Yesterday (09 February 2025) a press release from the UK government announced an initiative to lower the time frame it currently takes to sell and buy homes. At present it takes an average of 5 months to complete on a property, and during that time an estimated one in three transactions collapse.

One of the main reasons purchases fall through is the delays in obtaining information. The government have announced that if property information details were digitised, then the data can be shared instantly between trusted professionals.

The press release states “Currently, information such as building control and highways information is predominantly paper-based or recorded in non-machine-readable formats. On top of this, where data is available electronically, there are not established protocols for accessing, sharing and verifying that data which leads to more delays.”

The government also states that failed completions “cost people around £400 million a year, on top of the four million working days lost by conveyancers and estate agents alone which is equivalent to £1 billion. By bringing the process into the digital age and learning from success stories such as Norway where transactions complete in around one month, the government is putting more money into the pockets of hardworking people and delivering on our Plan for Change to grow the economy.”

Leaseholder changes are also due to be introduced into Parliament in the week ahead, and secondary legislation for the Right to Manage measures in the Leasehold and Freehold Reform Act 2024 will be started today (10 February) and come into force on March 3rd. This legislation allows leaseholders to take control of buildings in terms of how their service charge is spent and stop the freeholders from claiming unfair and extortionate fees.