Property transaction times showed tentative signs of improvement in May, but nearly half of all sales are still taking more than four months to reach exchange, underlining the ongoing challenges facing buyers, sellers and agents.
New analysis reveals that the average time to exchange fell from 127 days in April to 118 days in May, while the proportion of transactions taking longer than 120 days dropped from 53.1% to 49.1%. Despite the improvement, almost one in two transactions remains in what is considered a high-risk zone for delays and fall-throughs.
The data also highlights the continued fragility of the sales process, with the fall-through rate standing at 23.1% and fewer than one in 10 transactions (7.7%) completing within six weeks. The figures suggest that while some pressure may be easing within the conveyancing pipeline, lengthy transaction times remain a significant obstacle across the housing market.
Key May 2026 figures:
+ Median time to exchange: 118 days (April: 127 days)
+ Mean time to exchange: 130 days
+ Fall-through rate: 23.1%
+ Transactions over 120 days: 49.1% (April: 53.1%)
+ Completing in 6 weeks or under: 7.7%
Keith Gould, founder of HomeSalesReady and director of PFM Inspections, commented: “May’s data is a step in the right direction, but nearly half of all transactions are still taking over four months to exchange – and that’s the zone where fall-through risk is highest.
“Every week a transaction stalls is a week closer to a collapsed sale. The 7.7% completing in six weeks or under shows faster is achievable; the question is how we close the gap between the exception and the norm.”
“We’re seeing a direct correlation between sellers who come to market prepared – with their material information ready, their tenure documents in order, their pre-sale survey completed – and transactions that progress more smoothly. Upfront preparation isn’t a nice-to-have. It’s what keeps deals alive.”
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