By bizn_fun 
It is estimated that hundreds of thousands of families and first-time buyers could benefit from the reforms.
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.
The consultation draws on other jurisdictions, including the Scottish system where there is more upfront information and earlier binding contracts.
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.
Binding contracts may also be introduced to prevent parties from walking away late in the deal, a move intended to halve the number of failed transactions, which currently cost the UK economy an estimated £1.5bn a year.
“Buying a home should be a dream, not a nightmare,” said Reed. “Our reforms will fix the broken system.”
The Under-Secretary of State at the Ministry of Housing, 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.”
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 a full roadmap for 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.”