Proposals unveiled by Labour promise to speed up the process of buying a house by around four weeks, which currently takes more than five months on average

The government has announced plans to make the house buying system cheaper and faster in what it has called the “biggest shake-up to the homebuying system in this country’s history”.

Proposals unveiled by Labour this morning promise to speed up the process of buying a house by around four weeks, which currently takes more than five months on average.

Under the plans, sellers and estate agents will be required to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move.

The government said this will help “end nasty surprises which result in last-minute collapses” and give greater confidence to first-time buyers.

Binding contracts could also be introduced to stop people walking away from agreements after months of negotiations.

Officials believe the proposed package of reforms could save first-time buyers an average of £710, but people selling a home could face increased costs of around £310.

Housing secretary Steve Reed said the reforms, which are the subject of a consultation, would help make “a simple dream a simple reality”.

The communities minister said the current process for sellers and buyers is “a nightmare”, promising Labour’s reforms would represent “a major shakeup of the system”.

Further proposals seek to offer consumers clearer information on estate agents and conveyancers, detailing their track record and expertise. New mandatory qualifications and a code of practice would also drive up standards.

Wider use of online processes, including digital ID, could help make transactions smoother, the government argued, pointing to the Finnish digital real estate system, which can see the process completed in around two weeks.