Home buyers and sellers can expect an end to "gazumping" and more transparency in a major shake-up of the property system.

Legally binding sales agreements will be introduced earlier in the process to stop buyers or sellers walking away at a late stage of the process without a legitimate reason.

There has long been frustration with the property sale system in England and Wales, in which buyers can be outbid at a late stage of the sale and chains can fall apart months into the process.

Housing Secretary Steve Reed said the reforms, which will be introduced at the end of this Parliament in 2029, will make the system "faster, fairer and more secure".

Under the planned reforms, home buyers will also receive more information about properties listed for sale.

Sellers and estate agents will be required to share important information about the property including its condition and status in a chain through so called sales packs

The government estimates the changes will save buyers about £650 on average.

Prime Minister Sir Keir Starmer said the current home buying system leaves "people in limbo" and puts the prospect of home ownership out of reach for some.

"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 Our reforms will bring this outdated process into the modern age, saving people time and money, and giving them the certainty they deserve," he said.

The Chancellor said the current system was not working for people but also the broader UK economy.

"Delays, hidden costs, and deals collapsing at the last minute are not only bad for homebuyers, it's bad for the economy too," she said.

According to property listing portal Rightmove, it takes on average nearly six months (170 days) to complete a property sale across the UK.

Rightmove's chief executive Johan Svanstrom said their data shows more than one in five sales will initially fall through.

"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," he said.

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

In Scotland, formally accepted offers are already legally binding, and sellers must provide home surveys to prospective buyers.

These reforms would bring England and Wales more in line with Scotland's rules, as estate experts say the broader system as it stands does not work for either buyers or sellers.