Buyers Left Waiting as Transactions Take Longer than Ever to Reach Exchange

Why It Matters

Prolonged transaction times increase costs for buyers and agents, signaling systemic inefficiencies that could dampen market liquidity. Combined with tightening affordability, the trend raises concerns for future housing demand and price stability.

Key Takeaways

• 43% of sales exceeded 17 weeks to exchange, record high
• Average sales agreed per branch rose to 7.3 in Feb 2026
• New buyer registrations fell to seven per branch, indicating softening demand
• UK average house price ~£268k ($342k), slight month‑on‑month decline
• Rental applicants per property hit seven; rents rose 3.5% YoY

Pulse Analysis

The latest Propertymark Housing Insight Report highlights a structural slowdown in the UK property transaction cycle. With 43% of deals now exceeding 17 weeks before exchange, the process is at its longest since comparable data began. Delays stem from a mix of legal bottlenecks, tighter mortgage underwriting, and a backlog of conveyancing work, all of which raise transaction costs and erode buyer confidence. Agents report higher administrative burdens, while sellers risk price erosion if listings linger on the market.

Affordability pressures are equally pronounced. New buyer registrations dropped to an average of seven per branch, and 33% of adults reported difficulty meeting rent or mortgage payments. The average house price slipped to £268,000, roughly $342,000, marking a modest month‑on‑month decline. Elevated borrowing costs, driven by global economic uncertainty, are squeezing household budgets and dampening demand, even as sales per branch remain resilient. This duality suggests a market caught between robust agent activity and a cautious consumer base.

The rental sector paints a contrasting picture of high demand versus limited supply. Applicants per available rental unit rose to seven, and rents climbed 3.5% annually, with England’s average rent reaching £1,430 (about $1,830). Such tightness fuels investor interest in buy‑to‑let assets but also intensifies pressure on renters, especially in regions where supply is constrained. Policymakers may need to address both the transactional inefficiencies and the affordability gap to sustain a balanced housing ecosystem.