Sweeping reforms to England's home-buying system, unveiled today, have been welcomed by one of the country's leading mortgage lenders as a step towards tackling Britain's affordability challenges.

Stuart Haire, Chief Executive of Skipton Group, said the changes – which aim to cut up to four weeks from the average house sale and save first-time buyers around £650 – would bring much-needed certainty to a market that too often leaves people stranded mid-transaction.

"This is a welcome step for buyers and sellers, and an important move towards a more modern and reliable housing market," Mr Haire said.

He added that Skipton, which supports customers both in buying and financing homes, witnesses first-hand the toll taken by delays, rising costs and collapsed sales. Better upfront information, earlier certainty and smarter use of data, he said, should help reduce wasted expense and smooth the path to completion for buyers and sellers alike.

For those trying to get a foot on the housing ladder for the first time, he said, shaving weeks off the process and reducing costs would make a real difference.

His comments came alongside fresh figures from Skipton's Home Affordability Index. The data shows that 98 per cent of adults still living with their parents cannot afford the average first-time buyer home in their area based on their own finances, and that even if the deposit hurdle were removed entirely, 97 per cent would still struggle to meet the ongoing costs of homeownership.

The figures also show that the average first-time buyer is now 34, up from 29 in the mid-1990s. Deposits typically exceed a full year's income, and more than half of first-time buyers now rely on two or more full-time incomes to afford a home.

Under the wider reform package, sellers and estate agents will be required to provide detailed "sales packs" at the point of listing, covering a property's condition, leasehold costs and chain status, so buyers can make informed decisions from the outset. New binding agreements will also be introduced earlier in the process to prevent parties pulling out of deals months down the line without good reason, while a Code of Practice – alongside proposed mandatory qualifications – aims to raise standards across the estate agency sector.

The government says the average home purchase currently takes around 120 days, with one in three sales falling through, costing sellers roughly £400 million a year and the wider economy up to £1.5 billion.