It is taking 15 working days longer than a year ago to get a transaction through from acceptance of an offer to completion.
One immediate hold-up is over four weeks – 23 working days – before searches are ordered.
Another is the time it takes to apply for a mortgage – 17 working days, or just over three weeks.
The total average time, from Sold Subject to Contract to completion, is now 120 working days.
The time is up 15 working days, or three weeks, from a year ago, according to new data from property platform View My Chain.
It said that it takes an average of 23 days for searches to be ordered once a property’s status is SSTC.
It then takes an average of 10.2 days for the local authority to return searches.
However, this timeframe varies greatly throughout the UK, with some councils taking up to 50 days.
Once searches have been returned, an average of 31 days are needed for enquiries to be satisfied and a further seven days to get the sale ready for exchange.
Funding, while simultaneous, typically equates to around a third of the time taken in the completion process.
Once sold subject to contract it takes on average 17 days for the mortgage application to be submitted and a further 21 days for a mortgage to be offered.
View My Chain founder Sohail Rashid said: “There is a lack of transparency and certainty in the process which leads to delays and frustrations.”
He added: “One of the biggest changes needed in the current process is for sales progression to be managed at a chain levl, rather than just individual transactions.”
The timescales below are all from View My Chain (all times quoted are working days):
Milestone 1 – SSTC to Searches ordered: 23 days
Milestone 2 – Searches ordered to Searches Returned: 10.2 days (UK average)
Milestone 3 – Searches Returned to Enquiries satisfied: 31 days
Milestone 4 – Enquiries Satisfied to Ready to Exchange: 7 days
Milestone 5 – Ready to Exchange to Exchange: 8 days
Milestone 6 – Exchange to Completion: 7 days
Milestone 1 – SSTC to Mortgage Application: 17 days
Milestone 2 – Mortgage Application to Mortgage offered: 21 days
Earlier this year, agency supplier Matterport reported that it takes on average six months and 24 days to buy a house in total, starting with the search for a property and ending with completion.