A coalition of 23 major UK property organisations has launched Project 28, an industry-led charter to cut the time from sale agreed to exchange to just 28 days. The move aims to reduce costly fall-throughs, unlock economic growth and give landlords and investors more certainty when buying or selling rental stock.
Blueprint for faster, digital transactions
The charter pledges eight operational commitments, from providing more upfront data to adopting secure, interoperable digital repositories. By streamlining how surveyors, conveyancers, lenders and estate agents share information, the group wants to replace today’s average 109-day completion period—already 19% longer than in 2019—with a new four-week standard.
Simon Brown, CEO of Landmark Information Group, said: “Project 28 is a united response to a system that has, for too long, been too siloed, let down consumers and slowed economic progress. This charter offers a realistic path to meaningful reform.”
Certainty matters for buy-to-let investors
For landlords, quicker transactions could mean fewer void periods and less exposure to shifting mortgage rates. Verona Frankish, CEO of Yopa, added: “Buying or selling a home should be exciting, not exhausting. By embracing digital solutions and aligning best practice, we can deliver faster, more certain transactions that benefit everyone: buyers, sellers, and the professionals who support them.”
Nick Hale, CEO of Movera, echoed the urgency: “With the average transaction currently taking more than 100 days to complete, it’s clear the market needs significant reform and we all need to work together to achieve the proposed 28-day target.”
Potential ripple effects for rental supply
Industry analysts say faster deals could help landlords expand or refinance portfolios more confidently, supporting a private rented sector under pressure from high tenant demand. Justin Parkinson, Managing Director of Decision First, which operates Lender Exchange, stressed: “Visibility and transparency are the bookends of the property industry. With them, all parties know where they stand and what to expect.”
If widely adopted, Project 28 could reduce the estimated £400 million lost annually to failed sales and free up the equivalent of four million working days for estate agents and conveyancers—time that could be spent bringing more homes, including rentals, to market.
Editor’s view
Speed matters. For investors juggling finance deadlines and tenants waiting on move-in dates, a 28-day exchange target could be transformative. But it will demand genuine cooperation and government buy-in to ensure digital systems talk to each other. If Project 28 delivers, the prize is not just quicker completions but a more resilient, better-supplied rental market.
