The Intermediary – October 2025 - Flipbook - Page 11
RESIDENTIAL
Opinion
currently derail so many sales. Care
would need to be taken, however,
to accommodate cases where the
required information was simply not
available – or not available except at
disproportionate cost – which would
continue to disincentivise some
potential sellers.
The MHCLG consultation paper is
accompanied by a second document
seeking views on what should
constitute the ‘Material Information’.
For the scheme to be workable and
effective, it must avoid the temptation
to be all-inclusive. The best must not
be allowed to be the enemy of the good.
Proposals which are over-engineered
and too complex will simply cause the
project to fail (again).
Codes of conduct
Another very important aspect of the
current consultation is the plan to
introduce mandatory qualifications
for estate agents and a statutory Code
of Practice for property professionals.
It does seem extraordinary that,
two decades aer the regulation of
mortgage advice was introduced,
those responsible for marketing and
negotiating property sales are still not
subject to comparable professional
standards. Mortgage advisers,
conveyancers and lenders operate
within some of the most stringent
regulatory frameworks in the UK.
Bringing estate agents into line will
help restore consumer trust and drive
higher standards across the sector.
A modernised homebuying process
will also help to reduce one of the
most damaging but least discussed
consequences of the current system:
consumer stress. Moving home is
consistently rated among life’s most
stressful experiences, and with
good reason. Long silences, sudden
setbacks and failed sales can be deeply
demoralising, so much so that many
potential movers simply give up. That,
in turn, suppresses market activity,
discourages downsizing and restricts
mobility for those who need to
relocate for work or family reasons.
If we want a housing market that
supports economic growth and social
mobility, people must be able to move
with greater ease and confidence.
Reforming the transaction process is,
therefore, not just an administrative
issue, it is a growth issue.
A more efficient system, harnessing
the power of digitisation where
appropriate, would help unlock
the natural movement that keeps
the housing market, and the wider
economy, healthy.
Working together
The consultation also recognises
that technology alone will not fix
the problem. Success will depend
on genuine collaboration between
Government, regulators and
the industry. Standards must be
consistent, security robust and data
governance watertight. Digital ID
verification and interoperability
between systems are essential to
command public – and lender – trust.
Given the right structures and
assurances, mortgage lenders are
ready to play their part. As an
industry, we understand both the
complexity of the homebuying
journey and the potential for
technology to simplify it.
But we also know that piecemeal
reform will not do. What’s needed is a
coherent, long-term strategy, one that
aligns the interests of lenders, agents,
conveyancers and consumers around
a shared goal of clarity, speed and
professionalism.
The Government’s consultation
marks a crucial step towards bringing
homebuying into the 21st Century.
It’s a chance to create a system that
works for modern consumers: digital,
transparent, and underpinned by high
professional standards.
If implemented effectively, the
proposed reforms could reduce
transaction times by a third, cut
fall-through rates by half and save
consumers hundreds of millions of
pounds each year. More importantly,
they could restore public faith in a
process that too oen leaves people
frustrated and disillusioned.
The housing market underpins
the wider economy. When people
move, the economy moves, and when
they don’t, it stalls. Let’s seize this
opportunity to build a faster, fairer,
more modern homebuying system
that works for everyone. ●
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October 2025 | The Intermediary
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