Together has called for a "thorough overhaul" of the homebuying market in Britain, after the firm found that many homeowners are caught up in housing chains and face costly delays.

The specialist lender’s latest research revealed that 60% of UK homeowners have been tied up in a property chain when trying to buy a home, with 24% being delayed in the last five years.

More than half (57%) of those who are in a property chain admitted they’ve since been put off making offers on other homes, while 66% said the experience was more stressful than raising their deposit.

Furthermore, 59% of buyers have been left so frustrated with the process that they’ve been tempted to walk away from house purchases altogether.

Together said that these chain delays are not just jamming the housing market, but they are making it increasingly difficult for first-time buyers to get onto the housing ladder.

This also adds further pressure to the "beleaguered rental market", the specialist lender stated.

Together’s latest survey comes after Landmark found that the average time from the moment of sale being agreed to exchange is 109 days, which is 65% longer than in 2007.

The specialist lender revealed that there is a growing movement of buyers and sellers using bridging loans to break chains, with 25% of those using these loans stating that they were a helpful solution to get out of the chain and purchase their new home.

However, those who found these products useful said that more education and awareness of how this type of financing works is still needed.

Chief commercial officer at Together, Ryan Etchells, said: "While a common occurrence, maddening property chains can ramp up the costs involved with buying a home, and adding to the emotional stress and admin that home movers have to deal with. Our property market is broken and needs a thorough overhaul; we must take steps to address it.

"This is why it’s important to increase the awareness of simple solutions like bridging as a significant portion of potential buyers and sellers simply aren’t aware of how beneficial these loans can be. Whether to break out of a time and money draining property chain, to help fund renovations or for buying at auction; this type of financing can be quickly accessed and help people move forward with their property plans now and in the future."

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