What is Project 28 - the bold plan to speed up property transactions?

Buying or selling a home in the UK can be a painfully slow process. 

On average, it takes 109 days from the moment an offer is accepted to the exchange of contracts – and that’s assuming everything goes smoothly. But a new industry-wide initiative called Project 28 is aiming to change that.

Backed by 23 major firms across the property sector, including Optimus and Landmark, this Charter sets out a plan to cut the transaction timeline to just 28 days.

Yes, you read that right – four weeks from offer to exchange. So, what is Project 28, and how could it affect you?

Why the current system is failing consumers

Every year, more than 300,000 property transactions fall through, costing consumers an estimated £400 million in wasted fees, surveys, and legal costs.  

Delays are often caused by slow communication, missing paperwork, and unexpected issues with the property – all of which create stress, uncertainty, and financial loss. For first-time buyers, this can mean losing out on their dream home.  

For sellers, it can mean months of delays and having to relist their property. And for everyone else, it’s a system that feels outdated and inefficient. 

What is Project 28?

Project 28 is a Charter for faster, more certain property transactions. 

It’s not a government mandate, but a voluntary commitment by key players in the property industry to work together and fix the broken process. The Charter includes eight practical steps designed to speed things up: 

• Start legal work earlier:
  Sellers instruct conveyancers at the point of listing, not after an offer. 

• Provide upfront information:
  Buyers get key details (like condition reports and leasehold packs) before making an offer. 

• Use digital data:
  Secure, shareable information replaces paper trails. 

• Adopt best practice standards:
  Professionals who follow the Charter can display a “trusted” badge. 

How Project 28 can help you

If you’re buying or selling a home, here’s how Project 28 could make your life easier: 

1. Faster Transactions: 
   With legal work starting earlier and data shared digitally, the process could be completed in just four weeks – no more waiting months for paperwork to be chased. 

2. Fewer Fall-Throughs: 
   Upfront information means fewer surprises. Buyers know what they’re getting into before making an offer, reducing the risk of pulling out later. 

3. More Transparency: 
   You’ll know which professionals are following best practices, thanks to a new “Project 28” badge. That means more confidence in your estate agent, conveyancer, or mortgage broker. 

4. Less Stress: 
   With clearer timelines and better communication, you’ll spend less time chasing updates and more time planning your move. 

What should you do now? 

If you’re planning to buy or sell a property: 

• Ask your estate agent or conveyancer if they’ve signed up to Project 28. 

• Look for professionals who offer upfront information and digital services. 

• Be proactive – get your paperwork ready early and stay engaged throughout the process.