A group of 23 organisations across the property sector have launched ‘Project 28’, a charter aimed at speeding up and bringing more certainty to property transactions.
Founding members 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.
The charter sets out eight commitments, including starting legal work at the listing stage, providing upfront information and condition reports, making reliable data available, access to secure data repositories, early commissioning of leasehold packs, promoting best practice, and ensuring professionals are paid fairly for quality service.
Simon Brown, CEO at Landmark Information Group, said the main goal was to cut the time between sale agreed and exchange to 28 days.
Research found the average time between sale agreed and exchange for purchases in 2024 was 109 days, down from 115 days in 2023.
However, this was still 19% longer than in 2019 and 65% longer than in 2007.
Delays were said to be costing homemovers about £400m a year in fall-throughs, with estate agents and conveyancers losing up to £1bn annually in wasted effort.
Brown added that the charter is a step towards digitising key property information and improving data sharing.
Clare Beardmore, director of distribution and mortgage club at Legal & General, said: “The process of buying a property can be stressful for anyone, but long and unforeseen delays during a purchase can really impact buyers financially and emotionally.
“The launch of this charter is a positive step forward for the property market, reflecting the industry’s commitment to making the homebuying process faster, more transparent, and more reliable for everyone.
“Initiatives like Project 28, combined with measures such as the easing of affordability barriers and the continuation of the Mortgage Guarantee Scheme, are helping to create a more accessible and efficient market.”
Beardmore added: “For buyers, having timely access to accurate information and trusted advice has never been more important.
“By working together across the industry, we can help give people the confidence to move with certainty, reduce delays, and ultimately improve outcomes for everyone involved in a property transaction.”
