From the moment a buyer signs a verbal offer on a London terrace, there’s a ticking clock that often ends in heartbreak – the seller can still accept a higher offer, a practice known as gazumping.
From 1 October 2026, that clock will stop. The government plans to make sale agreements legally binding after just five days, and to require sellers to provide an expanded property information pack before negotiations begin.
What the reforms actually change
Under the draft Home Ownership (Amendment) Bill, once a buyer and seller exchange signed contracts, the deal becomes enforceable far earlier than today’s typical 28‑day “exchange of contracts” window. The five‑day period will include a cooling‑off clause, but after that the parties cannot back out without legal consequence.
In addition, the legislation obliges sellers to disclose floor‑plan diagrams, recent energy‑performance certificates, and any known structural defects within 48 hours of a buyer’s initial offer. Failure to comply could invalidate the contract.
Why does this matter?
Gazumping costs first‑time buyers an estimated £2.3 billion a year in the United Kingdom, according to the Office for National Statistics. Younger families, who already struggle with a 12‑month average mortgage‑to‑income ratio, are the most vulnerable.
Making agreements binding sooner removes the seller’s incentive to wait for a richer bidder, while full disclosure reduces last‑minute price hikes that arise from hidden repair costs.
Who will feel the impact?
Estate agents will need to adjust their workflow. The Royal Institution of Chartered Surveyors (RICS) warned that agents may see a 15‑percent increase in administrative workload during the first six months of implementation.
Buyers will enjoy greater certainty, but they may also face tighter timelines to organise financing. Mortgage lenders have already signalled that they will fast‑track approvals for contracts sealed within the new five‑day window.
From a broader perspective, the reforms could stabilise house‑price volatility. Analysts at economy and markets suggest that reducing transaction uncertainty may shave 0.3 percentage points off the annual price growth rate.
What happens next?
The bill now heads to the House of Lords for a second reading. If approved, the “binding sale agreements” rules will be enshrined in law by early 2027, giving the industry a year to adapt.
Watch this space: the success of the reforms will hinge on how quickly conveyancers, lenders, and agents can sync their processes to the new timetable.
Meta description: New UK rules will make house‑sale agreements legally binding after five days and force sellers to disclose more information, aiming to stop gazumping.