England and Wales Property Reforms to Ban Gazumping by 2029

Rightmove's data shows it takes nearly six months (170 days) on average to complete a sale across the UK. Chief Executive Johan Svanstrom said more than one in five sales initially fall through. "By making more information available upfront, there is a clear opportunity to reduce fall-throughs and increase transparency," he said. Svanstrom called the reforms "an encouraging step towards a faster and more efficient property market."

Scotland already requires legally binding formally accepted offers and obliges sellers to provide home surveys to prospective buyers. These reforms bring England and Wales closer to that model.

Fewer collapsed deals would reduce the number of properties relisted. That dynamic directly affects Rightmove's revenue from repeat listing fees. Faster transactions could increase overall transaction volume, partially offsetting that effect. The £650 savings estimate from the government implies a direct reduction in costs that currently get wasted on multiple failed attempts. For mortgage lenders, a more certain pipeline should lower the cost of pulling applications that never reach completion.

The planned timeline to 2029 is distant enough that near-term sentiment for property-related stocks hinges on parliamentary progress rather than any immediate operational change. Industry bodies are likely to lobby the details of sales pack requirements over the next two years. The reforms are scheduled to take effect by the end of this Parliament.