Propertymark research indicates that the time taken to move from offer to exchange has continued to rise well beyond traditional timelines. For buyers, this can mean extended periods of financial and emotional uncertainty, while sellers face a greater risk of fall-throughs.
For agents, longer transaction times increase workload, add complexity, and raise the likelihood of deals collapsing before completion.
Why transactions are slowing down
The issue reflects a combination of pressures across the home buying and selling process. Capacity constraints within conveyancing, delays in mortgage approvals, and increased compliance requirements are all contributing to slower progression. At the same time, the system relies on multiple parties working in sequence rather than in parallel, which can create bottlenecks at key stages.
The structure of property chains also remains a significant challenge. A delay affecting one transaction can quickly impact several linked sales, increasing the risk of collapse across the chain.
These issues are not new, but the current market conditions have amplified their impact.
The impact on agents and consumers
For buyers and sellers, prolonged transactions can lead to higher costs, including mortgage rate changes, additional legal fees, and repeated surveys. There is also a growing risk of transactions falling through, which can waste months of effort.
For agents, managing expectations becomes more difficult, and the administrative burden increases as they work to keep transactions moving. This can affect business efficiency and customer satisfaction.
A system that is slow and unpredictable ultimately undermines confidence in the housing market.
Propertymark’s call for reform
We have consistently campaigned for improvements to the home buying and selling process to make it quicker, more transparent, and more resilient.
A key issue is the lack of standardisation and upfront information. Providing more complete and verified property data at the start of a transaction would help reduce delays later in the process. This includes better use of digital tools and data sharing between parties.
Reform must also focus on improving coordination across the transaction. Buying and selling property involves multiple professionals, including agents, conveyancers, lenders, and surveyors. A more joined-up approach would reduce duplication and speed up decision-making.
In addition, Propertymark supports the introduction of greater professional standards across the sector. Currently, there are no minimum qualification requirements for estate agents in much of the UK, which can lead to inconsistent service levels and inefficiencies.
Strengthening regulation would help ensure that all parties involved in transactions are competent and accountable, improving outcomes for consumers.
Wider housing pressures add to the problem
Delays in transactions are also linked to broader challenges in the housing market. A lack of supply continues to place pressure on the system, with demand consistently outstripping the number of homes available. Over the past two decades, the number of homes built has not kept pace with population growth, contributing to affordability issues and increased competition.
At the same time, inefficiencies in the planning system and constraints within the construction sector mean that increasing supply is not a quick fix. Reform must go beyond planning and consider the full range of factors affecting housing delivery.
