Ministers are facing mounting pressure to fix Britain’s “difficult, stressful and gruelling” homebuying system, after MPs warned that buyers and sellers are being hit with unnecessary delays, spiralling costs and failed deals.
A cross-party group of MPs has urged the Government to take decisive action to streamline the process of buying and selling homes in England and Wales - warning that the current system is outdated and riddled with inefficiencies.
In a strongly worded letter to housing minister Matthew Pennycook, the Housing Committee said urgent reforms are needed to cut transaction times and reduce the financial burden on households.
‘Unnecessary delays and costs’
Committee chair Florence Eshalomi did not hold back, describing the current system as far more stressful than it should be.
She said: “The path to homeownership is littered with delays and collapsed transactions, due to gazumping and broken chains.”
According to the committee, buyers and sellers are routinely forced to navigate a slow-moving system plagued by uncertainty - with deals often falling apart late in the process, as late as the day of exchange, costing thousands in wasted fees, surveyor reports and a huge amount of heartache for buyers and sellers.
Radical property law changes on the table
Among the key recommendations is a push for more up-front property information, allowing buyers to access essential details earlier and avoid last-minute surprises that can derail transactions.
MPs are also calling on ministers to explore ways of making property deals legally binding at an earlier stage, a move that could dramatically reduce the number of sales falling through once fees are at their highest.
The committee believes shortening the gap between an offer being accepted and final completion is critical to improving confidence in the housing market.
Estate agents under scrutiny
The report also shines a spotlight on estate agents, highlighting what MPs describe as a “lack of trust” and “light regulation” across the sector.
To address this, the committee is recommending:
- A mandatory code of practice
- Formal qualifications for property agents
- Stronger oversight to improve transparency and professionalism
Housing crisis pressure
The intervention comes as affordability pressures continue to bite, with MPs warning that inefficiencies in the system are making it even harder for people to get onto the property ladder.
Ms Eshalomi added: “These hurdles only serve to exacerbate the affordability crisis and make getting on the housing ladder more challenging.”
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The proposals form part of a wider inquiry into homeownership affordability and follow a recent Government consultation on reforming the buying and selling process.
All eyes are now on the Government to see whether it will act on the recommendations - and finally tackle a system many believe is no longer fit for purpose.
For millions of would-be homeowners, the stakes could not be higher.
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