Average transaction times have extended by four weeks since 2019, according to statistics published by Connells Group this week. Leasehold transactions are driving much of the increase in average timescales, with a typical leasehold transaction taking 155 days to reach exchange in April – 58 days longer than a freehold property.
The estate agency group charted transaction timescales since 2012, and found the overall average time it takes to move home has increased from 59 days in 2012 to 104 days in 2025. The divergence in timescales between freehold and leasehold since 2012 has increased from four days in 2012 (60 days and 64 days respectively) to 57 days in 2026 (98 days and 155 days respectively).
While the trend had been steadily moving upward throughout the 2010s, Connells says there had been a “noticeable” rise since the COVID-19 pandemic. In 2020 around 5% of freehold properties took over six months to transact. That doubled in 2021, and hovered between 9% and 13% between 2022 and 2026.
For leasehold properties, 14% took over six months to transact in 2020; a figure that has steadily risen to reach 35% last year.
The May Market Brief from Connells singles out the conveyancing process for the increase in transaction times. In its report, headlined ‘Conveyancing delays push time to exchange contracts past 100 days’, Connells points out 61% of transactions now take longer to exchange contracts after a sale is agreed than it takes to find a buyer.
Aneisha Beveridge, research director at Connells Group acknowledges “extra checks, longer chains and tighter legal and compliance requirements are all adding time,” but says the impact is felt by buyers and sellers, who “are left exposed for longer once a deal is agreed”.
She added: “…we’re increasingly seeing more transactions collapse later in the process. As sales take longer to work their way through the system, buyers become more exposed to changes in mortgage rates and house prices if conditions shift during that period. That extended uncertainty builds further down the line.
“This doesn’t just matter for the housing market itself – delayed or failed moves can also weigh on consumer confidence, labour mobility and, ultimately, wider economic growth.”
Nearly one in five homes (17%) is now taking more than six months to exchange after receiving an offer, compared with 13% a year ago and just 5% 10 years earlier.
In 2025, 37% of agreed sales did not reach completion. Freehold fall-throughs stood at 36%, compared with 43% for leasehold sales.
This gap has widened steadily since 2019, when the two rates were within two percentage points of each other. Despite a decline in fall-throughs among freehold homes, the overall fall through rate remains constant because of a corresponding rise in leasehold transactions failing to complete.
The higher leasehold fall-through rate is generally driven by buyers rather than sellers, Connells said. Last year, 25% of freehold buyers pulled out of transactions, compared with 34% of leasehold buyers.
Freehold fall-throughs occurred after an average of 85 days, while leasehold deals fell through after 115 days. The additional time required to obtain and review leasehold information can push transactions further along before problems emerge, making collapses more likely later in the process, Connells suggested.
In 2025, almost a quarter of fall-throughs (23%) happened more than three months after a sale was agreed, up from 18% in 2019. Late-stage fall-throughs are most common for flats (29% after three months in 2025 versus 26% in 2019), reflecting the greater complexity and longer timelines that typically come with leasehold transactions. For houses, the equivalent figure rose more modestly, from 17% to 19%.
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As conveyancers, we’re very conscious of the pressure agents are under to keep transactions moving, but it’s important to understand where time is genuinely being spent.
A significant part of today’s conveyancing timescale is taken up with regulatory compliance that cannot be shortened – particularly enhanced Source of Funds and Source of Wealth checks. These are mandatory and heavily scrutinised, and no solicitor can safely “speed them up” without putting their firm and the transaction at risk.
Delays are very often driven by waiting for LPE1 and FME1 packs, fire safety information and replies from managing agents and freeholders. These are frequently slow, inconsistent and outside the direct control of both the conveyancer and the agent.
Another growing issue is the volume of non‑protocol enquiries being raised by unqualified case handlers following rigid checklists rather than applying legal judgement or proportionate risk assessment. This results in unnecessary back‑and‑forth on points that do not affect marketability or lender security, adding weeks to transactions for no real benefit to the client.
Most conveyancers are not slowing transactions down – they are dealing with more regulation, more leasehold complexity and more third‑party delays than ever before. Earlier provision of leasehold information, realistic expectations around compliance, and better understanding across the industry would do far more to reduce timescales than simply blaming conveyancing.
Ultimately, agents and conveyancers have the same goal: getting transactions exchanged safely and smoothly. That only happens when everyone understands where the real pinch points sit.
Have Connells had a good long hard look at themselves? Perhaps their “panel” conveyancers or “case handlers” do not have sufficient experience or backbone to deal with leaseholds properly. Why would Connells care because they only thing they think about is their own pockets. Leasehold has become more and more difficult especially due to all of the factors mentions about by Alison. It is actually more of a financial risk to buy a leasehold – you are signing up to be a blank cheque book for the Landlord. I can spend months arguing with Landlords who do not understand their legal liabilities.
Leasehold is essentially a free ride for the Freeholder – it is very difficult to hold freeholders to account without putting yourself at risk. You want to argue, you have to pay. Trying to get certificates and provide certainty for leaseholds is a difficult task for even the most experienced conveyancer. Now imagine presenting this to Joe Bloggs wrapped up in a legal jargon sandwich. I’ve had an estate agent completely mislead a buyer on the basis of “information” provided by the seller – Ground Rent £150 per annum Service Charge £250 per annum. The reality being £180 pa ground rent (escalating every 15 years) and £2,500 per annum service charge.
There is little education on the part of “consumers” in the transaction – too many buyers have no idea what they are walking into when it comes to leasehold. So it is any wonder they decide not to put themselves at financial risk?