We need to talk about the UK’s property market. Our transaction process feels like a remnant of a bygone era. Britain’s conveyancing system seems particularly labyrinthine and bureaucratic compared to other developed nations.
One major issue is the time it takes. In the UK, the average period from making an offer to completing a purchase is about five months. The entire journey, from determining a budget to getting the keys, often stretches from six months to a year. Chains collapse frequently. In contrast, countries like Denmark use digital land registries and standardised contracts to finalise transactions in as little as two to four weeks. In Germany, notaries serve as impartial overseers, ensuring contracts are secure and binding from the moment they’re signed.
The process itself is remarkably outdated, including our conveyancing. In countries like Canada or the Netherlands, digital systems allow title searches and land registry checks to be completed online in hours, not weeks. This is precisely why parties such as the Open Property Data Association (OPDA) are promoting open data standards and working to foster transparent data sharing across the property sector.
Uncertainty is another persistent problem. In the UK, until contracts are exchanged, often weeks after an offer is accepted, either party can walk away without consequence. Practices like gazumping, where a seller accepts a higher offer from another buyer, or gazundering, where a buyer lowers their offer at the last minute, remain common frustrations. In contrast, countries like France and Spain require buyers to pay a deposit of 5 to 10 per cent when signing a preliminary contract. Withdrawing without a valid reason means forfeiting that deposit, which encourages both parties to follow through.
Costs also add to the burden. British buyers face fees for solicitors, surveyors, and additional expenses if a chain falls apart – although one advantage of buyers paying for surveys is that the investment can make them more committed to the deal. In the US, while costs can also be substantial, competition among title companies and the widespread use of title insurance simplify the process and provide assurance for both lenders and buyers.
Efforts to reform the system are not new. The Land Registry has made some progress towards digitisation, but the pace is frustratingly slow. For a country that considers itself a global leader in fintech and proptech, it’s embarrassing that purchasing a modest terraced house still involves navigating a paper-based system that belongs to the Victorian age.
We are doing our part; the average time it takes HouzeCheck to get a report completed and delivered is between 2¾ and 3 days – not bad considering a building survey takes a day to complete. Recently, we completed a valuation on the same day it was ordered.
And then there’s the tax system. If a high-profile politician like Angela Rayner is struggling to understand the rules, what hope is there for the average person? The combination of a perplexing tax code, an antiquated conveyancing process, and endless paperwork makes errors almost unavoidable.
And the inefficiencies in the UK’s property market don’t just affect individual buyers and sellers; they have ripple effects across the economy. Slow transactions and frequent chain collapses can deter people from moving, which in turn impacts job mobility and regional economic growth. For instance, someone offered a job in another city might hesitate to relocate if they face a six-month ordeal to sell their home and buy another. This lack of fluidity stifles opportunities and keeps the housing market sluggish.
I’d like to see the UK adopting the Australian system, a standout jurisdiction where the home moving process has undergone huge digitisation reform in a short space of time. In Australia, the Torrens title system – digitised now – enables swift online title searches, slashing verification from weeks to days. Unlike traditional deed-based systems where ownership is proven through a chain of historical documents, Torrens shifts the burden from the owner to the state, providing a government-guaranteed record of title, effectively treating land like shares in a company. Auctions dominate sales, fostering transparency and competition, while a 10 per cent deposit on contract signing locks in commitments, deterring gazumping. From offer to settlement, deals close in 6-8 weeks, bolstered by electronic conveyancing for seamless fund transfers. Australia’s regulated agents and FIRB oversight add sophistication, minimising fraud and boosting economic fluidity – far outpacing Britain’s sluggish, error-prone bureaucracy.
The UK’s property market is crying out for modernisation. Streamlined digital processes, clearer tax rules, and greater certainty for buyers and sellers would not only reduce mistakes but also make the system fairer and more efficient. An overhaul of the system is long overdue.
Richard Sexton is the commercial director of proptech surveyor HouzeCheck
