IMLA Supports Government Plan to Modernise £1 Trillion Housing Market

The Intermediary Mortgage Lenders Association (IMLA) has welcomed the government’s new consultation to reform the UK’s home buying and selling process — describing it as a long-overdue step toward modernising one of the most outdated areas of the housing market. With around one in three property sales collapsing before completion, lenders believe that overhauling the system could improve efficiency, reduce wasted costs, and restore confidence among homebuyers and sellers alike.

The UK’s housing market handles transactions worth over £1 trillion annually, yet the process remains complex, inconsistent, and often inefficient. IMLA estimates that failed transactions currently cost consumers and the economy hundreds of millions every year. The consultation seeks to address this by introducing reforms that reduce fall-through rates and streamline the property chain.

IMLA highlights that lenders have already made significant investments in digitising their own systems — speeding up approvals and improving communication with brokers and borrowers. However, progress remains fragmented. The association argues that the benefits of digital transformation can only be fully realised if all stakeholders — including conveyancers, estate agents, and surveyors — adopt similar technologies. A modernised, end-to-end digital system could reduce errors, shorten timelines, and increase transparency for consumers.