Homebuyers are facing lengthy waits to exchange on property purchases despite market activity showing resilience, according to the latest Housing Insight Report from Propertymark.
The data shows that 43% of housing transactions took more than 17 weeks to reach exchange in February 2026 – the highest level recorded and a sign of ongoing inefficiencies in the system, the trade body said.
Despite this, sales activity shows signs of resilience. The average number of sales agreed per branch rose to 7.3 during the month, while stock levels remained stable at around 39 properties per branch.
However, demand appears to be softening slightly. The number of new prospective buyers registered per branch fell to an average of seven, pointing to ongoing affordability pressures and uncertainty among purchasers.
Propertymark said stretched affordability continues to weigh on the market, with 33% of adults reporting difficulty in paying their rent or mortgage between 4 February and 1 March.
House prices also showed signs of weakness, with the average UK property price standing at £268,000 in February and recording a slight month-on-month decline.
In the lettings sector, demand continues to significantly outstrip supply. The average number of applicants per available rental property reached seven, while available stock edged down slightly to 11.32 properties per branch.
Tenant demand remains elevated, with an average of 80 new applicants registered per branch during the month, even as overall rental supply remains constrained.
Rents showed modest upward movement, rising 3.5% annually and 0.5% month-on-month, with average rents reaching £1,430 in England, £1,022 in Scotland and £828 in Wales.
Nathan Emerson, chief executive of Propertymark, said: “The most notable and pressing issue for agents is the continued elongation of the transaction process. With 43% of sales now taking more than 17 weeks to reach exchange, this represents a new peak and underlines ongoing inefficiencies within the system.
“Affordability remains stretched for many households, and ongoing global economic uncertainty continues to influence borrowing costs, adding further complexity to the landscape that agents and their clients must navigate.”
