The charter aims to lower sale agreed to exchange times to 28 days, cut fall-throughs and boost economic growth. The average in 2024, according to Landmark Information Group, was around 109 days.
In order to achieve this, there are eight commitments that the 23 member firms have agreed to.
These commitments are:
- 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 responsible marque to indicate best practice.
- A quality fee for quality service.
The reasoning behind the charter is to fix inefficiencies that cost homemovers around £400m in fall-throughs and drain four million working days from estate agents and conveyancers, who lose £1bn in effort per year, Project 28 said.
The members are Aconveyancing, Connells Group, EA Masters, Evolve Law, Holden Smith, HSBC, L&C, Landmark Information Group, Legal & General (L&G), Lender Exchange, Lloyds Banking Group (LBG), LMS, Mortgage Advice Bureau (MAB), Movera, Nationwide, Perry Bishop, Preston Baker, Property Academy, RedBrik, Simplify, Sort Group, TwentyCi and Yopa.
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The companies are responsible for annual transactions backing around £600bn of mortgage assets and process in excess of one million search and environmental reports per year.
The group covers conveyancers, estate agents, lenders, brokers and data providers.
Project 28 is a ‘pivotal moment’ for the industry
Simon Brown, CEO of Landmark Information Group, said Project 28 was a “pivotal moment for the property industry – a united response to a system that has, for too long, been too siloed, let down consumers and slowed economic progress”.
He added: “Landmark is proud to drive forward this change, bringing the right people, data and insights together across the entire transaction chain, as part of this industry-led initiative.
“Sitting at the centre of the property ecosystem, Landmark has been uniquely positioned to lead the development of practical, immediate commitments that will improve speed, certainty and trust.
“This charter offers a realistic path to meaningful reform. We now urge government and the wider market to act with us in transforming the experience for homemovers across the UK.”
Clare Beardmore, director of distribution and mortgage club at L&G, said the property buying process can be “stressful for anyone”, but “long and unforeseen delays during a purchase can really impact buyers financially and emotionally”.
She continued: “The launch of this charter is a positive step forward for the property market, reflecting the industry’s commitment to making the home buying process faster, more transparent, and more reliable for everyone.
“Initiatives like Project 28, combined with measures such as the easing of affordability barriers and the continuation of the mortgage guarantee scheme, are helping to create a more accessible and efficient market. For buyers, having timely access to accurate information and trusted advice has never been more important.
“By working together across the industry, we can help give people the confidence to move with certainty, reduce delays, and ultimately improve outcomes for everyone involved in a property transaction.”
Nick Hale, CEO of Movera, said: “This industry-wide initiative is much needed, to help speed up house buying and selling and make the process smoother, more secure and more transparent.
“With the average transaction currently taking more than 100 days to complete, it’s clear that the UK property market needs significant reform and we all need to work together to achieve the proposed 28-day transaction target.”
