required under the plans to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move. This will help end nasty surprises which result in last-minute collapses and give greater confidence to first-time buyers making one of life’s most important decisions.