A coalition of 23 major UK property organisations has launched Project 28, a new charter designed to cut the time from sale agreed to exchange from the current average of 109 days down to just 28.

The goal: fewer costly fall-throughs, faster transactions, and greater certainty for landlords and investors buying or selling rental stock.

Blueprint for Faster, Digital Deals

The charter sets out eight operational commitments, including:

• More upfront property data.

• Secure, interoperable digital repositories.

• Greater collaboration between surveyors, conveyancers, lenders and agents.

The aim is to replace a process that has grown 19% slower since 2019 with a new four-week standard.

Simon Brown, CEO of Landmark Information Group, said:  “Project 28 is a united response to a system that has, for too long, been too siloed, let down consumers and slowed economic progress. This charter offers a realistic path to meaningful reform.”

Why Certainty Matters for Landlords

For landlords, quicker completions could mean:

• Fewer void periods between tenancies.

• Reduced exposure to shifting mortgage rates.

• Greater flexibility when expanding or streamlining portfolios.

Verona Frankish, CEO of Yopa, argued:  “Buying or selling a home should be exciting, not exhausting. By embracing digital solutions and aligning best practice, we can deliver faster, more certain transactions that benefit everyone.”

Nick Hale, CEO of Movera, added:  “With the average transaction currently taking more than 100 days to complete, it’s clear the market needs significant reform.”

Potential Ripple Effects

Analysts suggest that if widely adopted, Project 28 could:

• Reduce the £400 million lost annually to failed sales.

• Free up an estimated four million working days for estate agents and conveyancers.

• Boost confidence in the private rented sector by helping landlords move more quickly to meet tenant demand.

Justin Parkinson of Decision First, operator of Lender Exchange, summed up:  “Visibility and transparency are the bookends of the property industry. With them, all parties know where they stand and what to expect.”