MPs call for binding conditional contracts and mandatory qualifications to fix £1.5bn-a-year fall-through problem

The Housing, Communities and Local Government Select Committee has written to housing minister Matthew Pennycook calling for legally binding conditional contracts at an earlier stage of the homebuying process, mandatory qualifications for property professionals, and a code of practice — citing an estimated £1.5bn a year lost to sales falling through. Binding contracts triggered when defined conditions are met would shift the cost of withdrawal onto the party that pulls out, with financial penalties replacing today's effectively free option to walk away. For buyers, this could mean fewer wasted survey and conveyancing fees on deals that collapse late; for sellers, faster and more reliable completions, but less flexibility to accept a higher offer once conditions have been met. This is a select committee recommendation, not legislation — any reform would need primary law and consultation, so anyone moving in 2026 will still be operating under the current rules.