The findings indicate that many buyers and sellers are facing months-long waits, with knock-on effects for the wider housing and rental markets

Thousands of UK homeowners are experiencing significant delays and stress due to protracted property chains, according to new research from specialist lender Together.

The findings indicate that many buyers and sellers are facing months-long waits, with knock-on effects for the wider housing and rental markets.

The study, which surveyed buyers and sellers across the country, found that 60% of homeowners have been involved in a property chain when purchasing a home. Of those, nearly a quarter reported delays within the past five years. Based on figures from the latest English Housing Survey, this could equate to nearly 49,000 property chains in the past year.

More than half of those currently caught in a property chain said the experience had discouraged them from making further offers on homes. Two-thirds found the process more stressful than raising a deposit, while 59% admitted they had considered abandoning their purchase altogether.

The research comes as the industry campaigns to reduce the average time to sell a property to 28 days. Separate data suggests the current average from sale agreement to exchange is 109 days, a 65% increase compared to 2007. Together’s survey found that while the largest group of buyers waited two to three months for completion, a notable proportion faced waits of four months or longer.

The report also highlights a growing trend among buyers and sellers turning to bridging loans to bypass chain-related delays. A quarter of those who had used bridging finance said it enabled them to break out of a property chain and proceed with their purchase.

However, the study suggests there remains a lack of understanding about how bridging loans work, despite their potential to expedite transactions.

More than half of those currently in a property chain said they would consider using bridging finance if it guaranteed a resolution to their situation.

While a common occurrence, maddening property chains can ramp up the costs involved with buying a home, and adding to the emotional stress and admin that home movers have to deal with, said Ryan Etchells, chief commercial officer at Together. Our property market is broken and needs a thorough overhaul; we must take steps to address it.