Sir Keir Starmer changed the way people will buy and sell houses before resigning as PM

Keir Starmer announced his resignation as the UK's prime minister yesterday (22 June) as he laid out a timetable for his departure, but he'll have done something for people buying and selling houses before he goes.

Never one to talk very much about what he was doing as prime minister, which may be part of the reason he's leaving Downing Street, Starmer's government last week (19 June) announced a package of reforms to make buying or selling your house less stressful.

Unfortunately for him that was also the day the results of the Makerfield byelection which put Andy Burnham back in the House of Commons were announced, so nobody was paying much attention.

Burnham is likely to be prime minister before long, but before he does the ball has started rolling on reform to buying and selling houses designed to make it a less expensive and frustrating process.

Anyone buying or selling a house will know how damn annoying it is with all the costs and delays and the endless waiting for someone to talk to someone else.

Even if you do get a deal sorted there's the danger it all falls apart at the last minute because someone swoops in with a higher offer, or that happens somewhere else along your chain of deals which throws your plans sideways.

He'll have to move house soon himself (Dan Kitwood/Getty Images)

What's changing about buying and selling houses?

Those selling a house will need to provide a 'sales pack' when listing a property which must contain information about the condition of the house, any leasehold details and whether it's part of a chain.

Another change brings in new agreements which mean significant fines if a buyer or seller pull out of a deal with no reason, and also if a seller backs out of an agreed deal if someone else comes in with another offer.

Basically, things would get legally binding much sooner in the process and breaking the agreement would be costly for either party.

With the expected changes there's more information upfront for buyers, they can't be 'gazumped' by someone coming in with a higher offer without the seller paying a penalty, and neither can abruptly walk away from the deal without a cost.

These reforms were first announced in October last year and will come into effect by the end of the parliament, so they'll be in place by 2029.

More information before you buy and punishments for agreed deals not being done are expected to save Brits time and money (Getty Stock Photo)

How will the changes help?

According to the government it takes an average of 120 days to buy a home in England and Wales, and one third of sales fall through which costs people around £400 million a year and costs the economy around £1.5 billion overall.

The government claims their changes will save first-time buyers £650 in the process of buying a home, and bring down the time it takes to buy a house by around four weeks.

Rightmove says it actually takes even longer than the government's estimates to buy a house, as their own projections put it at 170 days on average, though their figure for deals falling through is closer to one in five than one in three.

They also reckon that around £900 million worth of stamp duty receipts and estate agent commissions were lost because deals fell through.

Their CEO Johan Svanstrom said: "This is an encouraging step towards a faster and more efficient property market, addressing some of the biggest frustrations that home-movers and industry participants face.

"By making more information available upfront, there is a clear opportunity to reduce fall-throughs and increase transparency."

Speaking about the plans, Starmer said: "Getting the keys to a home you can call your own is one of the biggest events in anyone’s life. "But right now, the system that should provide support instead turns it into a battle, leaving people in limbo and putting that opportunity out of reach.

"We’re turning the page. Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve.

"This is about building a stronger, fairer Britain, one that works for the next generation and makes the dream of home ownership a reality for many more hard-working people."

Time will tell if that turns out to be the case.