The UK’s property sector has unveiled an ambitious new pledge to slash home sales from months to just four weeks.
Project 28, an industry-led charter, aims to reduce the average time between “sale agreed” and “exchange” from 109 days to 28.
But while major players have signed on, questions remain about whether it can deliver meaningful change for those looking to sell and buy a house.
What is Project 28?
Project 28 was proposed by the Landmark Information Group with the aim to bring 'A Charter for Faster, More Certain Property Transactions'.
The Charter has been supported by 23 leading organisations from across the property chain, from HSBC and Lloyds to Connells, Yopa and Legal & General.
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.
Why Project 28 is needed?
Delays in property transactions have grown steadily worse. 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.”
Brown said: “This 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.”
What could it mean for buyers and sellers?
If the Charter succeeds, consumers could benefit from faster, more reliable transactions and less risk of fall-throughs.
The focus on upfront legal work and standardised data should, in theory, reduce nasty surprises late in the process.
Brown argues that digitising key property information is central: “To revolutionise the property transaction process, the Charter recognises the benefits of digitising key property information and facilitating more efficient data sharing.”
Will Project 28 work?
As this Charter is not a government led legislation there are no certainties the plans will be enforced as it will be reliant on those within the industry to enforce.
Additionally, not all firms have signed up to the charter and there are concerns that requiring sellers to instruct conveyancers early could increase upfront costs in an already expensive process.
As Brown himself admits, the Charter is just a starting point: “This initiative will support the industry’s ambition of a streamlined, digital-first property transaction process… This Charter offers a realistic path to meaningful reform.”
Whether that path leads to a genuine revolution in how Britain buys and sells homes – or simply another layer of industry promises – remains to be seen.
