Big changes to the homebuying system could save first-time buyers an average of £710 and speed up the process by about a month.
Ministers say the shake-up will finally make buying a home simpler and less stressful, with plans to fix what they call a "broken" system.
Housing Secretary Steve Reed said the reforms are designed to turn buying a property from "a nightmare" into the dream it should be. He emphasised that the changes would "fix the broken system so hardworking people can focus on the next chapter of their lives."
A full strategy on how the changes will be rolled out is expected early next year, following a consultation already under way.
The comprehensive changes would also accelerate the buying process by approximately four weeks, according to government officials who launched a consultation on the proposals.
The government plans to publish a detailed implementation strategy early next year following the consultation period, marking a major intervention in the residential property market.
The proposed system would mandate estate agents and property vendors to supply comprehensive property details at the point of listing, significantly reducing purchasers' need for independent searches and surveys.
Earlier introduction of legally binding agreements forms another cornerstone of the reforms, aimed at preventing property chains from disintegrating at late stages.
The modernisation drive includes widespread adoption of digital technologies, with online identity verification among the proposed innovations. Officials have examined Finland's property transaction system, where digital infrastructure enables completion within approximately two weeks.
Scotland's existing framework, which features extensive preliminary disclosure requirements and earlier contractual commitments, has also influenced the proposals.
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Homebuyers could save £710 under Labour's 'biggest shake-up' to housing system | PA
Vendors would bear additional expenses of roughly £310 for preliminary evaluations and property assessments. However, those simultaneously buying and selling properties could see net benefits of £400, as reduced purchasing costs would exceed the higher selling expenses.
Major property platforms and financial institutions have enthusiastically endorsed the government's reform agenda, highlighting the urgent need for modernisation in the sector.
Johan Svanstrom, Rightmove's chief executive, identified excessive fragmentation and uncertainty as core problems, stating: "Speed, connected data and stakeholder simplicity should be key goals.
"We believe it's important to listen to agents as the experts for what practical changes will be most effective, and we look forward to working with the Government on this effort to improve the buying and selling process."
The proposed system would mandate estate agents and property vendors to supply comprehensive property details at the point of listing
| GETTYPaul Whitehead, leading Zoopla, emphasised that "the homebuying process in the UK remains far too long, too complex, too uncertain, and has seen far less digital innovation than many other sectors."
David Morris from Santander expressed astonishment that property transactions remain virtually unchanged from previous generations despite technological advances transforming other aspects of life.
The reforms have drawn criticism from the Conservative opposition, with shadow housing minister Paul Holmes cautioning that the proposals could repeat historical policy failures.
The proposals have secured backing from Nationwide's mortgages director Henry Jordan
| GETTY"Whilst we welcome steps to digitise and speed up the process, this risks reinventing the last Labour Government's failed Home Information Packs which reduced the number of homes put on sale, and duplicated costs across buyers and sellers," Holmes stated.
The Home Information Packs, introduced under the previous Labour administration, were abandoned after criticism that they discouraged property sales and created unnecessary bureaucracy.
Despite Conservative reservations, the proposals have secured backing from Nationwide's mortgages director Henry Jordan, who stressed that effective reform requires industry-wide cooperation to deliver certainty for purchasers whilst eliminating superfluous expenses.
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