Why does buying a home take so long – and how do we fix it?
27 March 2025, 08:05 | Updated: 27 March 2025, 08:10
Despite steady transaction volumes in 2024, buying a home remained painfully slow. While demand from buyers and sellers is consistently strong, the process itself is causing unnecessary hold-ups.
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Landmark’s data shows that on average, it takes 120 days from instruction to completion - marginally better than in 2023 (123 days), but still much longer than in pre-pandemic years. This isn’t just an inconvenience for buyers and sellers; it’s a drain on economic activity, adding stress and uncertainty to an already stressful process.
The Government’s plans to digitise the homebuying process are a positive step, but technology will be most effective when supported by a coordinated system. Without addressing the structural inefficiencies that cause delays, digital tools risk accelerating the same fragmented processes rather than resolving them.
Why is it taking so long?
While external factors like interest rates and affordability shape the housing market, the biggest challenge remains the complexity of the transaction process itself. With multiple professionals involved – from estate agents to surveyors – delays can occur when key information isn’t available early enough in the process, creating bottlenecks and slowing progress.
One hurdle is the point at which most buyers and sellers engage conveyancers. Because they must verify critical details, much of their work ends up duplicating steps that could have been addressed earlier. If conveyancers were engaged sooner, for example at the point of listing, they could work alongside agents to ensure sellers are 'contract ready' and prospective buyers have access to the necessary information from the outset. This is one thing that could help streamline the process and reduce unnecessary enquiries – which jumped by 25% in 2024 - lowering the risk of transactions falling through.
Industry and Government must work together for a better process
Digitisation is an important step, but without tackling the inefficiencies in transactions, it won’t be enough. While digital tools can enhance speed and transparency, they cannot resolve delays caused by fragmented processes, siloed working, and conveyancing scope creep. For technology to have real impact, it must be integrated into a more structured and coordinated process.
The real opportunity lies in industry taking the lead. By standardising the way, the right information is shared upfront with the right parties, improving collaboration between professionals, and integrating existing digital solutions, transaction times could be significantly reduced. Some in the sector are already demonstrating what is possible - but to make a real impact, these solutions need to be adopted at scale.
It’s time for action
The data is clear: the homebuying process is too slow, and it’s costing the economy. The Government’s own figures estimate that £400 million is lost each year due to failed transactions, while inefficiencies in the process result in four million working days lost annually for conveyancers and estate agents—equivalent to £1 billion in wasted productivity.
Government must listen to industry experts and prioritise practical solutions that break down barriers, not add to them. A faster, more efficient homebuying process benefits everyone - the industry, the economy, and importantly, the people trying to unlock the door to homeownership.
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Simon is CEO of Landmark Information Group, following successful senior executive and board level tenures at multiple global businesses including Nokia, Followap, Movirtu, ip.access and Telsis.
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