"The problem is that the home-buying process is stuck in the past. Embracing digitisation will allow us to modernise and enhance this process, making it more efficient and aligned with the needs of the 21st century"
- Maria Harris - Open Property Data Association
New research from the Open Property Data Association (OPDA) reveals that the house-buying process takes 41% longer than expected. On average, homebuyers anticipated it would take 88 days to exchange contracts once their offer was accepted, but the actual average was 124 days, a 36-day delay.
OPDA, which is advocating for transparency and data sharing in the property industry, surveyed 5,336 people who had bought or sold a house in the past five years.
“It’s shocking that exchanging contracts still takes 40% longer than expected, especially given that those expectations aren’t exactly high," comments Maria Harris, chair at OPDA, adding, "The problem is that the home-buying process is stuck in the past. Embracing digitisation will allow us to modernise and enhance this process, making it more efficient and aligned with the needs of the 21st century.”
While the property transaction process differs in Scotland, reality still doesn't meet expectations. In England and Wales, it takes 38 days longer than expected to exchange contracts (126 days vs. the expected 88 days). In Scotland, it takes 32 days longer than anticipated (106 days vs. 74 days).
For comparison, most Australian states require upfront seller disclosures, enabling a quicker contract exchange and a set completion date, usually around 30 days. This highlights the potential for significant improvements in the UK property process through upfront information and digitalisation.
Respondents cited poor communication as a significant issue. 40.61% said that “communications between parties” were the most challenging part of the process, and 39.47% noted that “chasing for updates” added to the frustration.
Another challenge is the redundancy in document collection. 62.3% of respondents were asked to provide the same information or documents multiple times, increasing the potential for errors, misalignment, and data breaches.
When asked what caused the delays, 44.3% of respondents blamed property lawyers or conveyancers, while 28.8% pointed to estate agents. Others blamed mortgage lenders (17.3%) and valuers or surveyors (14.9%). Older buyers tended to blame conveyancers, while younger buyers often blamed estate agents.
"Everyone knows the old saying about moving home being one of life’s most stressful experiences," said Phil Spencer, property expert and founder of 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.
He added, "This research reveals that many of us also underestimate just how long it can take to buy a home. The process is crying out for modernisation, and better transparency and digitalisation could shave weeks off the time taken to complete a purchase, making life better for buyers, sellers, and property professionals."
The research follows the Ministry of Housing, Communities, and Local Government (MHCLG) announcement to modernise the property transaction process and promote digitalisation.
Harris concluded, “Our research shows that consumers are not only open to Digital Property Packs but are actively calling for them. With the Government’s commitment to digitisation, now is the time to push forward with these solutions to ensure buyers and sellers have the information they need at their fingertips.”
