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October 23.2025

2 Minutes Read

Govt Reform on Home Buying: Lenders Push for Changes to Lower Transaction Failures

Woman in red blazer with a smile, relating to govt reform home buying process.

The Need for Modernization: Examining the Outdated Home Buying Process

The Intermediary Mortgage Lenders Association (IMLA) has applauded the government’s recent initiative to reform the home buying and selling process in the UK, calling it a critical step toward modernization. With a staggering one in three property transactions falling through, the current system has been deemed inefficient, causing significant financial losses for buyers, sellers, and lenders alike. Kate Davies, the executive director of IMLA, emphasizes that this reform is not merely an administrative adjustment; it’s a necessary evolution of a decades-old system that handles the most significant financial transaction many individuals will ever undertake.

Priorities for Reform: Addressing Critical Areas

IMLA has identified four key areas where reform is essential. Firstly, reducing the fallout of failed transactions is paramount. Each failed sale costs parties involved not just financially, but emotionally as well, translating to wasted time and resources. Secondly, the need for clarity and transparency is pressing. Effective communication throughout the process will alleviate stress for all stakeholders involved. Lastly, increasing professional standards through mandatory qualifications for estate agents can help cultivate trust, enhancing buyer confidence in the process.

Leveraging Technology for a Smoother Experience

The role of technology in the proposed reforms cannot be overstated. Lenders and intermediaries have invested significantly in digitizing their processes, but these advantages can only be fully realized if the entire property chain modernizes accordingly. Solutions like digital logbooks and integrated systems are crucial in this context, ensuring that information is accurate, transparent, and accessible at every stage of the transaction.

Moving Forward: Opportunities for Economic Growth

Davies concurs that revitalizing the home buying process has the potential to rejuvenate the overall housing market. A smoother, more reliable experience encourages people to enter, move up, or downsize in the market more freely, thereby optimizing housing availability across all demographic tiers. Overall, IMLA believes this government consultation presents a unique opportunity to advance these essential reformation goals, allowing lenders and other stakeholders to collaborate for the benefit of consumers and economic growth as a whole.

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Govt Reform on Home Buying: Lenders Push for Changes to Lower Transaction Failures

The Need for Modernization: Examining the Outdated Home Buying Process

Priorities for Reform: Addressing Critical Areas

Leveraging Technology for a Smoother Experience

Moving Forward: Opportunities for Economic Growth

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