Property transactions in England and Wales are now taking an average of 123 days from instruction to completion, according to new research from Landmark Information Group, reinforcing the need for developers and bridging finance providers to factor extended transaction times into funding and exit calculations.
Landmark’s latest report, An industry aligned: Moving towards certainty, shows transaction times have increased by 18% since 2019 and by 64% since 2007, pointing to a structural issue rather than a short-term market slowdown.
For development-led schemes, particularly those reliant on short-term finance, the findings underline the growing importance of realistic assumptions around legal and conveyancing timelines, especially where delays can impact exit strategies, interest roll-ups and refinancing windows.
The research also highlights a widening gap between actual transaction timelines and market expectations. Buyers and sellers say their ideal timeframe from Sold Subject to Contract to completion would be just 6.78 weeks, less than half the current average, illustrating the disconnect between commercial reality and behavioural assumptions often built into project planning.
EARLIER CERTAINTY, SLOWER COMPLETIONS
While consumer expectations may be optimistic, the report identifies strong appetite across the market for earlier certainty. Almost nine in 10 sellers said they would instruct a conveyancer before listing their property if it led to a faster and more predictable transaction.
Three quarters said they would pay their estate agent upfront for improved data-sharing, while 71% would do the same with their conveyancer, signalling growing recognition that delays are costly and that certainty has value.
For developers and bridging lenders, this reinforces the case for front-loading due diligence wherever possible, particularly on schemes involving onward sales or refinancing exits that are vulnerable to slippage.
TECHNOLOGY NOT YET CLOSING THE GAP
Across the sector, firms are increasingly turning to technology to address delays, with artificial intelligence emerging as a priority. Landmark’s research shows 78% of law firms now use AI to support fee earners, double the level recorded in 2024.
Among lenders, 75% expect AI to enhance customer engagement over the next five years, up from 46%. Despite this, transaction times remain the biggest pressure point across the market.
Delays were cited as a top-three frustration by 42% of conveyancers, 40% of lenders and 32% of estate agents, highlighting the persistence of friction in the system despite increased digitisation.
Consumers, meanwhile, said the home-moving process would benefit most from better communication between stakeholders, improved technology to support that communication and clearer explanations of legal checks and searches.
IMPLICATIONS FOR DEVELOPMENT FINANCE
Simon Brown, chief executive of Landmark Information Group, said the findings confirm that certainty continues to arrive too late in the transaction process.
He said: “Property transactions are taking longer because critical legal, identity and risk information only enters the process once a deal is already underway. The result is extended timelines, rising anxiety and a higher risk of derailment.”
For developers and short-term lenders, late-stage uncertainty can translate directly into higher costs, prolonged exposure and increased reliance on extensions or revised funding terms.
Brown pointed to the industry-backed Project 28 as a potential route to improvement, arguing that faster transactions will not come from better progress reporting but from earlier certainty.
He said starting legal work, risk detection and data collation at the point of listing would make transactions more predictable and resilient, particularly during periods of economic or political uncertainty.
For the development and bridging finance market, the message is clear. Extended transaction times are no longer an exception but the norm, and funding structures, contingency planning and exit strategies need to reflect that reality.
In a market where certainty arrives late, those who price, structure and plan for delay are likely to be better protected when deals inevitably take longer to complete.
