Real estate sector announces initiative to reduce property sales duration from 109 days to 28, raising questions about its feasibility.
The property market is grappling with significant delays, costing around £400 million in failed transactions each year and up to £1 billion in wasted effort for estate agents and conveyancers, according to recent reports. In an attempt to address these issues, an industry-led charter called Project 28 has been proposed by the Landmark Information Group.
Project 28, not a government-led legislation, seeks to improve the property transaction process through eight commitments. These include early instruction of seller-side conveyancers, provision of upfront information, creation of a secure, interoperable data repository, and faster commissioning of leasehold packs.
The charter has been supported by 23 leading organisations from across the property chain, including HSBC, Lloyds, Connells, Yopa, and Legal & General. The aim is to support the industry's ambition of a more efficient property transaction process, but whether it will achieve this goal is yet to be determined.
One of the key features of Project 28 is its focus on digitising key property information and facilitating more efficient data sharing. This could potentially lead to faster, more reliable transactions and less risk of fall-throughs for consumers. In addition, the charter aims to reduce the average time between "sale agreed" and "exchange" from the current 109 days to 28 days.
To ensure quality service, a new "best practice" marque will be introduced. This marque will signal to consumers that firms adhering to the charter's standards are committed to providing a more efficient and reliable service.
However, not all firms have signed up to the charter, raising concerns about its enforcement and potential impact on upfront costs in an already expensive process. The charter's success could be crucial in reducing nasty surprises late in the process due to the focus on upfront legal work and standardised data.
The target group affected by Project 28 is not explicitly mentioned in the provided information. However, Project 28 could potentially refer to various initiatives, but none of the cited results directly describe a Project 28 or specify its affected target group.
In conclusion, Project 28 represents a potential starting point for a streamlined, digital-first property transaction process. Whether it leads to a genuine revolution remains uncertain, but with the support of key industry players and the potential benefits it offers, it is certainly worth keeping an eye on.
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