Nearly two-thirds (63%) of home sellers to have sold a home within the last year experienced delays when doing so, with one in five seeing their transactions collapse and one in ten being subject to more than one fall through.
A survey of UK home sellers, commissioned by Moverly, found that for the majority of sellers (63%), the timeline in which they had to move was an important factor when entering the market.
However, among the 63% who encountered delays to their timeline when selling their home, 39% felt that the process of having to provide information about their property at various stages along the transaction timeline was a contributing factor to the delay of their sale.
More than a third (35%) also felt that having to regularly deal with their estate agent in order to do so was a laborious process, while 42% felt the same when it came to dealing with their conveyancer.
What’s more, one in five said their transaction collapsed due to these delays.
Ed Molyneux, Moverly co-founder, commented: “The property selling process has evolved considerably in recent years and technology has helped to streamline the process in many ways. However, it’s fair to say that it remains a tad archaic in many other respects and, as a result, many sellers are subject to delays in their transaction timeline at best and their sale collapsing at worst.
‘Unfortunately, it looks as though sellers are set to endure an even greater degree of market turbulence over the coming months as interest rates continue to climb and the market tries to find its feet.”