As a body that has focused a significant number of resources on seeking to improve the home buying and selling process, we often hear arguments put forward about keeping the status quo, and that “it’s not as bad as you make out” or “it’s the same in most countries around the world”. 

 

A world-beating wait for buyers and sellers

A recent study by Moverly, I think, puts paid to those arguments, as it analysed the average time to sell a home in 12 countries, and the results revealed that a) the UK is at the wrong end of the scale, and b) it’s most definitely not the same in other countries around the world.

The top-line results reveal the UK ranks as the slowest among all the nations looked at, and again it won’t need me to tell you that there are some profound economic implications for all stakeholders involved, not least in the time it takes to get paid for the work carried out, but also in terms of the cost to the consumer, not just in pounds and pence, but also in terms of the time and resources they have to expend in trying to get to the finish line.

The data from Moverly reveals that, on average, it takes 179 days from listing to completion in the UK, which is 25-and-a-half weeks, close to six-and-a-half months. In other words, properties being listed at the tail end of August will, on average, not complete until the end of February/start of March 2025.

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That is one lengthy pipeline that can’t be good for anybody involved in the process.

To make matters seem even worse, 179 days here is a staggering 126 days longer than the US, where the process takes just 53 days. I understand they have a totally different legal system to the UK, but our timeline is a whopping 70% longer than the US, which can’t be acceptable and emphasises the urgency for reform. 

Other nations with more efficient processes include the UAE (70 days), New Zealand (72 days), Canada (90 days), and Australia (95 days). In contrast, countries closer to the UK in terms of timeline include Italy (159 days) and Spain, Portugal, and Singapore (all at 152 days), with Germany (137 days) and France (105 days) also lagging behind the leaders but still far ahead of the UK. 

 

Using technology to execute housing transactions

As mentioned, and you will have seen and heard us talk repeatedly about the benefits of a more efficient process here; we have dedicated years to trying to address these inefficiencies.

And we continue to push the benefits and the initiatives we believe will modernise conveyancing through a digital transformation, while standardising the provision of upfront property information.

These measures have been proven to slash transaction times significantly by providing clarity and expediting decisions, plus they mean there is less time for anything to go wrong, for minds to be changed due to information only coming to light later on, and for transactions to be aborted – a constant thorn in the side of our property market and those of us who make our livings from it.

 

A faster exchange process will be better for all 

The economic benefits of such improvements are clear.

For mortgage advisers, reducing transaction times would not only increase the number of deals they can handle, but also improve their service quality, leading to higher client satisfaction and retention rates. Conveyancing firms stand to gain from lower operational costs and shorter case durations, which translate into higher throughput and profitability. 

Moreover, a streamlined property market would enhance liquidity, enabling quicker property turnovers and supporting economic stability, especially in turbulent times.

For the broader economy, this means increased housing market mobility, encouraging more robust labour market mobility as individuals can relocate more easily for employment. 

Our work at the Conveyancing Association (CA) has led to significant collaborations with technology providers and policymakers to push for essential legal reforms and encourage widespread adoption of digital tools. These tools and reforms are vital for reducing the bureaucratic overheads and the often unnecessary delays that currently plague our system. 

I urge all stakeholders in the property market – agents, advisers, conveyancers, lenders, and regulators – to support and continue to adopt these measures and solutions.

The potential to improve the UK property market is immense, and by aligning with more efficient global practices, we can transform our current system into one that is fit for today’s world. 

As we continue to press for improvements, the goal is clear: transform the UK property market into a more dynamic, efficient, and competitive landscape. This is not just about enhancing transaction speeds but also about creating a market that is responsive and robust, serving the needs of all participants effectively and efficiently.

Let’s work together to make this a reality, ensuring our market is no longer an outlier but a leader in property transaction efficiency.