The average home purchase in the UK currently takes around 15 weeks to complete – and in some cases up to six months – reflecting the complex, time-consuming nature of conveyancing and mortgage processes.
According to new insights from CBRE, artificial intelligence (AI) and machine learning (ML) could significantly reduce this timeframe, streamlining administrative tasks and removing common pain points for buyers, sellers and lenders.
CBRE highlights that speeding up the process could help protect against issues such as time wasters, gazumping and gazundering, while also making transactions less stressful and more cost-effective.
One of the areas with the greatest potential is conveyancing. Legal work including property searches, drafting and exchanging contracts, and handling enquiries typically takes between four and twelve weeks. CBRE notes that generative AI could help produce legal documents, review property contracts, summarise lengthy communications and even flag potential delays. By handling administrative burdens, AI could free up solicitors to focus on higher-value work.
Mortgage finance, which usually takes two to six weeks, is another area ripe for change. ML models could process borrower documents such as payslips and bank statements to make tailored decisions for lenders. According to CBRE, one provider has already demonstrated the potential by delivering a fully underwritten mortgage offer in just 15 minutes.
Generative AI chatbots are also emerging as a tool for both lenders and customers. Integrated into mortgage origination platforms, they can handle complex queries, guide applicants through processes and provide 24/7 personalised support. With around 633,000 mortgage approvals recorded in the past year, CBRE calculates that even halving the average 28-day approval time would save 8.5 million working days.
AI could also improve the property search experience itself. Rather than relying on manual filters, buyers might type queries such as ‘3-bed detached house with a garden near a train station’, with AI quickly retrieving relevant results and checking factors such as EPC ratings. ML models could also accelerate residential planning applications, CBRE suggests.
However, the adoption of AI is not without risk. CBRE warns that AI models can amplify existing biases or generate inaccurate outputs, known as ‘hallucinations’. Without safeguards, such risks could result in unfairly declined mortgage applications or other unintended consequences. Ensuring transparency, accuracy and fairness will be essential as the technology becomes more integrated into the residential market.
Ultimately, CBRE concludes that AI has the potential to significantly boost efficiency in the home buying process, creating a faster and more dynamic market – but only if innovation is matched with responsible implementation.
