Homebuying is taking over three times longer than buyers expect, a recent survey conducted by the Open Property Data Association (OPDA) found.
Over 5,000 people across the UK who had bought or sold a property in the past five years participated in the survey, with more than 95% having recent experience in the property market.
The survey revealed that 57% of respondents thought the homebuying process would take less than two months from the offer acceptance to exchanging contracts.
However, 46% found it took between three and six months, and 16% waited more than six months.
Despite many having prior experience, 62% took well over three months to complete the process.
The West Midlands recorded the highest proportion of delays, with nearly 20% of transactions exceeding six months.
The North-East was close behind at 19%, followed by East Anglia and the South-West at over 18%.
In contrast, Northern Ireland emerged as the quickest region to move, with 52% of transactions completed within two months, nearly matching the 58% of respondents who deemed that timeline as acceptable.
Comments from buyers revealed the difficulties faced during the process.
One respondent said: “We were gazundered and the chain collapsed at one point!”
Another said: “Things have changed a lot since we previously bought and sold– nowadays it is more like an auction – you get a guide price and you put an offer in and wait and see if you have ‘won’!”
A third added: “The mortgage was agreed and papers signed ready to move in three days then the money went missing?
“We couldn’t move for five more days with no furniture in our house and two autistic children.”
The survey also found that the main reason for buying a home was for a first home (38% of respondents), while 27% were upsizing.
Interestingly, the South-West emerged as the most popular area for relocating for work instead of London.
Maria Harris, chair of OPDA, said: “Our large-scale survey regrettably but predictably confirms what we have long asserted, that homebuying is not the customer centric experience it should be.
“The current process delivers an appallingly slow, unpredictable, and disappointing experience for the majority of home buyers and sellers.
“Buying a home, especially your first, should be a cause for celebration. Instead, it too frequently leaves buyers open to heartbreak and unfulfilled expectations and is not fit for purpose.
“Clearly, customers expect a better homebuying experience and reform is urgently needed to achieve this.”
