Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Levelling Up, Housing and Communities, what progress his Department has made on developing and promoting the use of voluntary reservation agreements.

We commissioned some behavioural insight specialists to work with consumers and industry bodies to explore ways to encourage the adoption of voluntary reservation agreements. Under these agreements, buyers and sellers would make a legal commitment to proceed with the sale once an offer has been accepted and may include a financial commitment which would be surrendered to the other side if the party withdraws without good reason. We are currently evaluating the findings and will then make a decision about the next steps.