Project 28: Transforming UK Property Transactions with a 28-Day Exchange Goal

Delays in property transactions have long been a challenge in the UK housing market. In 2024, the average time from sale agreed to exchange stood at 109 days — almost double the 66-day average seen back in 2007. These delays cost buyers, sellers, and professionals time, money, and peace of mind.

To address this, 23 leading organisations from across the property sector have come together to launch Project 28: A Charter for Faster, More Certain Property Transactions. The ambition is clear — to reduce the transaction process to just 28 days, creating a system that is faster, more efficient, and more transparent.

Why is this needed?

Current inefficiencies in the system cost UK movers an estimated £400 million annually in failed transactions. Estate agents and conveyancers also lose out, with up to £1 billion worth of wasted effort — equivalent to four million working days every year.

What will change?

The Project 28 Charter focuses on:

• Providing more upfront data so buyers and sellers have clarity from the start.
• Embracing digital-first processes with secure, interoperable data repositories.
• Promoting best practice across the industry through a recognised standard.

Together, these changes aim to shorten the property transaction process and restore trust in the system.

Industry backing

The Charter is supported by organisations that collectively:

• Manage over £600 billion of mortgage assets annually.
• Bring more than half of estate agency listings to market.
• Process over one million property searches every year.

With such broad industry involvement, the potential for real reform is strong.

Looking ahead

While progress has been made in recent years, with the average time falling from 115 days in 2023 to 109 days in 2024, the gap remains significant. Project 28 offers a practical framework to make transactions smoother and less stressful for property buyers, sellers, and the professionals supporting them.

As Verona Frankish, CEO of Yopa, summed it up: “This Charter sets a bold, practical path towards achieving a 28-day target, delivering faster, more certain transactions that benefit everyone.”

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