UK house prices slipped 0.6% in May, the first monthly decline this year, and annual growth slowed to 1.7% from 3% in April, Nationwide data show. The dip heightens buyer anxiety as the typical conveyancing timeline now stretches close to 100 days in prime London, raising the risk that a property’s value erodes before contracts exchange. Buyers risk losing equity as year‑long listings fetch about 20% discounts.

LonRes says the median offer‑to‑exchange time reached 97 days, up from previous years. Each month about 650 prime London homes receive offers, while roughly 150 deals fall through—a ratio not seen since 2008. Properties staying on the market a year or longer in today’s market face an average discount of 19 per cent, versus 3.6 per cent for sales closed within three months.

A 12‑week conveyancing consultation ended in 2023; recommendations are slated for 2026, extending buyer uncertainty. Industry veterans argue pre‑packaged paperwork and faster searches could trim the timeline, yet past attempts such as Home Information Packs collapsed after three years. For now, sellers should assemble documentation early, and buyers must brace for a significantly long process.