Overview

• New analysis estimates around 530,000 transactions collapse annually in England and Wales, with £560 million in unrecoverable consumer costs and a further £950 million hit to the wider economy.
• Eighty-five percent of affected buyers report a financial loss, with an average of £1,240 per failed purchase and about one in five losing more than £2,000.
• Failures often happen late in the process, with 17% collapsing after a month and 43% at or beyond three months.
• Productivity suffers as the average buyer spends about 100 hours on a failed attempt, nearly 60% of it during work time, contributing to an estimated £380 million annual loss.
• Santander urges centralised property data, greater use of AI, stronger up‑front disclosure and disincentives for gazumping and gazundering; the government cites ongoing digitisation work as industry backs a 28‑day pledge and tools like Nationwide’s Rightmove lending check.