"Santander’s research makes it clear that failures and delays stem from poor upfront information. The good news is that the solution already exists – through upfront material information and digital conveyancing"
- Ben Ridgway - iamproperty
Slow property completions and failed transactions are costing the housing market £1.5bn a year, with poor upfront information a key factor, according to Santander’s Fixing the Broken Chain report. Each year, 530,000 property sales fall through, as buyers often discover critical details only after making an offer, leading to delays, risk and frustration.
Santander noted that “the current home buying and selling process is loaded towards obtaining crucial property information once the decision to buy has been taken,” and called for upfront disclosure and digitisation as essential reforms. Research from iamproperty suggests that consumers already support this approach.
Four in five (80%) buyers and sellers said that upfront documentation reduces the risk of fall-throughs, while the same proportion felt it builds transparency and trust between parties. Additionally, 83% of buyers valued the fuller knowledge it provides, and 68% of sellers said they feel positive about supplying upfront documentation.
With average completion times now exceeding 200 days, data from Santander and iamproperty indicate that faster, more efficient home sales rely on better access to material information and digital governance.
Delivering speed and security for transactions
For estate agents, this presents an opportunity to differentiate by meeting consumer demand for speed, transparency and security. iamproperty’s Premium Conveyancing service is designed to make Private Treaty sales exchange-ready sooner by carrying out key legal work upfront.
By addressing pre-sale title checks, legal search reviews and standard enquiries earlier, the service minimises delays and reduces fall-throughs. An 18-month pilot showed average completion in just 79 days and a fall-through rate of 7%.
Ben Ridgway, co-founder at iamproperty (pictured), said: “Consumers have already told us what they want: security, transparency and a faster, less stressful process. Santander’s research makes it clear that failures and delays stem from poor upfront information. The good news is that the solution already exists – through upfront material information and digital conveyancing."
"That could be using auction, where we see first-hand that upfront Material Information allows us to achieve a 95% completion success rate and completion timescales of 56 days. Or, for Private Treaty transactions on properties not suited to auction, our Premium Conveyancing solution helps agents reduce delays and puts their clients in control at a time when confidence in the process is critical.”
Santander urged the government and industry to prioritise digitisation and better upfront disclosure to fix the broken chain. With billions lost annually through failed transactions and average completion times still topping 200 days, consumer support demonstrates that the solution is ready for widespread adoption.
