Why Lower Transaction Volumes Aren’t Speeding Up Property Transactions

The UK property market has experienced significant shifts over the past two decades, with transaction times continuing to lengthen despite fluctuating volumes. In 2024, the time required to complete a property transaction remained substantially higher than historical levels, challenging the assumption that fewer transactions should naturally lead to greater efficiency. Recent data from Landmark Information Group provides insights into why these delays persist and explores industry-wide improvements that could help streamline the process.

Understanding Transaction Delays

The average time from instruction to completion for property sales increased marginally from 159 days in 2023 to 160 days in 2024. While a one-day rise may appear insignificant, it reflects a broader trend—transaction times are now 88% longer than in 2007, when the average completion time was 85 days.

There was a slight improvement for purchases, with completion times decreasing from 123 days in 2023 to 120 days in 2024. However, this still represents a 60% increase from 2007, when transactions took an average of 75 days.

Despite reduced transaction volumes, bottlenecks persist throughout the process. Experts attribute these inefficiencies primarily to outdated systems, fragmented workflows, and the slow integration of modern technology into key stages of property transactions.

Industry Perspectives on Transaction Delays

Estate Agency Perspective

For estate agents, prolonged transaction times pose significant challenges. Ben Robinson, Managing Director of Landmark Estate Agency Services, points out that longer sales cycles increase the risk of transactions falling through and escalate costs due to extended marketing and administrative demands.

Some agents have adopted a more proactive approach by encouraging sellers to instruct conveyancers when listing, similar to the Scottish system. Preparing title searches, property searches, and Energy Performance Certificates (EPCs) earlier in the process allows buyers to access key information upfront, potentially reducing additional enquiries and expediting the conveyancing process.

According to the report, estate agents implementing this strategy alongside property technology solutions have seen pipeline yield improve from 65% to 85%.

Lender Perspective

In 2024, the average time from conveyancer instruction to mortgage offer increased slightly from 58 days in 2023 to 59 days. Mike Holden, Divisional Director of Growth, and Graeme Edwards, Managing Director of Landmark Valuation Services, attribute this delay to financial market volatility, which has led brokers to frequently revise applications to secure optimal mortgage terms.

To improve processing times, lenders are increasingly leveraging upfront data collection. Some mortgage providers now assess EPC ratings at the application stage, offering specialised mortgage products for energy-efficient properties. The report also suggests that obtaining building condition surveys earlier in the process could help streamline lending decisions.

Conveyancing Perspective

The role of conveyancers has expanded considerably over the past two decades. Rob Gurney, Managing Director of Ochresoft, highlights how the increasing scope of responsibilities has contributed to longer transaction times.

Despite a decrease in overall transaction volumes, the time taken from raising additional enquiries to receiving responses improved from 60 days in 2023 to 52 days in 2024. However, this remains significantly longer than in 2007, when responses took an average of 26 days.

Meanwhile, the average turnaround time for property searches has remained steady at 10 days, a notable improvement from 18 days in 2007. While property searches have become more efficient, delays in contract preparation and the volume of additional enquiries remain key factors affecting overall transaction timelines.

Key Data Points from the Report

• The average time from instruction to completion for sales increased slightly from 159 days in 2023 to 160 days in 2024, an 88% rise since 2007.
• The average time from instruction to completion for purchases decreased slightly from 123 days in 2023 to 120 days in 2024 but remains 60% longer than in 2007.
• The time from instruction to mortgage offer increased from 58 days in 2023 to 59 days in 2024, up 55% from 2007.
• The turnaround time for property searches has remained steady at 10 days, compared to 18 days in 2007.
• The time from raising additional enquiries to receiving responses improved from 60 days in 2023 to 52 days in 2024 but is still 100% longer than in 2007.

Conclusion

The Landmark Data Milestone Report 2025 underscores that despite lower transaction volumes, delays in property transactions persist. Expanded conveyancing responsibilities, prolonged mortgage processing times, and the high volume of additional enquiries contribute to extended timelines. While some industry participants have implemented proactive measures such as early conveyancer engagement and enhanced data collection, transaction times remain well above historical averages. Addressing these inefficiencies will require a more integrated approach across the property industry, leveraging technology and improving workflow coordination to achieve lasting improvements.

If you’re interested in how Nicholas & Co. Surveyors can help you, please contact us today. 

Telephone: +44 203 633 5370 / +44 1992 939 201

E-Mail: enquiry@nicholassurveyors.com

If you’re interested in how Nicholas & Co. Surveyors can help you, please contact us today.

Telephone: +44 203 633 5370 / +44 1992 939 201

E-Mail: enquiry@nicholassurveyors.com