According to research by Together, 38% said they have had a property chain collapse multiple times, with 14% saying it was due to buyers pulling out.
Approximately 11% said the property chain had collapsed due to themselves pulling out and 12% said it was due to conveyancing issues.
Almost a fifth of Brits have experienced the buyer pulling out of a property chain once.
However, when buyers and sellers were asked what they would do if or when a property chain they were in collapsed, only 11% said they would use bridging finance.
A higher proportion of those surveyed – 29% – said they would try to find a chain-free buyer and 20% said they had walked away or would walk away from the purchase altogether.
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Approximately 17% said they would use or try to use a cash buyer, and the same number were uncertain of what they would do.
Around 15% said they would use a quick sale company to find a buyer that didn’t have a property to sell, while 13% would offer a lower sale price and the same proportion would rent temporarily to complete the purchase.
Ryan Etchells, chief commercial officer at Together said: “The property chain problem is a symptom of a housing market not currently fit for purpose. Our research highlights the scale of the problem and how it leaves very few unaffected. But beyond the numbers, we must also consider the financial impact on buyers and sellers of collapsed chains, as well as the emotional toll this can have when trying to get on the ladder in a high-cost climate.
“Though the government has acknowledged the issue, the fix will be long-term given the structural nature of the problem. Being as informed as possible of all the options available when dealing with property chains is key. Few are considering bridging finance, for example – a very useful tool for either escaping from housing chains quickly or avoiding them altogether. Until the underlying causes of broken housing chains [are] addressed, short-term creative solutions will continue to be the best recourse for buyers and sellers.”
