Homebuying is taking over three times longer than buyers expect with the majority of people seeing the process exceed three months.
This is according to a new survey from the Open Property Data Association (OPDA), which found as many as 16% of the 5,000 buyers it quizzed had to wait more than six months before they reached completion.
Whilst most people expected the homebuying process would take less than two months, the reality for 62% of the people surveyed was that it took over three months.
Meanwhile, as many as 46% said the time between offer and completion was somewhere between three and six months.
For some buyers the process was delayed by a misfortunate event. One respondent said they were gazundered – which is where a buyer lowers their offer at the last minute – and this meant the chain collapsed.
Another of those surveyed said: “The mortgage was agreed and papers signed ready to move in three days then the money went missing. We couldn’t move for five more days with no furniture in our house and two autistic children.”
The ODPA is an independent body operating in the property industry with the aim to improve data standards.
It said the organisations, including mortgage lenders, using its data standards for digital property packs have seen offer to exchange time reduced from an average of 22 weeks on home purchase to within 15 days.
Maria Harris, chair of OPDA, said: “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.”
The survey also found the most popular reason for buying was a first home (38% of respondents), followed by upsizing to a larger home (27%). The South West, rather than London, emerged as the most popular spot for relocating for work.
OPDA’s survey is part of its new research into how homebuying can be radically improved through access to safe, shareable and trustable digital data.
