Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what assessment she has made of the potential impact of proposed reforms to home buying and selling on homeowners' willingness to put properties up for sale.

The home buying and selling reform roadmap, which can be found on gov.uk here, which sets out an ambitious package of reform for the sector including improving upfront information in listings and through the introduction of sales packs; introducing binding contracts; and professionalising property agents.

The measures included in the roadmap will require the preparation of sales packs prior to listing to ensure prospective buyers have the information they need upfront. This will save buyers money by transferring some costs to sellers. Most residential sellers are also buying another property, and are expected to see a net reduction in costs of around £100 while first-time buyers are expected to save an average of £650 per transaction.

Our analysis shows that sellers may experience an upfront cost increase of around £550 due to new requirements, but we expect this will be balanced by faster, more certain transactions with a lower risk of failure, and a less stressful experience overall. The average failed transaction currently costs sellers around £800.

We have thoroughly tested these measures with the sector and recognise poorly implemented changes could temporarily reduce listings. This is why Implementation will be carefully sequenced, with continued industry engagement to ensure readiness, deliver a smooth transition, and minimise unintended consequences.