Plans for a major reform of the house-buying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government.
Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and binding contracts introduced to stop either party walking away late in the deal.
The government estimates the overhaul could save first-time buyers an average of £710 and cut up to four weeks off the time it takes to complete a typical property deal.
"Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system," said Housing Secretary Steve Reed.
It is estimated that hundreds of thousands of families and first-time buyers could benefit from the reforms.
