The government has launched a consultation on the process, which will include contributions from estate agents, solicitors and mortgage lenders.

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The government will be seeking views on:

• gazumping – when sellers accept a higher offer from a new buyer, when an offer has already been accepted
• mistrust between parties and schemes such as ‘lock-in agreements’
• the number of sales that fall through and increasing confidence in the housing chain
• informing customers on how to provide better guidance for buyers and sellers
• speeding up the buying process by finding innovative digital solutions, including making more data available online

Mr Javid said: “We want to help everyone have a good-quality home they can afford, and improving the process of buying and selling is part of delivering that.

“Buying a home is one of life’s largest investments, so if it goes wrong it can be costly.

“That’s why we’re determined to take action to make the process cheaper, faster and less stressful.

“This can help save people money and time, so they can focus on what matters: finding their dream home.

“I want to hear from the industry on what more we can do to tackle this issue.”