Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Estate Agents Strongly Support Government Homebuying Reforms

A recent survey by GetAgent has found that 95% of estate agents support the UK Government’s proposed reforms to the homebuying system. The changes are designed to make transactions faster and more stable, with the Government announcing a major overhaul last month.

The reforms include new sales packs, earlier binding agreements, and digital tools, which the Government claims will cut buying times by four weeks and save first-time buyers an average of £650. It is also claimed that these measures could halve the number of sales that fall through.

A code of practice for estate agents, followed by mandatory qualifications, is expected to be issued before the end of the year. The survey results show that 93% of agents believe binding agreements would improve market stability, while 76% think more upfront information would reduce failed sales. Additionally, 83% of agents expect the reforms to boost buyer demand, and 92% say the changes will improve the industry’s performance and reputation.

Agents anticipate that the reforms will lead to quicker sales, fewer delays, and a smoother experience for both buyers and sellers. The survey highlights that agents currently spend significant time managing issues outside their control, such as chasing paperwork and dealing with unprepared buyers.

These proposed changes are relevant to letting agents and inventory clerks, as a more efficient and stable homebuying process could impact the wider UK property market and related services.