Let’s be honest: moving house is never a walk in the park. But right now, the UK property market is testing the patience—and the bank accounts—of buyers and sellers like never before.
Forget the stress of packing boxes or finding a good removal van. The real nightmare happening right now is the dreaded property chain.
According to Propertymark, the trade body for estate agents, almost a third of all property transactions are now dragging on for 17 weeks or more before reaching the exchange stage. That is over four months of waiting, hoping, and crossing your fingers that everything goes to plan.
So, why is it taking so long?
It almost always comes down to chain complications. When you are waiting on three other families to sort out their mortgages, solicitors, and surveys, all it takes is one hiccup to bring the whole thing crashing down.
The £2,000 Shock for Movers
A recent report from Barclays highlighted just how bad things have gotten. They found that nearly half of people caught in a property chain over the last three years faced serious delays or watched their sale fall through completely.
But the delays aren't just frustrating—they are incredibly expensive.
Most recent buyers and sellers budget around £4,954 to cover things like surveys, solicitor fees, and basic moving costs. However, when a chain breaks down, you often end up paying for wasted surveys or extra legal hours.
The Barclays data shows that those who experienced a chain breakdown ended up spending an extra £2,127 on average. That is a massive 43% above what they originally budgeted for. It’s no wonder Mary-Lou Press, president of Propertymark, noted that this system is placing "unnecessary financial and emotional strain" on everyday people.
Gazumping, Gazundering, and Bad Behaviour
When chains drag on, buyers and sellers get nervous, and that is when the sneaky tactics start.
Chain breakdowns are now the number one cause of failed property sales. Astonishingly, 22% of homeowners who had a sale fall through said it was simply because the buyer or seller decided to pull out at the last minute.
Worse still, the old tricks of gazumping (when a seller accepts a higher offer after already agreeing to yours) and gazundering (when a buyer lowers their offer at the final hurdle) are making a comeback. Roughly 13% of people say they were gazumped, while 11% were gazundered.
Shockingly, one in seven people actually admitted to trying these tactics themselves, which almost always results in the whole chain collapsing.
Is There Any Good News?
Thankfully, the government has finally noticed the mess. They are actively looking into ways to speed up the buying and selling process in England and Wales.
The goal is to modernise the whole system, cutting down on these massive wait times and limiting the sudden expenses that catch buyers off guard. A more transparent system would stop the sneaky tactics and give people the confidence to actually move house without fearing a massive financial hit.
For now, though, if you are planning to move, the best advice is to be prepared. Budget a little extra for the unexpected, and if you can somehow manage to buy chain-free, it might just be the best decision you make.
