Home Buying And Selling Reform
Home Buying And Selling Reform
The Labour government has proposed major reforms to the home buying and selling process in England and Wales, aiming to reduce transaction times by four weeks, halve failed sales, and save buyers an average of £710. Key proposals include mandatory upfront information, digital logbooks, and potential earlier binding contracts.
The UK government previously aimed to increase the housing stock by 300,000 new homes per year to address the ongoing shortage. As of 2023–2025, there are approximately 30.4 million homes in the UK. This total includes roughly 28.4 million households. Despite this, the country faces a significant housing shortage, with some estimates suggesting a deficit of 4.3 million homes compared to other European counterparts.
4.3 Million Missing Homes
A 2023 report by the Centre for Cities indicates the UK has a backlog of 4.3 million missing homes compared to the average Western European country. This significant deficit represents a 15% increase in required housing stock, with roots in planning restrictions dating back to 1947. This shortage is considered the main driver of the UK’s housing crisis.
Key Aspects of the Proposed Reform
Upfront Information: Sellers and agents must provide essential information (condition, leasehold costs, chain details) before marketing.
Digital Tools: Increased use of digital property logbooks and ID verification to speed up conveyancing.
Binding Contracts: Introduction of options to make agreements legally binding earlier to reduce ‘gazumping’ and late, failed transactions.
Agent Regulation: Mandatory qualifications and a strict code of practice for estate and letting agents.
Targeted Savings: While first-time buyers could save an average of £710, it is noted that sellers at the end of chains might face higher initial costs.
Additionally, in February 2026, the government began exploring a potential new “Help to Buy” scheme to support first-time buyers with low deposits, as reported by The Telegraph.
England
As of Census 2021, there were over 1.5 million unoccupied dwellings in England (6.1% of all stock) and 120,450 in Wales (8.2%), including vacant homes and second homes. Long-term empty homes in England rose to 261,189 by late 2023 . Major concentrations exist, with London having the highest percentage of unoccupied dwellings.
At least 382,000 people were homeless in England as of late 2025, a figure including a record number in temporary accommodation (over 350,000) and rough sleepers (around 4,667 on a single night in Autumn 2024), though hidden homelessness (sofa surfing, cars) means the true number is higher. The number of households in temporary housing and rough sleeping has significantly increased in recent years, driven by factors like housing shortages and rising rents.
Scotland
As of 2024, Scotland has approximately 2.74 million dwellings (homes), with about 2.55 million of those being occupied households, according to National Records of Scotland and Aberdeenshire Council estimates, showing a consistent increase over the past two decades. The majority are owner-occupied, with significant portions also being social or private rentals, and a smaller percentage as vacant or second homes.
In Scotland there were 40,688 homelessness applications recorded in 2024-25. · There were 31,695 open homelessness cases as of 31 March 2025.
Wales
As of late 2025, homelessness in Wales remains high, with approximately 157–160 people sleeping rough as of September/October and over 10,800 individuals in temporary accommodation. While rough sleeping decreased slightly from late 2024 (173 people), over 13,000 households required support between April 2024 and March 2025.
As of early 2021, there were approximately 120,450 unoccupied dwellings in Wales, comprising 102,875 vacant properties and 17,575 second homes. Local authorities in Wales are actively tackling this issue by offering grants of up to £25,000 to renovate empty homes, along with interest-free loans to bring properties back into use.
In 2025, Wales continues to tackle high numbers of unoccupied dwellings and second homes by enabling local authorities to charge council tax premiums of up to 200% on long-term empty properties. The Welsh Government has extended the National Empty Homes Grant scheme to September 2026 to bring these properties back into use.
Regional Breakdown:
There were 26.4 million dwellings in England and Wales as of 2021, with 24.9 million in England and 1.5 million in Wales. Scotland has approximately 2.74 million dwellings (homes).
Housing Type & Age:
The UK has one of the oldest housing stocks in Europe, with 38% of homes built before 1946. In 2021, 21.7% of households were in a flat, maisonette, or apartment. The Government estimates that 300,000 new homes are needed per year.
Ownership & Tenure:
In 2023-24, owner-occupation accounted for 16 million households in England (65%), while the private rented sector accounted for 4.7 million (19%).
Unoccupied Dwellings
In 2021, there was a reported, 1.5 million unoccupied dwellings in England and over 120,450 in Wales. Including vacant homes and second homes. Long-term empty homes in England rose to 261,189 by late 2023. Major concentrations exist, with London having the highest percentage of unoccupied dwellings.
As of early 2026, estimates for empty homes in London vary, with some reports indicating nearly 300,000 to over 300,000 properties are either long-term empty, used as second homes, or not in primary use. Recent data shows a rise in vacant properties, with 93,602 homes recorded as empty and over 38,000 classified as long-term vacant as of 2025.
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