Housebuying may become quicker, cheaper and easier under plans to be announced by ministers today.

But those looking to sell up could be faced with extra costs.

The Government wants to halve the number of failed transactions, prevent last-minute fall-throughs and drive up the standards of estate agents and conveyancers.

Under the reforms, sellers and estate agents would need to give buyers key information about a property upfront – such as leasehold costs and survey details.

Buyers will then be able to see the physical condition, characteristics and flood risk of the property online. Binding contracts could also be introduced at an earlier stage, reducing the risk of a chain collapsing.

Estate agents and conveyancers could be subjected to mandatory qualifications and a new code of practice, with buyers given more information about their track record and expertise.

Ministers hope the proposals, contained in a Home Buying and Selling Reform consultation launched today, will cut around a month off the time it takes to buy a new home and save first-time buyers an average of £710.

But those selling a home could face increased costs of around £310 due to the inclusion of upfront assessments and surveys. Those in the middle of a chain would potentially gain a net saving of £400 as a result of the increased costs from selling being outweighed by lower buying expenses.

Ministers also hope the reforms will speed up the sluggish housing market by halving the number of failed sales, which cost the economy £1.5billion a year.

The last Labour government brought in similar reforms in 2007 with the 'home information pack (Hips)'. The Tories ditched Hips in 2010. Critics of the scheme said it added red tape, with sellers forced to pay around £200 to £400 for the packs.

Announcing the proposals, Housing Secretary Steve Reed said: 'Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives.'

Rightmove chief executive Johan Svanstrom said: 'The home-moving process involves many fragmented parts, and there's simply too much uncertainty and costs along the way.

'We look forward to working with the Government on this effort to improve the buying and selling process.'

Zoopla boss Paul Whitehead said: 'The homebuying process in the UK remains far too long, too complex, too uncertain, and has seen far less digital innovation than many other sectors.'

Tory housing spokesman Paul Holmes warned: 'Whilst we welcome steps to digitise and speed up the process, this risks reinventing the last Labour government's failed home information packs.

'Labour are also damaging the opportunities of home buyers, by failing to meet their 1.5million new homes built by the end of the Parliament target. The main pressure on housing is immigration and that's why we've set out tough new plans to ensure the British public is put first.'