Buyers wait over 120 days to exchange contracts
Homebuyers in the UK are waiting significantly longer than anticipated to finalise property purchases, according to new findings from the Open Property Data Association (OPDA).
OPDA’s research, which surveyed more than 5,300 UK residents who had bought or sold a home in the past five years, has revealed that the average time to exchange contracts after an offer is accepted is 124 days — 41% longer than the 88 days buyers initially expect.
In England and Wales, the average delay extends to 38 days beyond what buyers plan for. Even in Scotland, where the system differs, contracts are exchanged 32 days later than anticipated.
“It’s shocking that exchanging contracts still takes 40% longer than expected, especially given that those expectations aren’t exactly high,” said Maria Harris (pictured), chair of the Open Property Data Association. “The problem is that the home-buying process is stuck in the past.”
A key issue flagged by respondents is poor communication. Over 40% identified a lack of timely updates between parties as the most challenging part of the transaction. Nearly as many said the need to chase for updates added stress and uncertainty.
Repetitive document requests also slow progress. Around 62% of participants said they were asked to submit the same information or documents multiple times. This not only wastes time but also increases the chance of errors and data mismatches.
When asked who they believed was most responsible for delays, 44% pointed to property lawyers or conveyancers. Estate agents were cited by nearly 29%, while 17% held mortgage lenders accountable. A smaller group blamed valuers or surveyors. Notably, older respondents were more critical of legal professionals, whereas younger buyers were more likely to blame estate agents.
“Everyone knows the old saying about moving home being one of life’s most stressful experiences,” said Phil Spencer, founder of property advice site Move iQ. “But the reason it’s so stress-inducing isn’t just the cost; it’s more likely to be the uncertainty and delays that often plague the process.”
To address inefficiencies, OPDA is advocating for greater adoption of digital tools, such as digital property packs. These would provide comprehensive property information upfront, helping to streamline transactions and reduce fall-through rates. The survey found 82% of consumers support the idea, and 77% said they would use such a tool if available.
“Our research shows that consumers are not only open to digital property packs but are actively calling for them,” Harris said. “With the government’s commitment to digitisation, now is the time to push forward with the solutions and new customer journeys to make this vision a reality.”
The report comes in the wake of the Ministry of Housing, Communities and Local Government’s recent announcement supporting digital reform in the property sector. OPDA is urging the industry to prioritise transparency, open data standards, and secure information sharing to meet evolving consumer expectations.
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