A new string of reforms to the homebuying process will halve the number of transactions that fall through and knock a month off the time it takes to complete, the Prime Minister has said.

Estate agents and sellers will be made to provide more important details about their houses to buyers upfront, as part of new plans to modernise the UK’s housing market.

Under the new proposals, binding contracts would also be brought in at a much earlier point, to stop either side abandoning negotiations after months of stress.

According to the government, the measures would chop four weeks off the average five-month wait between instruction and completion.

They would also help halve the number of home transactions that fall through while saving first-time buyers £710 on average, a spokesperson claim

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