More than half (58%) of house moves collapse after an offer has been accepted, costing the economy a potential £2bn a year in time and fees, the Open Property Data Association (OPDA) has revealed.

The association said its latest data highlights “deep-rooted problems” with the homebuying process.

With around 1.2 million residential transactions taking place each year, and the average fall-through costing buyers and sellers an estimated £2,830 in direct costs, the total annual cost on the UK economy could be as high as £1.97bn, alongside lost time and productivity.

OPDA found that the average time wasted on each transaction is around three months, with one in six transactions collapsing after four months, and one in 10 falling through after five months or more.

When asked how they were affected by a collapsed sale or purchase, 43% of buyers and sellers cited emotional stress as the biggest impact, while 41% said their plans were significantly delayed.

Chair at OPDA, Maria Harris, said the figures "lay bare a housing market that is failing consumers at every stage".

She concluded: "Far too many transactions collapse because crucial information only comes to light weeks or even months after an offer is made. By then, buyers and sellers have already invested significant time, money and emotional energy.

"Providing upfront, standardised property data through digital property packs would transform this process. When material information is available at the point of listing, buyers can make informed decisions, issues can be identified early, and far fewer transactions fall apart late in the process.

"Upfront property data isn’t about adding bureaucracy, it’s about bringing transparency, certainty and trust back into the housing market. By embracing digital property packs, we can reduce fall throughs, shorten transaction times and create a fairer, more resilient system that works for everyone."

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