Almost half of UK home sellers involved in a property chain have experienced a break-in during the selling process, research by the House Buyer Bureau has found.
A survey of 1,072 UK home sellers, commissioned by ProperPR on behalf of the House Buyer Bureau, found that 52% were part of a property chain when selling their most recent home. Of these, 45% had a broken chain.
In 38% of cases, the buyer or seller pulled out of the service but the chain was eventually restored, while 7% saw their chain collapse completely.
Buyer hesitation accounts for 60% of chain breaks, ranking it much higher than mortgage or financing problems and sellers changing their minds, both at 8%.
Property surveys identifying problems accounted for 6%, while moves, legal delays and changes in personal circumstances accounted for 4%.
Gazumping was responsible for 2% of series breaks, while low ratings for mortgage lenders accounted for 1%.
The disruption caused by broken chains can be significant. More than a third (36%) of affected sellers experienced delays in selling their property, while 24% experienced delays in their subsequent purchase. A further 10% saw the sale fall through, 10% lost money due to legal, survey or mortgage costs, and 10% had to find another buyer.
For those who eventually completed the study, delays were often significant. Only 7% were completed within a month, while 29% took one to three months. About 38% waited four to six months, 21% took seven to 12 months, and 5% waited more than a year.
Chris Hodgkinson, managing director of House Buyer Bureau, said: “Property chains have always been one of the weakest links in the traditional sales process, but what is particularly worrying is that buyer hesitation causes far more problems than mortgages, surveys or legal proceedings.”
He added that one buyer changing their mind could “collapse the entire chain,” leaving sellers facing additional costs and months of delays.
