Under the proposals, sellers and estate agents would have to provide key property information at the start of the process.

Earlier legally binding agreements would be introduced to give more certainty to both parties.

The government also plans to make professional qualifications obligatory for estate agents.

Officials believe the changes could shorten the average home purchase time by up to four weeks.

The reforms aim to address longstanding issues within the housing market, where currently around one in three agreed sales fall through before completion.

The government has yet to publish a detailed timetable for bringing in the plans.

Open Property Data Association chair Maria Harris said: “Today’s announcement represents a significant step towards fixing a homebuying process that has been crying out for reform for decades.

“Customers have made it clear that the current process isn’t fit for purpose and doesn’t meet their expectations. We welcome the government’s commitment to creating a modern, digital-first property market that puts homebuyers and sellers at the heart of the process.”

Skipton Group chief executive Stuart Haire said: “This is a welcome step for buyers and sellers, and an important move towards a more modern and reliable housing market.

“As a Group that helps people both buy and finance their homes, we see every day how delays, rising costs and failed transactions affect people trying to move forward with their lives. Better upfront information, earlier certainty and smarter use of data should help cut delays, reduce wasted costs, and give buyers and sellers a smoother route to completion.”