THE PROPERTY FILTER TAKE
TwentyCi put the average time to exchange at approximately 123 days in 2025, and solicitors practising in residential conveyancing in England and Wales fell to 10,724 by January 2026.
Any purchase, bridge or refinance in your plan that assumes a faster exchange may run longer, and every extra month on a bridging loan costs interest.
What I'd do with this information: consider adding slack to every deal timeline and instructing your solicitor as soon as an offer is accepted.
The average time to exchange on a property purchase was approximately 123 days in 2025, according to TwentyCi data reported by Mortgage Strategy on 18 September 2026. Separately, the IRN UK Residential Conveyancing Market Report 2026 counted 10,724 solicitors practising in residential conveyancing in England and Wales by January 2026. That is more than 2,000 fewer than at the end of 2021. Neither report says one figure causes the other. But if you hold 5 to 12 properties, both land on your deal timeline.
How long does it take to exchange contracts?
Exchange is the point where contracts swap and the deal becomes legally binding. TwentyCi's figure of approximately 123 days is a 2025 national average, and Mortgage Strategy notes that times vary considerably by region and individual circumstances. The Intermediary's report of the TwentyCi data says the average rose by two days on 2024. It peaked at 130 days in 2022 and stood at 91 days in 2019.
The regional spread is wide. TwentyCi's 2025 table puts Scotland, with its different legal system, quickest at 2.9 months. Outer London and the East of England were slowest at 4.6 months, and the North East was fastest in England at 3.6 months (Today's Conveyancer).
Katy Billany, executive director of TwentyEA, said the longer timeline "magnifies the risk of fall-throughs". She added that the risk rises when interest rates or economic conditions shift part-way through.
What is happening to conveyancer capacity?
The IRN report also estimated 5,904 UK law firms active in residential conveyancing (Mortgage Strategy). According to Today's Conveyancer's report of the IRN study, HM Land Registry counted 3,425 registered conveyancers in England and Wales in January 2026, down from 3,539 a year earlier. IRN says AI and digital tools help counteract falling numbers, but a skills shortage remains.
The third report, Access Legal's State of the UK Conveyancing Market 2026, comes from a company that sells conveyancing software. It says conveyancers face high workloads and longer completion times, with potential bottlenecks. It lists the compliance changes since April 2025: stricter anti-money laundering rules, mandatory new TA6 and TA7 property forms and revised Money Laundering Regulations guidance.
Legal Futures' report of the Access Legal study quotes it blaming retirement, career changes and too few new entrants. Its answer is more cases per fee earner (a lawyer who bills for their time), helped by technology. Remember who is selling that technology.
What does a slower exchange mean for your portfolio?
From a portfolio perspective, the cost is time, and time costs money when a loan is waiting on an exit. Take an illustrative case: a £150,000 bridging loan (short-term finance repaid when you refinance or sell) at an assumed 0.85% a month. Each extra month costs £1,275 in interest, and two extra months cost £2,550. Our negotiation and finance guides cover how to talk terms with a bridging lender.
If you run a BRRR strategy (buy, refurbish, rent, refinance), a late exchange pushes back everything after it. The refurb starts later, the tenant moves in later, and the refinance that releases your deposit slips too. Our property investment strategies hub covers how to stage a pipeline so one late deal does not stall the next.
So I'd plan on the slow side. You may wish to use your region's figure rather than the national one, and to instruct a solicitor the day an offer is accepted. Before you count on a refinance date, consider testing the numbers in our free stress test calculator. Use the rate you expect to face later, not today's.
Key takeaways
TwentyCi put the average time to exchange at approximately 123 days in 2025, two days longer than in 2024.
Solicitors practising in residential conveyancing in England and Wales fell to 10,724 by January 2026, more than 2,000 fewer than at the end of 2021 (IRN).
In 2025, time to exchange ranged from 2.9 months in Scotland to 4.6 months in Outer London and the East of England (TwentyCi).
On an illustrative £150,000 bridging loan at an assumed 0.85% a month, each extra month costs £1,275 in interest.
The sources set the two trends side by side; none says falling conveyancer numbers caused the longer wait.
Frequently asked questions
How long does it take to exchange contracts on a house in the UK?
How many conveyancing solicitors are there in England and Wales?
How can investors reduce delays on a purchase?
