The Intermediary – October 2025 - Flipbook - Page 9
RESIDENTIAL
Opinion
The search for
certainty
T
he upper end of the
property market is
‘gummed up’, a phrase
that is suddenly all over
the media. Expensive
properties are not
selling. As far as the wider market is
going, transactions are off a bit.
But if you look at London, the
picture is very different. A record
number of homes are on the market,
and yet transactions are down a third.
Some 80% of prime homes sold for
less than their asking price – with an
average discount of 9%. This seems
to be a reaction to the departure of
‘non-doms’ following this year’s tax
and residency law changes, which
have deterred wealthy international
buyers and seen some wealthy owners
decamp to other countries.
Given that Chancellor Rachel Reeves
is unlikely to reverse her tax-andspend policies, or or start actively
courting the global ultra-wealthy
and beg them to return to London,
how can we ‘un-gum’ this stagnating
market? A market that has never been
incredibly slick and efficient – and
was already far from seamless before
Reeves occupied Number 11.
How can we stop so many
transactions falling through and
reduce uncertainty in the home
buying process?
For brokers, the stakes are high –
failed deals mean lost commissions,
wasted time, and frustrated clients.
Transformative reform
The Government has responded
with ambitious plans to overhaul
the homebuying process in England,
compelling sellers to disclose property
issues before listing to lower costs for
buyers and speed up sales. Described
as the most transformative reform in
the country’s homebuying history,
these proposals also include optional
binding contracts to prevent sales
from collapsing at the last moment, a
common issue disrupting the market.
At the core of these reforms is a
requirement for sellers and estate
agents to provide comprehensive
property details upfront.
This includes Council Tax bands,
Energy Performance Certificate (EPC)
ratings, building safety information,
standard searches, property condition
assessments tailored to the age
and type of the property, planning
permissions, flood risk data, chain
status, and detailed floor plans.
The Ministry of Housing,
Communities and Local Government
(MHCLG) says these searches and
surveys will need to be completed and
disclosed before a property is listed.
Additionally, listings must clearly
state leasehold costs and whether the
sale is part of a property chain.
By equipping buyers with critical
information early, these measures aim
to enable more informed decisionmaking, they also reduce the risk of
transactions falling through due to
unforeseen issues.
The introduction of optional
binding contracts is another potential
feature. These contracts could prevent
parties from withdrawing months
into the process, sparing families
the emotional and financial toll of
collapsed deals – and saving brokers
significant losses on commission.
The Government estimates
that these reforms could cut the
homebuying process by up to four
weeks, streamlining a system long
plagued by delays and inefficiencies.
Reforming the UK’s broken property
transaction system is certainly a
worthy goal, one that HouzeCheck
supports to the hilt.
Housing Secretary Steve Reed said:
“Buying a home should be a dream,
not a nightmare.” Quite.
These reforms represent a vital
step toward a smoother, more reliable
transaction process – one that benefits
buyers, sellers, and the broking
community alike. But we have been
here before.
RICHARD SEXTON
is commercial director
at HouzeCheck
Property sector veterans with a
few grey hairs will recall the Home
Information Packs (HIPS) initiative,
which saw the industry invest heavily
in preparation, only for the scheme to
be abandoned without a replacement.
The HIPS debacle serves as a reminder
that grand Government plans do
not always deliver, and the road
ahead for these reforms may not be
entirely smooth.
Given this uncertainty, how can
brokers take control of their own
fate and become masters of their
own destiny by reducing transaction
uncertainty, even if the Government’s
proposed binding contracts fail to
materialise?
One effective strategy is to ensure
buyers commission a survey early
in the process. Individuals are more
likely to follow through on a decision
aer investing resources, as they are
reluctant to ‘waste’ their commitment.
The initial financial outlay encourages
them to proceed with the purchase
rather than pulling out – and that
reduces transaction uncertainty,
helping to secure deals.
So, brokers do not need to rely solely
on Government reforms to solve the
market’s woes. By encouraging buyers
to invest in surveys, intermediaries
can enhance deal security and
navigate the challenges of a sluggish
market, driving their ensuring own
success, regardless of shis in policy.
The Government’s reforms certainly
hold some promise, but brokers must
act now to make the property purchase
process as certain as possible, turning
the dream of homeownership into a
reality for more people. ●
October 2025 | The Intermediary
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