Buyers left waiting as transactions take longer than ever to reach exchange

Industry body Propertymark reports that the time from agreeing a sale to exchange of contracts is now at a record high. Conveyancers and surveyors point to system bottlenecks, slow searches and longer chains as the main causes. Longer waits raise the chance of a sale falling through and add to the carrying costs both buyers and sellers face. The effect is most noticeable in chains of three or more, where any one delay holds up the rest.