Residential property transactions in England and Wales are set for a significant transformation as the government moves to eliminate the practice of gazumping. Officials plan to implement legally binding sales agreements earlier in the transaction lifecycle, preventing buyers and sellers from abruptly abandoning deals without justification.
Housing Secretary Steve Reed announced these measures, targeting a 2029 deadline, to improve the speed, fairness, and security of the current system. These reforms include mandatory sales packs for sellers and agents, which must disclose property conditions and chain status upfront. The government expects these changes to reduce average costs for buyers by approximately £650.
Prime Minister Sir Keir Starmer emphasized that the existing process creates unnecessary uncertainty, preventing some from achieving home ownership. The initiative intends to modernize the buying process, which currently takes an average of 170 days to complete. Data from Rightmove indicates that over 20 percent of property sales currently fail to reach completion.
Industry figures, including the Chief Property Ombudsman Lesley Horton and Nationwide’s Henry Jordan, have expressed support for the shift toward the model used in Scotland, where accepted offers are legally binding. While the housing sector has generally reacted positively, some analysts noted potential delays in bringing properties to market while the necessary documentation is compiled.