According to the Open Property Data Association (OPDA), the average fall-through costs buyers and sellers around £2,830 in direct costs, such as legal fees, surveys and mortgage costs, as well as lost time and productivity. It said this meant the total cost to the economy could be £1.97bn.
Its research found that more than half – 56% – of house sales in the UK fall through after an offer is made.
Its analysis of 5,000 recent homemovers found that the average length of time wasted on each failed transaction was around three months. OPDA found that one in six transactions collapsed after four months, and one in 10 fell through after five months or more.
The impact of a collapsed sale was shown to go beyond the financial cost, as 43% of buyers and sellers said they felt emotional stress as a result of a collapsed sale, while 41% said their plans were significantly delayed.
Older homeowners aged 55 and over felt higher levels of emotional stress, with 59% experiencing this.
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The housing market is failing consumers
Maria Harris (pictured), chair of the OPDA, said the findings showed that the housing market was “failing consumers at every stage”.
She added: “Far too many transactions collapse because crucial information only comes to light weeks or even months after an offer is made. By then, buyers and sellers have already invested significant time, money and emotional energy.
“Providing upfront, standardised property data through digital property packs would transform this process. When material information is available at the point of listing, buyers can make informed decisions, issues can be identified early, and far fewer transactions fall apart late in the process.”
She said upfront property data was not about adding bureaucracy, but bringing transparency, certainty and trust back to the housing market.
Harris added: “By embracing digital property packs, we can reduce fall‑throughs, shorten transaction times and create a fairer, more resilient system that works for everyone.”
