Property transactions in the UK are taking significantly longer to complete, with 43% of housing sales now requiring more than 17 weeks to reach exchange, according to Propertymark’s latest Housing Insight Report for February 2026.
The trade body described the figure as the highest level recorded, highlighting ongoing inefficiencies in the transaction process that are causing extended delays for homebuyers.
Sales activity remains stable
Despite the prolonged timescales, the market showed signs of resilience in February. The average number of sales agreed per estate agent branch rose to 7.3 during the month, while stock levels remained stable at approximately 39 properties per branch.
However, demand appears to be weakening. The number of new prospective buyers registered per branch fell to an average of seven, suggesting continued affordability pressures and uncertainty among purchasers.
Affordability challenges continue to affect the market, with 33% of adults reporting difficulty in paying their rent or mortgage between 4 February and 1 March. The average UK property price stood at £268,000 in February, recording a slight month-on-month decline.
The delays come as broader transaction volumes remain subdued across the market, with system inefficiencies compounding the challenges faced by buyers and sellers.
Rental sector demand intensifies
In the lettings market, demand continued to significantly outpace supply. The average number of applicants per available rental property reached seven, while available stock edged down slightly to 11.32 properties per branch.
Tenant demand remained elevated, with an average of 80 new applicants registered per branch during February, even as overall rental supply remained constrained.
Rents showed modest upward movement, rising 3.5% annually and 0.5% month-on-month. Average rents reached £1,430 in England, £1,022 in Scotland and £828 in Wales.
The rental market pressures follow letting agents preparing for new legislative requirements that could further impact the sector.
Market outlook
Nathan Emerson, chief executive of Propertymark, said: “The most notable and pressing issue for agents is the continued elongation of the transaction process. With 43% of sales now taking more than 17 weeks to reach exchange, this represents a new peak and underlines ongoing inefficiencies within the system.”
He added that affordability remains stretched for many households, while ongoing global economic uncertainty continues to influence borrowing costs, adding further complexity to the landscape that agents and their clients must navigate.
The data suggests that while sales activity remains relatively stable, the combination of extended transaction times, affordability pressures and weakening buyer demand could present challenges for the market in the coming months.
