Antiquated home-buying process costs millions

Britain's home-buying process is "antiquated," causing over 500,000 failed transactions annually, costing movers £560m and the wider economy £950m, according to Santander. One in three deals collapses, often due to gazumping, delays, or survey issues, with average losses of £1,240. The system, rooted in the 1925 Law of Property Act, relies on paper-based, slow, and complex processes. Conveyancing faces staff shortages, rising regulation, and undervaluation, exacerbating delays. Experts call for greater digitisation, upfront information, standardised documents, and a centralised property system, while stressing that technology cannot replace professional judgment. Reform could improve efficiency, reduce failures, and modernise a process largely unchanged since the pre-digital era, benefiting buyers, sellers, and the economy. 

The Times (25/09/2025)