Project 28 launches in a bid to slash time it takes to sell homes

A coalition of 23 of the UK’s leading property organisations has unveiled a sweeping reform programme designed to slash the time it takes to buy and sell a home.

Project 28: A Charter for faster, more certain property transactions sets out an industry-led blueprint to overhaul a system that currently leaves buyers and sellers waiting an average of 109 days from offer to exchange. The initiative’s central ambition is to cut that to just 28 days.

If implemented, Project 28 could accelerate property transactions by more than two months compared with current averages – a change its backers argue would not only improve consumer confidence but also deliver a significant boost to the wider economy.

The Charter highlights the economic toll of inefficiency across the housing market, with fall-throughs costing movers around £400 million a year and consuming four million working days for estate agents and conveyancers. Lost productivity is estimated at close to £1 billion annually.

MORE UPFRONT DATA

Among the practical steps pledged are the provision of more upfront data, greater adoption of secure interoperable data repositories, and the promotion of visible best practice through a recognisable marque.

Members of the working group together support transactions representing over £600 billion of mortgage assets annually, bring more than half of all property listings to market, and process more than a million searches and environmental reports a year.

PIVOTAL MOMENT

Simon Brown, chief executive of Landmark Information Group, said: “Project 28 is a pivotal moment for the property industry – a united response to a system that has, for too long, been too siloed, let down consumers and slowed economic progress.

“Sitting at the centre of the property ecosystem, Landmark has been uniquely positioned to lead the development of practical, immediate commitments that will improve speed, certainty and trust.

“This Charter offers a realistic path to meaningful reform. We now urge Government and the wider market to act with us in transforming the experience for home movers across the UK.”

EXCITING, NOT EXHAUSTING

Verona Frankish, chief executive of Yopa, added: “Buying or selling a home should be exciting, not exhausting. Yet too often, consumers face uncertainty, wasted time, and unnecessary costs because of outdated processes.

“At Yopa, we believe the industry has a responsibility to work together to change that.

“This Charter sets a bold, practical path towards achieving a 28-day target from sale agreed to exchange – delivering faster, more certain transactions that benefit everyone: buyers, sellers, and the professionals who support them.

“By embracing digital solutions, improving transparency, and aligning best practice, we can transform the moving experience and restore trust in the process and our industry. Yopa is proud to stand alongside our industry peers in making this ambition a reality – and we’re ready to play our part.”

SMOOTHER PROCESS

And Nick Hale, chief executive of Movera, said: “This industry-wide initiative is much needed, to help speed up house buying and selling and make the process smoother, more secure and more transparent.

“With the average transaction currently taking more than 100 days to complete, it’s clear that the UK property market needs significant reform and we all need to work together to achieve the proposed 28-day transaction target.”

VISIBILITY AND TRANSPARENCY

Justin Parkinson, managing director of Decision First, which operates Lender Exchange, added: “Visibility and transparency are the bookends of the property industry.

“Without them, expectations are set too high leading to unnecessary disappointment and frustration. With them, all parties involved know where they stand and what to expect.

Project 28 Cloverleaf 2 “The Project 28 Charter, the commitments set out in it, and the support of the companies signed up to the Charter are the foundations for providing much needed transparency across all aspects of the transaction, from listing, through valuation, mortgage offer, right through to completions and post completion registration, and we’re delighted to lend our support to this charter.”

EIGHT COMMITMENTS OF PROJECT 28

Early instruction of seller-side conveyancer: ensuring legal work begins at listing.

Provision of relevant upfront information and condition reports: reducing delays and surprises.

Ensuring data collection and availability: supporting faster, informed decisions.

Ensuring trusted data: improving confidence through reliable sources.

Access to a secure, interoperable data repository: giving all parties real-time access to key documents.

Early commissioning of leasehold packs: avoiding late-stage legal delays.

A recognisable marque to indicate best practice: helping property professionals and consumers identify best practice.

A quality fee for quality service: ensuring professionals are fairly remunerated.

Companies already involved in the Charter include AConveyancing; Connells Group; EA Masters; Evolve Law; Holden Smith; HSBC; L&C; Landmark Information Group; Legal & General; Lender Exchange; LLoyds Banking Group; LMS; Mortgage Advice Bureau; Movera; Nationwide; Perry Bishop; Preston Baker; Property Academy; RedBrik; Simplify; Sort Group; TwentyCi and Yopa.