Make property offers legally binding upon acceptance in England and Wales

In England and Wales, buyers and sellers can pull out of a property deal anytime before contracts are exchanged, leaving both sides exposed to gazumping, gazundering, and losing money on surveys, legal fees, and mortgage costs.
In Scotland, an accepted offer becomes legally binding earlier through the conclusion of missives, giving more certainty, fewer fall-throughs, and a fairer, more efficient market.
We want a law that requires property offers to become legally binding upon acceptance.