Millions of people left temporarily homeless by delays in property chains, reveals research

Almost three quarters of people who bought a home in the last 10 years said that the process took longer than expected

The research shows that on average, the property-buying process took seven weeks longer than the initially projected completion date (PA)

More than 4 million people across the UK have in the last decade been left temporarily homeless because of delays in the property-buying process.

Research seen exclusively by The Independent, conducted by property technology company When You Move, shows that 27 per cent of people in the UK who have bought a house in the last 10 years have been forced to stay with friends, family or in hotels while waiting to complete on their new property.

When You Move, which is due to launch an app next month to help people to monitor the property market and make transactions easier, said that the most common reason for having nowhere to live is that the chain of buying is delayed by admin and that rental contracts expire before tenants can get the keys to their new abodes.

Almost three quarters – or 73 per cent – of people who bought a home in the last 10 years said that the process took longer than expected.

The research revealed that, on average, the process took seven weeks longer than the initially projected completion date.

“Evidently, there is a significant need for the property industry to bring itself up to speed, not just when agreeing the sale of a home but the lengthy steps that follow to seal the deal,” says Simon Bath, chief executive of When You Move.

Annual house price growth in the UK slowed to its lowest rate in four years in July, but getting a foot on the property ladder still remains an unachievable prospect for many, especially in London.

The average price of a home in the UK is now around £219,000 according to Halifax, but that figure is significantly higher in the capital. Lacklustre wage growth and a jump in inflation in the wake of last year’s Brexit vote is heaping pressure on consumers and their ability to save.

Between May and June, property sales fell 3 per cent across the country to their lowest level since October last year, according to official data.