"Simon Brown, CEO of Landmark Information Group, which spearheaded the initiative, said: "The spark of inspiration for the Charter was the goal to reduce the time between sale agreed to exchange to just 28 days." The Charter outlines eight commitments, including early instruction of seller-side conveyancers, provision of upfront information, creation of a secure, interoperable data repository, and faster commissioning of leasehold packs. A new "best practice" marque will also be introduced to signal quality service to consumers."
"Landmark's latest Property Transactions Report found that the average time from sale agreed to exchange rose to 109 days in 2024 - up from 92 days in 2019 and 66 days in 2007. The costs of these delays are striking. According to Landmark, inefficiencies in the current system cost home movers around £400 million in failed transactions each year and waste "around four million working days for estate agents and conveyancers who lose up to £1 billion in wasted effort per year.""
Project 28 is an industry-led charter designed to reduce the average time between sale agreed and exchange to 28 days. The charter has support from 23 organisations across the property chain, including banks, estate agents and insurers. Eight commitments include early instruction of seller-side conveyancers, upfront provision of key information, creation of a secure interoperable data repository, faster commissioning of leasehold packs, and a best-practice service marque for consumers. Average transaction times have lengthened to 109 days in 2024. Inefficiencies cost home movers around £400 million in failed transactions and waste millions of working days, equating to up to £1 billion in effort annually.
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