The government has outlined plans for a major overhaul of the house-buying process in England and Wales to speed up transactions and reduce the number of failed sales.
Under the proposals, sellers and agents would be required to provide key property information at the start of the process.
Earlier legally binding agreements would be put in place to give both parties greater certainty.
The government also plans to make professional qualifications mandatory for real estate agents.
Officials believe the changes could shorten the average time to purchase a home by as much as four weeks.
The reforms are intended to address long-standing problems within the EU housing marketwhere currently around one in three agreed sales fail before completion.
The government has not yet published a detailed timetable for submitting the plans.
Open Property Data Association president Maria Harris said: “Today’s announcement represents an important step towards fixing a homebuying process that has been crying out for reform for decades.
“Customers have made it clear that the current process is not fit for purpose and does not meet their expectations. We welcome the government’s commitment to creating a modern, ‘digital-first’ property market where homebuyers and sellers are at the heart of the process.”
Skipton Group CEO Stuart Haire said: “This is a welcome step for buyers and sellers, and an important step towards a more modern and reliable housing market.
“As a group that helps people buy and finance their homes, we see every day how delays, rising costs and failed transactions impact people trying to move forward with their lives. Better upfront information, earlier certainty and smarter use of data should help reduce delays, reduce wasted costs and give buyers and sellers a smoother path to completion.”