Business
House-buying reform plan aims to cut costs and time
Charlotte EdwardsBusiness reporter, BBC News
Getty ImagesPlans for a major reform of the house-buying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government.
Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and the option of binding contracts could stop either party walking away late in the process.
The government estimates the overhaul could save first-time buyers an average of £710 and shave four weeks off the time it takes to complete a typical property deal.
But sellers at the end of a chain may face increased initial costs of £310 and, while broadly welcoming the move, housing experts say more detail is needed.
Previous attempts at mandating sellers to offer key information – through home information packs – were scrapped owing to complaints that it discouraged or delayed sellers in putting homes on the market.
The broader issue of housing affordability remains a block for many potential property purchasers, especially first-time buyers.
And many home buyers would not benefit from the estimated savings, as the calculations include the average cost of failed transactions that some might not experience.
Collapsing chains
There has long been frustration in England and Wales over the length and jeopardy of the house-buying process for buyers and sellers, such as slow paperwork, ‘gazumping’ — when successful buyers are outbid at the last minute — and broken chains.
Typically in England it takes about six months.
The 12-week consultation on these plans draws on other jurisdictions, including the Scottish system where there is more upfront information and earlier binding contracts making the process quicker.
This will include being up front about the condition of the home, any leasehold costs, and details of property chains.
The government says this transparency will reduce the risk of deals collapsing late in the process and improve confidence among buyers, particularly those purchasing a home for the first time.
It says those in the middle of a chain could also potentially gain a net saving of £400 as a result of the increased costs from selling being outweighed by lower buying expenses, as well as more competition in the sector.
Housing minister Miatta Fahnbulleh told BBC Breakfast the plans to get sellers to arrange the house survey means buyers would get all the information “upfront”.
“You know what you’re getting, you don’t have this thing that every time, for example, there is a new buyer because the transaction failed and you need to do another survey,” she said.
“In Scotland, where they do this, you see that it drives down the number of failed transactions.”
Housing is a devolved issue but the department said it wanted views from across the UK, and the coverage of the proposals would depend on how the measures were finalised.
Contracts and fines
The proposals suggest a “long-term” option of binding contracts is intended to halve the number of failed transactions, which currently cost the UK economy an estimated £1.5bn a year.
Anyone who breaks the contract could face fines, but no firm details are yet provided on how this would work, and what would be considered as justified reasons to leave the contract.
Surveys suggest about a third of buyers had experienced gazumping in the last 10 years.
The reforms also aim to boost professional standards across the housing sector.
A new mandatory Code of Practice for estate agents and conveyancers is being proposed, along with the introduction of side-by-side performance data to help buyers choose trusted professionals based on expertise and track record.
The government said further details the changes would be published in the new year, forming part of its broader housing strategy, which includes a pledge to build 1.5 million new homes.
Conservative shadow housing minister Paul Holmes said: “Whilst we welcome steps to digitise and speed up the process, this risks reinventing the last Labour government’s failed Home Information Packs – which reduced the number of homes put on sale, and duplicated costs across buyers and sellers.”
Housing expert Kirstie Allsopp, the presenter of Channel 4’s Location, Location, Location, told the BBC’s Today programme she was “really glad the government has grasped this nettle”.
She said it was important to focus on both the buying and selling sides, “because things fall through because buyers walk away just as much as sellers walk away, and I think that was a worrying element”.
But Babek Ismayil, chief executive of homebuying platform OneDome, said genuine integration of the process rather than more paperwork at the start was required.
“There’s a risk of unintended consequences: requiring sellers and agents to gather more upfront information could delay properties coming onto the market,” he said.
“In a market where boosting supply is critical, any added friction must be carefully managed to avoid slowing things down.”
The announcement comes as the Conservatives propose changes to its tax policy for first home buyers at the party’s conference in Manchester.
The party plans to “reward work” by giving young people a £5,000 tax rebate towards their first home when they get their first full time job, if the return to government.
Shadow chancellor Mel Stride announced proposals for a “first-job bonus” that would divert National Insurance payments into a long-term savings account.
The party say it will be funded by cuts to public spending worth £47bn over five years in areas such as welfare, the civil service and the foreign aid budget.
The Chancellor is trying to use this moment as a launching pad for a wider attempt to gee up consumer and business confidence.
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Business
Oil market price battle: Russia and Iran offer deeper discounts to China as crude piles up at sea – The Times of India
Russian and Iranian oil producers are reportedly offering deeper discounts to compete for the same limited pool of Chinese buyers after India pulled back from purchases. Analysts say India’s imports from Russia could fall by 40 per cent from January levels, to around 600,000 barrels a day, according to a scenario from Rystad Energy, as reported by Bloomberg.Much of the displaced crude is heading east, sparking a price war with Iranian suppliers, long favoured by China’s independent refiners, known as teapots. Russian Urals crude is reportedly selling at about $12 a barrel below ICE Brent, up from a $10 discount last month. Iranian Light crude is going for as much as $11 below the global benchmark, widening from $8–$9 in December, according to traders.
“The Chinese private refiners cannot take in much more as their capacity is likely maxed out,” said Jianan Sun, an analyst at Energy Aspects, noting that sanctioned barrels are building up in both onshore and offshore storage.China’s teapots historically act as a pressure valve, absorbing barrels shunned by others, but their capacity is limited; they account for roughly a quarter of the country’s refining capacity and are also subject to government import quotas. Major state-owned refiners, meanwhile, have traditionally avoided Iranian crude and have recently largely stayed away from Russian barrels as well.With China unable to fully absorb the displaced supply, unsold oil is piling up in Asian waters, leaving Russia and Iran scrambling. The Kremlin has already cut output, depriving it of funds for its war in Ukraine, while Iran is trying to ship as much oil as possible amid fears of a potential US strike.Data shows Russian oil deliveries to Chinese ports rose to 2.09 million barrels a day in the first 18 days of February, a roughly 20 per cent increase from January and nearly 50 per cent higher than December. By contrast, Iranian exports to China have fallen about 12 per cent from a year earlier, to roughly 1.2 million barrels a day, according to Kpler. The firm estimates nearly 48 million barrels of Iranian crude are now at sea, up from about 33 million in early February. Russian cargoes sitting in Asian waters total around 9.5 million barrels.A potential US strike on Iran could disrupt exports if oil facilities are targeted or shipments through the Strait of Hormuz are blocked. Russian barrels carry a “relatively lower level of risk” for Chinese buyers compared with Iranian crude, said Lin Ye, vice president of oil markets at consultancy Rystad Energy, citing optimism over a potential ceasefire in Ukraine.
The FTSE 100 reached fresh heights on Wednesday, with well-received results from HSBC, and gains in mining stocks, paving the way for another record-breaking day.
“The strong showing from the UK stock market so far in 2026, on top of a major success in 2025, bodes well for changing its reputation from unloved to admired,” said Russ Mould, investment director at AJ Bell.
The FTSE 100 index ended up 125.82 points, 1.2%, at 10,806.41, a record close and its best level for the day.
The FTSE 250 ended up 135.85 points, 0.6%, at 23,636.89, and the AIM All-Share closed up 1.26 points, 0.2%, at 816.79.
London’s brighter mood was reflected elsewhere in Europe.
The CAC 40 in Paris closed up 0.5% on Wednesday, while the DAX 40 in Frankfurt ended 0.8% higher.
Stocks in New York were also higher. The Dow Jones Industrial Average was up 0.4%, the S&P 500 index was 0.6% higher, and the Nasdaq Composite advanced 1.0%.
Across the pond all eyes point towards earnings from Nvidia, due for release after the New York market close.
David Morrison, senior market analyst at Trade Nation, said: “Tonight’s results will focus initially on revenues and earnings. In prior quarters, Nvidia has often surprised investors with bullish forward guidance, and if there’s good news here, then that should underpin the share price.
“But data centre revenue, chip demand and hyperscale cloud spending are all important elements, while competition (another recent issue) and margins will also be poured over by analysts.”
The pound was little changed at 1.3537 dollars on Wednesday afternoon, from 1.3536 dollars at the equities close on Tuesday.
The euro stood higher at 1.1804 dollars, from 1.1787 dollars. Against the yen, the dollar was trading higher at 156.39 yen, compared with 155.71 yen.
The yield on the US 10-year Treasury widened to 4.05% on Wednesday from 4.04% on Tuesday. The yield on the US 30-year Treasury was flat at 4.69%.
In London, shares in HSBC hit an all-time high after better-than-expected fourth-quarter results.
The 7.9% gain took the Asia-focused lender’s market value to £239.29 billion, overtaking AstraZeneca as the most valuable listed UK company.
Cambridge-based drugs firm AstraZeneca has a market value of a touch below £236 billion after falling 0.7% on Wednesday, with oil major Shell, up 1.3%, a distant third at £169.72 billion.
For the fourth quarter of 2025, HSBC said adjusted pre-tax profit rose to 8.59 billion dollars from 7.32 billion dollars a year ago, ahead of 7.85 billion dollars consensus.
JPMorgan said the profit beat was driven by strong banking net interest income, and impairments coming in 12% lower than forecast.
Looking ahead, chief executive Georges Elhedery said HSBC is “raising our ambition and targeting a 17% [return on tangible equity] or better, excluding notable items, in each year from 2026 to 2028”.
“We are also targeting year-on-year revenue growth over the same period on the same basis, rising to 5% in 2028,” he added.
JPM said the new targets are slightly above consensus expectations for annual revenue growth of 4.2% in 2028.
Citi analyst Andrew Coombs said it was “a good print”, with “potential for high-single digit consensus EPS upgrades”.
Mining stocks were also in demand as metals prices rose.
Gold firmed to 5,204.64 dollars an ounce on Wednesday from 5,142.02 dollars on Tuesday. Silver rose 4.1% and copper gained 0.9%.
Miners Fresnillo, Antofagasta and Anglo American rose 7.3%, 5.7% and 4.4% respectively.
Also in the green was St James’s Place, after it said it will increase shareholder returns after reporting better-than-expected 2025 results.
The London-based asset manager rose 6.6%, as it reported a post-tax underlying cash result of £462.3 million in 2025, up 3.4% from £447.2 million the year prior, and ahead of £445.5 million company-compiled consensus. Pre-tax profit increased 28% to £1.34 billion from £1.05 billion.
Post-tax underlying cash basic earnings per share of 87.0 pence, increased 6.1% from 82.0p, ahead of 84.2p consensus.
In addition, the firm intends to increase total annual shareholder distributions to 70% (from 50%) of the underlying cash result through a combination of dividends and share buy-backs.
But Diageo shareholders had a day to forget, as shares plunged 13% after it cut full-year sales guidance and slashed its dividend.
London-based Diageo operates in more than 180 countries with a portfolio of more than 200 brands, including top sellers such as Johnnie Walker whisky, Smirnoff vodka, Tanqueray gin and Guinness stout.
It said net sales fell 4.0% year-on-year to 10.46 billion dollars in the six months to December 31, from 10.90 billion dollars a year ago, below VA consensus of 10.57 billion dollars.
Sales declined 2.8% on an organic basis, compared to VA consensus for a 2.0% drop, with organic volumes down 0.9% and a negative price/mix of 1.9%.
“Trading conditions remained challenging in the first half of the year. We believe this was largely due to further macroeconomic and geopolitical uncertainty, and weak consumer confidence in key markets,” the company said in a statement.
For the financial year, Diageo now expects a full-year organic net sales decline of 2% to 3%, “given further weakness in the US”. It had previously predicted an outcome between “flat to slightly down”.
In addition, the firm halved its first-half payout to 20 cents per share from 40.50 cents a year prior.
New chief executive Dave Lewis said he is “confident that this is the right action” to “drive stronger shareholder value over the coming years”.
Dan Coatsworth, head of markets at AJ Bell, said: “There is no point trying to dress up the six-month figures. These are awful results, and the repair job is massive.”
On the FTSE 250, Trainline shares buckled as chief executive Jody Ford signalled his departure.
Shares in the London-based digital rail and coach ticketing platform fell 7.5%, as it said Mr Ford intends to step down as chief executive after more than six years at the company.
A formal search process to find his successor has begun, the firm added.
Brent oil traded lower at 70.76 dollars a barrel on Wednesday afternoon, from 71.16 dollars late Tuesday.
The biggest risers on the FTSE 100 were HSBC, up 102.60p at 1,394.00p, Metlen Energy & Metals, up 2.70p at 37.65p, Fresnillo, up 294.00p at 4,326.00p, St James’s Place, up 83.50p at 1,343.00p and Relx, up 142.00p at 2,415.00p.
The biggest fallers on the FTSE 100 were Diageo, down 238.00p at 1,636.00p, Haleon, down 27.80p at 377.90p, Croda, down 99.00p at 3,113.00p, Babcock International, down 29.00p at 1,374.00p and Tesco, down 8.30p at 492.20p.
Thursday’s global economic calendar has US initial jobless claims data.
Thursday’s domestic corporate calendar has full-year results from jet engine maker Rolls-Royce, advertising agency WPP, exchange operator and data provider London Stock Exchange and kitchen supplier Howden Joinery.
Contributed by Alliance News
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