By clicking a retailer link you consent to third-party cookies that track your onward journey. This enables W? to receive an affiliate commission if you make a purchase, which supports our mission to be the UK's consumer champion.
With one in three housing transactions falling through, the government has announced new plans it claims will simplify and speed up the homebuying process.
It has pledged to improve the way data is shared by key players in the homebuying process, such as estate agents, lenders and conveyancers.
Read on to find more about the government's plans, common reasons why house sales fall through, and what you can do to improve your chances of a successful purchase.
Find the right mortgage using the fee-free service provided by L&C Mortgages
Compare mortgagesIf you click on the link and complete a mortgage with L&C Mortgages, L&C is paid a commission by the lender and will share part of this fee with Which? Ltd helping fund our not-for-profit mission. We do not allow this relationship to affect our editorial independence. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
The government has launched a 12-week project aimed at improving data sharing between conveyancers, lenders and other parties involved in the homebuying process.
It will also seek to address issues with data that remains paper-based or is recorded in non-machine-readable formats, such as building control and highways information.
As part of the project, the government will examine how property transactions work in other countries. One success story it hopes to learn from is Norway, where home purchases are completed in around one month.
We are streamlining the cumbersome homebuying process so that it is fit for the twenty-first century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through.
Industry reaction to the plans has been mixed. The estate agency body Propertymark welcomed the announcement, saying it encourages moves to 'help streamline systems that have long needed progression'.
The Law Society also reacted positively, stating that 'digitisation could be transformative in this work over time', but the Property Lawyers Alliance (PLA) expressed concerns about reducing the practice to 'mere algorithms'.
The project forms part of Labour’s broader housing plans, which include overhauling planning rules, building 1.5 million new homes and reforming leasehold laws.
Buying a house can be a slow process at the best of times. The government says that fall-throughs cost buyers and sellers £400m a year, and conveyancers and estate agents four million working days.
The property portal Rightmove says it currently takes around five months to move into a home after having an offer accepted, on top of the two months it takes for the sellers to find a buyer and agree a deal.
Johan Svanstrom, CEO of Rightmove, says: 'This means someone listing on Rightmove today would only conclude their sale in September, and that kind of timeline is really not good or effective for anyone.'
Stephen Maunder, money news editor at Which?, shares his recent experience of buying a home.
'My recent house purchase took just under four months – not bad by current standards – but most of the time was spent waiting.
'The glacial homebuying process means anything can cause a delay, be it a solicitor going on holiday or a forgotten page in a forest of paperwork. And nothing joins up, as I found out after filling out the same proof-of-ID forms for the estate agent, solicitor and mortgage broker.
'Reforms are long overdue. Back in 2016, I attended a meeting with industry experts and the government about a project to digitise paperwork and speed up the process, but nine years on, it's as analog as ever'.
Buying a property is a complex process with many moving parts, so the list of reasons house sales can fall through is almost endless. And in some cases, it's as simple as a buyer or seller changing their mind.
Here are three common causes for failed transactions. and advice on how to mitigate them.
Mortgage applications being rejected or offers being withdrawn can scupper house purchases.
To reduce the chances of this happening, buyers should secure a mortgage agreement in principle before making an offer, giving both them and the seller confidence to proceed.
Down valuations, where a mortgage lender values the property at less than the buyer has agreed to pay for it, can also collapse a sale overnight.
As a buyer, if you still want the property you'll need to return to the negotiating table with the seller. You could also challenge the down valuation with the lender or try again with a different lender.
Down valuations are a big problem for sellers, as if one buyer has suffered that fate, it's likely that another one will too. You might wish to get a second opinion on the property's value from a different estate agent.
If you're part of a chain (a series of linked property transactions), you're vulnerable to delays or collapses elsewhere in the chain.
Unfortunately, these issues will often be out of your control and may require patience from multiple parties.
You can reduce some of the risk by ensuring you've done everything you can to make your purchase go through, including choosing a good conveyancer and submitting all of your documents promptly.
A house survey can uncover significant problems that may lead a buyer to renegotiate the price or withdraw from the purchase altogether.
As a buyer, you may need to get quotes for any required work and use these in your discussions with the seller.
As a seller, if you suspect your property may need remediation or has potential issues, consider commissioning a survey before putting it on the market.
To give yourself the best chance of avoiding setbacks during your move, ensure you maintain clear and consistent communication.
For example, if you're planning to go on holiday, you should inform all relevant parties - including your conveyancer and estate agent - to avoid disruptions.
It's also helpful to discuss likely exchange and completion dates early on, to prevent unexpected delays.
Finally, stay in regular contact with your conveyancer. If you haven’t received an update in a couple of weeks, follow up to ensure everything is on track.
If you’re just starting and need advice on the initial steps to take, check out our comprehensive guides on buying and selling property.
We also have guides on specific parts of the process, such as saving for a deposit and viewing properties.
And if you're looking for a mortgage, you can find out the best mortgage lenders based on deals and customer service, and the top mortgage rates currently available.
