Banks and lenders have signed up to a charter to speed up shockingly slow property transaction times.
HSBC, Lloyds Banking Group, Legal & General, Nationwide, L&C Mortgages and Mortgage Advice Bureau among those pledging their support “to drive meaningful reform across the property transaction process” according to a statement.
The Charter sets out eight core commitments: –
- Early instruction of seller-side conveyancers at the point of listing;
- Provision of upfront information and, where possible, condition reports;
- Collection of data in digital form and secure sharing with all authorised parties;
- Ensuring all data comes from trusted, standardised sources to reduce duplication;
- Access to a secure, interoperable data repository so transaction status is visible to all parties;
- Early commissioning of leasehold packs with service standards for management companies;
- Introduction of a recognisable marque to give consumers confidence in best practice;
- Commitment to a so-called “quality fee for a quality service”, ensuring fair remuneration for professionals.
Other players in the industry – such as conveyancing giant Simplify, the Landmark Information Group and online agency Yopa – have also signed, but major estate agencies are notable by their absence.
The average time between sale agreed and exchange for purchases in 2024 was 109 days – a slight improvement from 115 days in 2023, but still 19% longer than in 2019 (92 days) and 65% longer than in 2007 (66 days).
Some 300,000 sales fall through annually involving four million working days lost by professionals equating to an estimated £1 billion in wasted effort.
The charter represents a unified blueprint for change. Its ambition is to reduce the average transaction timeline to just 28 days.
Verona Frankish, chief executive of Yopa, comments: “Delays, fall-throughs, and inefficiencies have long been a frustration for both buyers and sellers, and it’s clear the industry must come together to provide a better experience for consumers.
“By committing to Project 28, Yopa and our fellow signatories are demonstrating our determination to lead the change and deliver faster, more certain transactions.
“This Charter provides the structure, the collaboration, and the momentum needed to finally reform the process – ensuring that home moving becomes less stressful, less costly, and more efficient for everyone involved.”
