Buying a house in the UK is taking over three times longer than people expect, according to a bombshell survey from the Open Property Data Association (OPDA).
The survey, which grilled over 5,000 people who’ve bought or sold a property in the past five years, revealed that while most buyers hope to be popping the champagne within two months, the harsh reality is far from it.
Nearly half of respondents (46%) found their property purchase dragged on for three to six months.
For a stressed-out 16% the ordeal stretched beyond six months and even experienced buyers weren’t immune, with 62% admitting their move took far longer than they thought.
REGIONAL ROULETTE
Where you live can make or break your moving timeline. The West Midlands was the worst offender, with nearly 20% of deals taking over six months to complete. The North-East, East Anglia, and the South-West weren’t far behind.
But Northern Ireland emerged as the shining star, with 52% of moves wrapped up within two months, even beating Scotland – often hailed as having the UK’s most efficient system.
NIGHTMARE BEFORE CHRISTMAS
The survey unearthed some jaw-dropping tales of homebuying woes such as one buyer having their chain collapse thanks to a cheeky gazunder.
Another had mortgage funds vanish into thin air, leaving them stranded with no furniture and two autistic children to care for.
And another frustrated buyer moaned: “It’s like an auction now. You bid and hope you’ve ‘won.”
FIRST-TIME BUYERS
The most common reason for buying was a first home, making up 38% of purchases. Upsizing was next at 27%. Surprisingly, the South-West beat London as the top spot for work-related relocations.
But The OPDA isn’t just pointing fingers – they’re also offering solutions.
Its research highlights how digital property data could revolutionise the homebuying process, cutting down the average time from offer to exchange from 22 weeks to just 15 days.
BROKEN SYSTEM
Maria Harris, OPDA Chair, didn’t mince her words. She says: “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.”
