More than one in five homebuyers in the UK are experiencing transaction times of at least six months from offer acceptance to completion, according to new research.
A survey of 1,000 homeowners conducted by Lyons Bowe found that 22% of buyers saw the process extend beyond six months, whilst a quarter of respondents reported timescales exceeding four months. Seven out of 10 buyers said their transaction took more than three months to complete.
Conveyancing identified as key bottleneck
The data revealed that 63% of buyers found the process took longer than they had anticipated. When asked to identify the most time-consuming stage, 65% of respondents cited conveyancing as the longest part of the buying process.
Chain-related issues were identified as the primary delay by 27% of respondents, followed by mortgage approvals and valuations, each accounting for 4% of delays. The findings come as wider market conditions continue to influence UK property transactions.
Beyond timescales, 54% of buyers described conveyancing as the most complicated and difficult aspect of the property purchase journey to navigate.
Paul Lyons, Managing Director of Lyons Bowe Solicitors, commented: “It’s not surprising that so many homebuyers feel conveyancing slows things down. The process sits at the centre of a property transaction and involves multiple parties, including solicitors, lenders, agents, buyers and sellers, all of whom are working to different timelines.”
Market implications
The extended transaction times could have implications for property investors and buyers planning time-sensitive purchases or sales. With recent changes affecting the rental market, understanding realistic completion timescales has become increasingly important for those looking to enter or exit the property market.
The survey results suggest that buyers should factor in timescales of at least three to four months when planning property transactions, with a significant proportion experiencing considerably longer delays. Industry professionals may need to manage client expectations more actively regarding realistic completion timeframes.
