Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Delays in Housing Completions Linked to Rising Timelines and Failed Sales
The UK government announced new home buying and selling reforms in June, following concerns about delays in housing completions. According to Mortgage Solutions, one in three property sales currently fall through, with sellers facing a collective annual cost of £400 million.
Barclays’ Property Insight Report, as cited by Mortgage Solutions, indicates that the timeline for property transactions has increased by 21.7% year-on-year. The average property purchase now takes 120 days to complete.
Mortgage Solutions is currently polling its readers to identify the biggest causes of delays for clients completing property purchases or sales. The publication highlights the ongoing impact of these delays on the UK property market.
These developments are particularly relevant for letting agents and inventory clerks, as extended transaction times and failed sales can affect tenancy start dates, property availability, and the scheduling of inventories.
Source: Mortgage Solutions