There’s nothing like a Stamp Duty deadline to bring sales progression into sharp focus. In theory, buyers who had an offer accepted by Christmas Eve 2024 should be able to move by 31^st March 2024, if the much touted 12 week ‘offer to completion’ timeframe is true.

But it isn’t. Movers are frustrated and who can blame them? In times of digital signatures, open banking and AI (a lot more on that later), it is taking longer than ever to move home. Sadly, property transaction estimates among the general public are overly optimistic.

Three months and counting

When the Open Property Data Association (OPDA) questioned 5,000 people who had bought or sold a property in the past five years, it found 57% thought ‘offer to completion’ would take less than two months. In reality, 46% found it took between 3 and 6 months, while 16% found this stage took more than 6 months.

The UK has the unattractive record of being the slowest home selling country in the world.”

The OPDA findings dovetail with 2024 transaction analysis by Moverly. It discovered the UK has the unattractive record of being the slowest home selling country in the world. Here, ‘listing to completion’ takes 179 days. In America? Just 53 days.

Who is to blame? There is no single source of delays as every element is unique, from the type of property being bought and the diligence of the purchaser, to the sales progression style at the estate agency and the conscientiousness of the conveyancer.

Conveyancing needs to catch up

On the latter, David Jabbari at Muve says not all conveyancing firms have managed current issues well: “The forthcoming stamp duty deadline has and will create conveyancing problems but it’s much wider than that. There are issues with recruitment and the retention of lawyers, plus there are examples of poor capacity management.”

In acknowledgement of the above, Muve will be launching a new ‘Lightspeed’ brand in 2025 and the clue is in the name. Its overriding aim will be to reduce transaction times using AI and automation.

“We see AI and automation as a great opportunity to quicken the conveyancing process and supply more effective, timely updates to all those involved,” says David. “Targeted investment in AI is a prominent feature of our 2025 business plan.”

Auction speed applied to the open market

Ben Ridgway from Iamproperty says it is borrowing the firm’s auction knowledge to speed up open market sales conveyancing. “Conveyancing remains one of the longest parts of the overall moving process,” says Ben.

“Although quick, auctions aren’t right for everyone and it’s always been our goal to bring speed and security to the whole market. After a lot of innovation, we have launched Iamproperty’s Premium Conveyancing service.”

This enhanced option sits within the Movebutler platform, with speedier, smoother private treaty sales achieved by ensuring properties are exchange-ready faster.

“During an 18-month pilot, conducted among several agents who executed over 150 sales, iamproperty’s Premium Conveyancing service reduced transaction timescales by five weeks on average, with a typical completion being delivered in 79 days,” adds Ben.

A is for artificial intelligence

AI is something agents will have to get used to as it just might be the key to reducing property transaction times in 2025. “Proptech advancements are likely to play a pivotal role, with AI being a standout development,” comments Landmark’s Ben Robinson.

“Automation can streamline administrative tasks, such as document verification and client communication. Agents adopting new technologies will find themselves better positioned to thrive in this evolving landscape.” As the new adage goes, ‘AI won’t take your job but a property professional using it will.’

Agents wondering how they’re going to fold AI into their operation while dealing with compliance, potential regulation and market uncertainty don’t have to panic. Sales progression specialist are incorporating AI and automation on agents’ behalf.

“Over the next 12 months, sales progression should become more efficient, with AI and automation supporting tasks like chasing solicitors, verifying documents and keeping parties informed,” says Richard Megson, Managing Director at ASAP. Indeed, AI will increasingly power Complete and Progress – ASAP’s sales progression services designed specifically to speed up the conveyancing phase.

Progression specialists undercut the average

Working with early AI adopters isn’t the only advantage of outsourcing sales progression. Many specialist suppliers achieve above-average completion timeframes – partly due to the tech they have at their disposal and partly due to dedicated, specialist staff.

One of those is Rello, who undercuts the national ‘sale to exchange’ average of 110 days by an average of 10 to 30 days*. “Collaborating with us can save weeks of work for the agents we partner with,” says Rello’s Nancy Miller. “Agents progressing their own sales regularly report spending one to two days per week chasing sales and updating clients – that’s 20-40% of their productive time spent on sales they have already made and time completely wasted if the sale falls through.”

Nancy says outsourcing sales progress is also the perfect way to avoid unnecessary distractions: “When using Rello, agents aren’t disturbed with persistent calls from different parts of the chain. Instead, they can be proactive and concentrate on revenue-generating activities.”

Completion timeframes are also trimmed significantly at ASAP, with transactions wrapped up, on average, eight weeks faster than the industry standard. The company is also addressing another issue that agents face in 2025 – rising fixed costs.

Keeping control of fixed overheads

“Outsourcing is often more cost-effective than employing full-time staff,” says Richard. “ASAP’s pay-as-you-go model lets agents pay only when the service is needed, avoiding fixed costs and allowing them to easily adapt to market fluctuations.”

Reducing fixed costs and improving cash flow for agents are both high on the agenda at Landmark. Its Quick Sale Ready service reduces transaction times by two to four weeks, ensuring agents are paid quicker.

“Cash flow is crucial for agents, especially after several challenging years,” comments Ben. “Our research reveals that agents now spend 34% of their working day on chain progression. This inefficiency drains resources and complicates cash flow management. For small businesses, the situation is even more acute, given rising costs, such as wages and operational expenses.”

Add in increasing employer NI contributions and the Employment Rights Bill that’s zipping through Parliament, and retaining/hiring dedicated in-house sales progressors becomes a more complex matter – especially if the 2025 market experiences lean spells.

Preparing for front loading

Sales progressors are, however, indispensable – especially those who hold the Level 3 Certificate in Sales Progression (developed with The Able Agent). In the coming 12 months sales progressors will be at the forefront of a transactional revolution. The shift towards more upfront details, such as Material Information, property searches, legal documentation and sales packs, will front-load transactions and rely on earlier connections with conveyancers.

Richard also expects reservation agreements designed to secure commitment from both parties and deter timewasters to gain traction. Also on the rise will be what Richard describes as ‘blended fees’ – where agents charge more upfront to significantly reduce fall-through rates, encourage preparation and promote accountability.

The focus at ASAP means its fall-through rate is 9%, compared to the 24% industry average.”

Fall through rates will be crucial in 2025, with no one wanting to take a sale to the point of exchange only for the deal to collapse. Reassuringly for agents, outsourcing sales progression to a third-party specialist is a proven winner. For example, the focus at ASAP means its fall-through rate is 9%, compared to the 24% industry average. As a result, agents are able to bank more of the fees it has worked hard to win.

Finally, the continued digitisation of systems will allow agents and other stakeholders to monitor progress collaboratively, which will eliminate redundant communication loops and accelerates timelines.

*Source: Q2 2024, TwentyCI