Home Selling Reform: What the Proposed Changes Could Mean for Sellers
The way homes are bought and sold in England could be heading for one of the biggest changes in a generation.
The Government has now published a roadmap for reforming the home buying and selling process, following consultations on improving transactions and material information in property listings.
This is not something that has come out of the blue. Propertymark, our professional body, has been lobbying for improvements to the system for some time and has been involved in discussions with Government and industry working groups.
At Sawdye & Harris, we welcome the direction of travel. Anything that helps make the process clearer, better prepared and less stressful for buyers and sellers has to be a positive step.
Why is reform being proposed?
At the moment, much of the important information about a property is often gathered after a buyer has made an offer.
That can mean issues only come to light weeks into the transaction, once solicitors, surveyors, lenders and other professionals are already involved.
This can lead to delays, renegotiations, uncertainty and, in some cases, sales falling through altogether.
The aim of the reforms is to make sure buyers have better information from the start, and sellers are better prepared before they launch to the market.
What could change?
The Government roadmap includes several key areas.
More upfront information
Sellers and agents are likely to be expected to provide more information before a property is marketed.
This could include details such as title information, searches, tenure, leasehold information where relevant, EPC, flood risk, planning information, a property condition report and other material information that may affect a buyer’s decision.
For sellers, this means preparation before launch will become even more important.
Digital property packs and logbooks
The roadmap also includes digital property logbooks and packs, designed to hold trusted information about a property in one place.
The idea is that buyers, sellers, agents, conveyancers, surveyors and lenders can access better information more quickly, reducing duplication and delays.
Possible binding agreements
One of the longer-term proposals is the use of binding conditional contracts.
This does not mean buyers and sellers will be forced into immediate legal commitment before proper information is available. The Government has said these would only come after upfront sales packs have been tested and embedded.
There would also need to be flexibility for people to withdraw for legitimate reasons.
Higher standards across the sector
The roadmap also points towards a new Code of Practice and further consultation on mandatory qualifications for agents.
We welcome this. Good estate agency is not just about putting a property online. It is about advice, preparation, communication, compliance, negotiation and guiding clients through one of the most important transactions of their lives.
Higher standards across the sector should benefit everyone.
What does this mean if you are thinking of selling?
The key message is simple: preparation matters.
Before going to market, sellers should be thinking about:
- whether title information is ready
- whether the EPC is current
- whether planning and building regulation paperwork is available
- whether guarantees, warranties and certificates can be found
- whether leasehold or management information is required
- whether any material information needs to be disclosed
- whether the property is correctly priced for the current market
- whether the marketing strategy is strong enough to attract committed buyers
The better prepared a seller is at the start, the smoother the process is likely to be later.
Our view
At Sawdye & Harris, this is very much in line with how we already like to work.
We believe sellers should not simply be placed “on the market”. They need to be properly “in the market”.
That means having the right advice, the right preparation, the right pricing strategy and the right information available from the outset.
The proposed reforms reinforce what we already know from experience: a well-prepared seller gives buyers confidence, reduces delays and increases the chance of a successful move.
Thinking of selling?
If you are considering selling, now is the time to get prepared early.
We can talk you through what information may be needed, how your property sits in the current market and what can be done before launch to give your sale the best possible chance of success.