A third of buyers have seen property purchases fall through, with most blaming their mortgage lender for the collapse, research claims.
A poll of 2,000 people by bridging lender Market Financial Solutions (MFS) found that 31% had seen a deal fall through, with 33% blaming a delay in accessing finance, and a further 16% had seen a mortgage-in-principle rescinded after having an offer accepted.
One in ten respondents said they eventually settled for a different property they liked less because their earlier deal was unsuccessful.
MFS said this means buyers lose on average £2,899 in solicitor and surveyor fees on a failed purchase.
Paresh Raja, chief executive of MFS, said: “The UK is renowned for its love of bricks and mortar – many people strive to own a home, while real estate has long been a popular asset among investors.
“However, amidst such strong demand for property, it is concerning to see so many deals falling through after the formal house-buying process has begun.
“Evidently, difficulties in accessing the finance they need to complete the deal is a major issue for buyers.”