A coalition of 23 leading organisations across the UK property sector has launched Project 28: A Charter for Faster, More Certain Property Transactions – an industry-led initiative that sets out a practical blueprint to overhaul the UK’s inefficient and fragmented homebuying process.
The Charter aims to tackle long-standing issues that cost home movers an estimated £400m annually in fall-throughs and waste around four million working days for estate agents and conveyancers. The cumulative cost of these inefficiencies is thought to exceed £1bn in lost productivity each year.
At the heart of Project 28 is a call for the digitisation of key property information and better data sharing across the sector. These changes are designed to modernise the conveyancing process, reduce transaction times, and boost both industry efficiency and consumer confidence—delivering tangible benefits to the wider UK economy.
The 23 member organisations behind the Charter represent a powerful cross-section of the industry. Together, they:
Support over £600bn in mortgage transactions annually
Facilitate more than half of all property listings
Produce over 1m environmental and search reports each year
Have on average three touchpoints per property transaction
The Charter includes eight operational commitments that members have pledged to implement, focused on reducing delays, increasing transparency, and restoring trust in the property market.
A key ambition of the initiative is to cut the time from sale agreed to exchange to just 28 days. Currently, the average transaction time sits at 109 days, according to the latest Landmark Information Group Property Transactions Report. While this marks a slight improvement from 115 days in 2023, it remains significantly slower than previous years—19% longer than 2019, and 65% longer than in 2007, when the average was just 66 days.
By uniting under Project 28, industry leaders hope to drive meaningful reform and lay the groundwork for a faster, more reliable homebuying process that better serves buyers, sellers, and professionals alike.
+ Increased relevant upfront data provision
+ Boosting adoption of secure interoperable data repositories
+ Promoting visible best practice via a recognisable marque
Simon Brown, CEO, Landmark Information Group said: “Project 28: A Charter for faster, more certain property transactions 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. Landmark is proud to drive forward this change, bringing the right people, data and insights together across the entire transaction chain, as part of this industry-led initiative.
“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.”
Verona Frankish, CEO, Yopa, commented: “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.”
Nick Hale, CEO, Movera, remarked: “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.”
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.
“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.”
Read the orginal article: https://propertyindustryeye.com/property-leaders-back-ambitious-charter-to-fast-track-home-sales-to-28-days/
