The house buying process is taking 41% longer than expected, the Open Property Data Association (OPDA) has found.

The association’s latest research, which polled the views of 5,336 UK residents who had purchased a property in the past five years, revealed that people expect it to take an average 88 days to exchange contracts once the offer on the property was accepted.

However, OPDA's study found that the average time taken for this to happen was 124 days.

In England and Wales, OPDA revealed that it takes 38 days longer to exchange contracts than people assume, while in Scotland, it takes an average 32 days longer than homebuyers anticipate.

Chair at OPDA, Maria Harris, said: "It’s shocking that exchanging contracts still takes 40% longer than expected, especially given that those expectations aren’t exactly high. The problem is that the home-buying process is stuck in the past.

"Embracing digitisation will allow us to modernise and enhance this established process, making it more efficient, seamless and aligned with the needs of the 21st century. Our vision and purpose align with the government’s objectives, and now is the perfect time to come together and drive digital transformation of the property sector."

Respondents reported that a lack of "clear, timely communication" is a barrier to the property transaction process.

Over 40% of those surveyed cited "communications between parties" as the most challenging aspect, while 39% noted that chasing for updates exacerbates the process, leading to uncertainty and frustration.

OPDA found that another issue is the repetition inherent in document collection, with almost two thirds (62%) of respondents asked to provide the same information or documents two or three times.

When asked what they thought delayed the process, 44% pointed towards property lawyers and conveyancers as the main culprits, while 29% and 17% cited estate agents and mortgage lenders respectively.

Property expert and founder at Move iQ, Phil Spencer, added: "Everyone knows the old saying about moving home being one of life's most stressful experiences. But the reason it's so stress-inducing isn't just the cost; it's more likely to be the uncertainty and delays that often plague the process.

"This research reveals that many of us also underestimate just how long it can take to buy a home. The process is crying out for modernisation, and better transparency and digitalisation could shave weeks off the time taken to complete a purchase, making life better for buyers, sellers and property professionals."

---