Key facts
- The UK government plans to introduce legally binding house sale agreements.
- The goal is to end gazumping by 2029.
- The reforms aim to increase transparency in the house-buying process.
- Sellers will be required to share property information upfront.
- Buyers may save an average of £650 due to these changes.
The UK government is set to implement legally binding house sale agreements earlier in the transaction process, with a target date of 2029. This significant reform aims to eradicate the practice of gazumping, where a seller accepts a higher offer after initially agreeing to a sale, and to foster greater transparency within the property market. Under the new proposals, sellers will be legally obliged to provide comprehensive property information to potential buyers at an earlier stage. This upfront disclosure is expected to benefit buyers by potentially saving them an average of £650. The reforms are designed to create a more secure and predictable environment for those navigating the complexities of buying a home, offering greater certainty and reducing the risk of deals falling through due to last-minute price increases or changes of heart by sellers.