Recent industry analysis has uncovered a concerning trend in the UK property market: the timeline from accepted offer to exchange of contracts has extended significantly, now averaging 135 days compared to 93 days recorded in 2019—a substantial 45% increase that signals growing inefficiencies in the transaction process.
Data compiled by mortgage consultancy Novus Strategy, drawing on TwentyCI market intelligence, demonstrates a persistent lengthening of exchange timelines alongside declining transaction volumes year-over-year.
The figures paint a stark picture: whilst the exchange period has grown by 3% over the past twelve months—rising from 131 days—transaction volumes have remained relatively static. January 2019 saw 78,830 completions, comparable to current levels, yet the process moved considerably faster then.
The premium segment faces particularly acute delays, with properties valued above £1 million experiencing an 8% extension in their exchange timeline, now reaching 146 days on average.
The underlying causes warrant examination. According to Novus Strategy, the fundamental issue lies in fragmented digital infrastructure across the property ecosystem—encompassing lenders, intermediaries, estate agents and conveyancing firms—which has failed to achieve the integration necessary to accelerate transactions, despite various industry and governmental digitisation efforts.
Progress
"Individual sectors have advanced their digital capabilities—brokers, lenders and conveyancers have each made strides—but these developments have occurred in silos," explains Claire Van der Zan (main image), CEO of the consultancy.
"Each market participant has built proprietary customer journeys and digital workflows. The critical challenge now centres on interconnecting these disparate systems through the Home Data Initiative, whilst simultaneously addressing fundamental issues around data trust, system interoperability and liability frameworks."
Van der Zan characterises the continued extension of exchange timelines as a systemic failure, noting that the residential sales process remains excessively fragmented.
Increased workload
"Organisations across the mortgage and residential property sectors have confronted mounting operational demands and compliance obligations in recent years, yet technological infrastructure has not evolved at a commensurate pace," Van der Zan observes.
"Efficiency gains from non-interoperable solutions inevitably plateau. Substantial friction persists between businesses when coordination and communication become essential to advancing transactions.
"This structural dysfunction explains why the Government identified comprehensive reform of the homebuying and selling process as necessary in last year's consultation, and underscores the urgency with which those recommendations must be implemented."
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