POSTED 3 Jun, 25 IN News & Articles

Reforming the Sales Process: Why Buying Property in England and Wales Needs a New Approach 

The property sales system in England and Wales is broken. While technology has revolutionised almost every other sector, the housing market continues to suffer from inefficiency, delay, and high failure rates. In contrast, other regions like Scotland demonstrate that a streamlined process is possible.

Key Facts – The Current State of Play

1.1 million property transactions took place in 2024.
Between 25% and 33% of agreed-upon sales fail to complete, resulting in over 300,000 transactions collapsing.
The cost to buyers from failed sales is estimated at £1 billion annually.
In Scotland, less than 10% of property transactions fall through.
Conveyancing times in England and Wales have slowed by 40–50% since the 1990s.
Meanwhile, the time taken to secure a mortgage offer has reduced by 50–75% over the same period.
The property industry contributes around 7% of UK GDP and employs 12 million people.

Year England and Wales (Weeks) Scotland (Weeks) Difference
1990 10-12 6-8 4 weeks
2000 12-14 6-8 6 weeks
2010 14-16 6-7 8-9 weeks
2020 16-20 6-8 10-12weeks
2025 14-18 6-7 8-11 weeks

Despite modern advancements, such as instant title documents, automated AML (Anti-Money Laundering) checks, and online searches returned in under 10 days, the conveyancing process is taking longer than ever. This raises a fundamental question:

Why is a digitally enabled process slower today than when everything was done by post and fax?

Cultural Bottlenecks: The Solicitor’s Role

While it’s not our aim to criticise legal professionals unfairly, there’s a widespread belief that solicitors have too much control over the pace of the transaction. Unlike Scotland, where offers are binding early on, buyers in England and Wales remain uncommitted until the moment of exchange. This protracted limbo leads to:

Broken chains
Gazumping and gazundering
Buyer withdrawal
Survey-triggered renegotiations

When sales take several months, the chances of collapse naturally increase.

The Agent’s Role in Reducing the Failure Rate

At Noble Estates, we believe agents should take more responsibility for driving efficiency and reducing risk. Our strategy starts at the point of instruction:

Property Due Diligence

We use three specialist software platforms to review:

Title and ownership
Site plans
Planning history
Lease terms and ground rent
Conservation areas and listings (e.g. Grade II)
£/SqFt and comparable sales

We also carry out a preliminary inspection, utilising our development and management experience to pinpoint potential issues that may arise during a buyer’s survey. Where appropriate, we obtain quotes or suggest solutions in advance to avert post-offer renegotiation or withdrawal.

Vendor Preparation

We work closely with the vendor to:

Understand their true motivation and timing requirements
Set a realistic price—we never knowingly overvalue
Prepare documentation and timelines in advance
Pre-empt legal complications that might delay a sale

 

Conclusion: A Broken Process, But a Fixable One

The English and Welsh housing market is overdue for reform. The current process is outdated, needlessly lengthy, and economically damaging. £1 billion in failed transactions annually is unsustainable.

Scotland shows that a better system is achievable—with early commitment, legally binding offers, and tighter timeframes. But even within the existing structure, agents can do more to prevent sales from collapsing.

At Noble Estates, we’re committed to leading this change—starting from the ground up, one instruction at a time.

 

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