Explainer: How we’re making buying and selling a home simpler, faster and more certain  

The way you buy and sell a home is changing to make it faster, simpler, and more certain. 

🔑 What does that mean?  

• You’ll experience a quicker, more reliable route to completion  
• Upfront information - Sellers must provide key details about the property (like condition, leasehold costs and the chain) before a home is listed   
• Fewer fall-throughs – Binding transactions will mean buyers or sellers can’t just pull out without a valid reason  
• Smoother digital process – Doing away with endless paperwork, with digital tools including property logbooks, digital ID checks, and e-signatures to finally streamline and speed up transactions   
• AI support - Using AI to reduce paperwork and help move transactions along faster 

🏠 What this means for you  

• Move faster – buying a home could be around 4 weeks quicker  
• Save money – first-time buyers could save around £650 on average  
• More certainty – fewer sales falling through at the last minute – taking away some of the stress of the process 
• More confidence – being secure in the system that help you buy or sell your home  

📊 Why the current system needs fixing  

• It takes around 120 days on average to complete a purchase  
• Around 1 in 3 sales fall through, causing frustration and delay  
• Failed sales cost sellers around £400 million a year  
• The wider cost to the economy is up to £1.5 billion annually  

📅 What happens now?  

• We’re rolling out a new non statutory Code of Practice and a Charter which will raise standards among property agents  
• We’ll work to improve how information is shared with you upfront in property listings and by introducing property sales packs.  
• We’ll consult on introducing mandatory qualifications for estate agents  
• We’ll work with industry to introduce binding contracts for property transactions   
• We’ll work behind the scenes to improve home buying and selling data to make it quicker and easier for conveyancers to carry out their checks  
• Changes will be introduced from later this year through to 2030 

❓ Common questions  

• Will this speed up my current move?  
  Some changes will take time to roll out, but improvements will start to happen as reforms are introduced.  
• Will buying a home become cheaper?  
  The reforms are designed to slash wasted costs from delays and failed sales. First time buyers are expected to save £650 per transaction on average.  
• What do I need to do differently?  
  If you’re a seller, you’ll need to provide more information about your property upfront and prepare a sales pack, but you’ll benefit from better information and a smoother process.  

Phil Spencer, Move iQ founder - top tips when buying or selling a home: 

Questions buyers should ask before making an offer:   

1. Are there any structural issues, repairs, insurance claims or ongoing costs?  
2. Will key elements of the property such as the roof, boiler, windows or electrics need replacing? 
3. Why is the property being sold and how quickly do they need to move? Have they had an offer accepted on another property (if relevant)   
4. What’s happening locally (developments, noise, transport, amenities, mobile phone/broadband signals)?   
5. Am I ready to proceed (mortgage, solicitor, paperwork in place)?    

Things sellers should check before listing or accepting an offer:   

1. Have I disclosed anything that could affect a buyer’s decision?   
2. Is my paperwork ready (including evidence of works carried out)?   
3. Have I instructed a solicitor?   
4. Am I ready to proceed quickly?   
5. Is my asking price realistic for the current market? Am I willing to adjust if needed?  

Move iQ's Golden Rule: 

• Ask questions early, do your research thoroughly, and ensure you're fully prepared before making or accepting an offer.  
• The more information both parties have at the outset, the smoother and less stressful the transaction is likely to be.