The property market is at a crossroads. Traditional methods of buying and selling homes continue to rely on outdated processes that add unnecessary delays and frustrations.
Recent research by the Open Property Data Association (OPDA) reveals that the journey from an accepted offer to the exchange of contracts takes an average of 124 days – 41% longer than homebuyers initially expect. These findings only highlight what most of us already know – there is an urgent need for change in an industry that affects millions of people across the UK.
When homebuyers first step into the property market, their expectations are modest. On average, buyers and sellers anticipated that exchanging contracts would take an average of 88 days once an offer had been accepted. However, in practice, this milestone is only reached more than a month (36 days) later. The gap between expectation and reality is stark which creates uncertainty and adds an emotional toll to what is already one of life’s most significant and stressful decisions.
Identifying the barriers
According to the research, communication breakdowns are at the heart of these delays. Over 40% of respondents cited “communications between parties” as the key obstacle, while nearly 40% felt that “chasing for updates” further complicated the process. Equally troubling is the repetition in document collection – 62% of respondents reported being asked to submit the same information multiple times. These inefficiencies not only extend timelines but also heighten the risk of errors and data breaches.
Moreover, the blame is shared across multiple stakeholders involved in the transaction. Almost half (44%) of the respondents attributed delays to property lawyers and conveyancers, with estate agents (29%), mortgage lenders (17%), and surveyors/valuers (15%) also shouldering responsibility. This fragmentation highlights the need for a more streamlined, integrated approach to homebuying.
A path forward
Looking beyond the UK, there is much to learn from more efficient property markets. In Australia, for instance, the average time from listing to completion hovers around 30 days. Although differences in market dynamics and property types must be acknowledged, this comparison illuminates the potential for significant improvements. The contrast between Australia’s swift transactions and the UK’s prolonged processes is a call to action for the industry to embrace change.
At its core, the problem is not only one of market size or complexity, but of a lack of investment and outdated processes that have not kept pace with modern consumer expectations. The solution lies in digitisation – transforming an archaic system into one that is efficient, transparent, and user-centric. Digitisation will significantly reduce delays, lower fall-through rates, and build trust within the market.
At OPDA, we believe that by embracing digital solutions, the property industry can reduce friction, enhance transparency, and ultimately improve consumer outcomes. But success depends on a regulatory environment that fosters innovation while ensuring consumer protection.
Our research found that 25% of consumers see clear guidance from government and regulators as a key factor in increasing confidence in digital property data. Without this, adoption could be slow, and the market will continue to lag behind other sectors. The time for incremental change is over. With consumer demand, government recognition, and industry momentum building, we must seize this moment to modernise homebuying in the UK.
The future of property transactions is digital. By working together, we can ensure that homebuyers and sellers have the safe, trusted, and accessible information they need at their fingertips. The industry must act now to bridge the gap and deliver the modern, efficient property market that consumers deserve.
