Lenders Back £8 Billion Property Market Reform to Cut 1 in 3 Failed Sales

The UK’s £1 trillion housing market could soon see major change, as lenders publicly support the government’s plan to modernise how homes are bought and sold. The Intermediary Mortgage Lenders Association (IMLA) has praised the consultation, calling it a “long-overdue opportunity” to overhaul one of the most outdated parts of the housing system. With around one in three property transactions currently falling through, costing buyers and sellers hundreds of millions, the reforms aim to make the process faster, clearer, and less stressful for everyone involved.

The IMLA report highlights that transaction failures are among the biggest inefficiencies in the housing market today. Every year, thousands of buyers lose deposits, valuations, and legal fees when deals collapse — creating financial and emotional strain. Lenders argue that a more transparent process, supported by upfront data and better communication between buyers, agents, and solicitors, could save consumers billions annually.

Digital innovation is another key focus. Many lenders have already invested heavily in digitising their internal systems, enabling faster mortgage approvals and more efficient broker-to-lender communication. However, IMLA warns that these benefits can only be fully realised if the entire property chain embraces digital reform — from estate agents to conveyancers. The consultation aims to encourage wider adoption of technology, ensuring smoother and more predictable transactions.