Reduction of Home Sales Timeframe: Property Industry Introduces Charter Aiming to Reduce Sales from 109 Days to 28 - Will It Be Effective?
Project 28, an industry-led charter spearheaded by the Landmark Information Group, aims to revolutionize the property transaction process in Britain. The charter, supported by 23 leading organizations from across the property chain, including HSBC, Lloyds, Connells, Yopa, and Legal & General, aims to reduce the average time between "sale agreed" and "exchange" from the current 109 days to a remarkable 28 days.
The charter, however, has not been universally adopted by all firms, raising concerns about its widespread adoption. The project is scheduled to start as early as July 1, 2026, with project selection finalized by January 28, 2026. It's worth noting that a later project start date may be possible within the given funding period.
Digitising key property information is central to the Charter's plans. The charter outlines eight commitments, including early instruction of seller-side conveyancers, provision of upfront information, creation of a secure, interoperable data repository, and faster commissioning of leasehold packs.
Simon Brown, CEO of Landmark Information Group, initiated the project with the goal to reduce the time between sale agreed to exchange to just 28 days. He admits that the charter is just a starting point for a streamlined, digital-first property transaction process.
The costs of delays in property transactions are substantial. According to Landmark, around £400 million in failed transactions each year and "around four million working days" for estate agents and conveyancers are wasted, costing them up to £1 billion in wasted effort per year. If the Charter succeeds, consumers could benefit from faster, more reliable transactions and less risk of fall-throughs.
However, the success of the Charter in bringing about a genuine revolution in how Britain buys and sells homes remains uncertain. Requiring sellers to instruct conveyancers early could increase upfront costs in an already expensive process. To signal quality service to consumers, a new "best practice" marque will be introduced as part of the charter.
The focus on upfront legal work and standardised data should, in theory, reduce nasty surprises late in the process. Yet, the charter is not a government-led legislation, and its success depends on industry participants enforcing it. The success of Project 28 will be closely watched as it could pave the way for a more efficient and less stressful property transaction process for all involved.
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