Project 28: A Charter for faster, more certain property transactions
Introducing the new blueprint for industry change – driven by organisations from every area of the property sector.
How we buy and sell homes deserves to work better – for everyone
Today, the property transaction process is fraught with inefficiencies and obstructions, unnecessary complexities and delays. Home movers and property professionals alike are bearing the consequences: frustration, fall-throughs and financial losses.
1 IN 3
property transactions fall through annually, costing £400m
109 DAYS
average time between sale agreed to exchange for purchases
(65% longer than in 2007)
£1 BILLION
of wasted effort spent every year by agents and conveyancers
We're bringing certainty, transparency and speed back to the sector
There’s a critical need for systemic change across the property transaction process – with parties across every step of the value chain needing to play their part.
With Project 28: A Charter for faster, more certain property transactions, the industry is uniting to make positive change happen by streamlining the process – with all parties aligned to reduce transaction times.
TOGETHER WE HAVE A BOLD AMBITION:
To streamline the transaction process to 28 days from sale agreed to exchange
It’s time to drive change and collaboration to implement – and benefit from – the new process
The Charter is the result of unprecedented industry collaboration, discussion and debate – with practitioners from across the country and all sides of the industry: estate agencies, conveyancers, mortgage lenders, brokers and partners, joining forces.
Together these member organisations:
- are responsible for annual transactions supporting over £600bn of mortgage assets
- support estate agents in bringing more than half of total listings to market
- process in excess of 1m search and environmental reports per annum
- have three touchpoints on average for every property transaction
The Project 28 Charter maps out a clear set of commitments – supporting the industry’s vision of a streamlined, digital-first property transaction process.
Together we’re advocating for the upfront availability of relevant property information, the use of trusted data sources and the implementation of secure, centralised data repositories.
The Charter maps out eight key commitments:
- Early instruction of seller-side conveyancer
- Provision of relevant upfront information and condition reports
- Ensuring data collection and availability
- Ensuring trusted data
- Access to a secure, interoperable data repository
- Early commissioning of leasehold packs
- A recognisable marque to indicate best practice
- A quality fee for quality service
CONTACT US
Register your interest and become a Charter member
The Charter will gain its strength from industry-wide uptake and membership, so we’re keen for companies in the sector to get on board. If you’d like to join, please fill in the form and we’ll be in touch.