The Royal Institution of Chartered Surveyors (RICS) has called on the new government to make improving the homebuying process an early priority, warning that lengthy delays and high transaction failure rates continue to cost buyers and sellers both time and money.

Following the appointment of Prime Minister Andy Burnham, RICS said it was ready to work with the government to help deliver practical reforms across the housing sector.

According to the organisation, the average property transaction now takes around 120 days to complete, while one in three agreed sales collapsed during June. These delays often leave buyers and sellers facing unnecessary costs, uncertainty and emotional stress.

RICS believes that modernising the buying and selling process could make a significant difference to consumers while improving confidence in the housing market.

The organisation also welcomed the government's ambition to increase housebuilding but warned that councils will require sufficient resources, expertise and professional support if they are to deliver the number of homes needed.

Reducing transaction times and preventing avoidable sales falling through has long been a priority for many across the property industry. Any reforms that improve communication, transparency and efficiency could benefit buyers, sellers, estate agents, lenders and mortgage brokers alike.

As further housing policies emerge, the industry will be watching closely to see whether meaningful reforms to the homebuying process become part of the government's wider housing agenda.