Property transactions in England and Wales are taking an average of 123 days from instruction to completion, latest research from Landmark Information Group reveals.
Its latest report, An industry aligned: Moving towards certainty, shows transaction times have risen 18% since 2019 and 64% since 2007, suggesting the problem is systemic rather than driven by short-term market conditions.
The findings also highlight a widening gap between reality and consumer expectations. Buyers and sellers say their ideal timeframe from Sold Subject to Contract (SSTC) to completion would be just 6.78 weeks – less than half the current average.
The report points to strong consumer appetite for earlier certainty. Almost nine in 10 sellers (89%) said they would instruct a conveyancer before listing their property if it led to a faster sale.
PAYING UPFRONT
Three quarters said they would pay their estate agent upfront for improved data-sharing, while 71% would do the same with their conveyancer.
Across the sector, firms are increasingly turning to technology to address delays, with artificial intelligence emerging as a priority.
Landmark’s research shows 78% of law firms now use AI to support fee earners, double the level recorded in 2024. Among lenders, 75% expect AI to enhance customer engagement over the next five years, up from 46%.
Despite this, long transaction times remain the biggest pressure point across the market.
Delays were cited as a top-three frustration by 42% of conveyancers, 40% of lenders and 32% of estate agents.
Consumers, meanwhile, say the home-moving experience would improve most with better communication between stakeholders (47%), improved technology to support communication (42%) and clearer explanations of legal checks and searches (36%).
CERTAINTY ARRIVES TOO LATE
Simon Brown (main picture, inset), chief executive of Landmark Information Group, said: “The research reinforces a trend we’ve been tracking for some time – property transactions are taking longer because certainty still arrives too late.
“Too much critical legal, identity and risk information only enters the process once a deal is already underway. The result is extended timelines, rising anxiety and an increased risk of derailment for one of the most emotional and expensive purchases people will ever make.”
PROJECT 28
He added: “Last year marked a pivotal moment for the UK property market, as the industry aligned behind Project 28: A Charter for faster, more certain property transactions. This blueprint for industry change outlines that the solution is not more status updates or dashboards, but earlier certainty.
“Starting legal work, risk detection, identity and data curation at the point of listing, and then letting technology amplify a better-designed process will make transactions quicker and easier for everyone.
“We’ve now reached an inflection point for the property industry, as our latest findings show that professionals and consumers are united around a shared appetite for greater certainty.
“Political and economic turbulence will always form part of the backdrop, but by mobilising around better-connected, earlier-stage processes, the industry has a real opportunity to deliver transactions that are more resilient, predictable and reliable.”
