Moving Delays Cost New Homeowners £15 Million

Conundrums such as late payment or cancellations have incurred costs as high as £15 million in total for homeowners, meaning they are forced to delay moving days, according to new research by the HomeOwners Alliance.

Delays to moving homes have affected as many as 19 per cent of homeowners who bought homes in the last two years. Delays in receiving funds on time and sellers vacating premises later than planned have ultimately amounted to over 115,000 delayed moves throughout the UK, as a result.

Also, the delay to receiving funds was responsible for as many as 20,500 of homeowners having to cancel moves altogether, the HomeOwners Alliance revealed.

Moving day costs mount

Homeowners carrying out moving days through property chains were found to be more likely to experience delays, according to the HomeOwners Alliance, with 25 per cent of homeowners experiencing a delay or cancellation, when buying in a property chain.

The survey found that 36 per cent of respondents bought their homes through a chain, compared to 58 per cent, who managed to make their home purchase without the need of a chain.

The HomeOwners Alliance carried its survey out through YouGov, and also revealed that as many as 26 per cent of respondents incurred average costs of £509 due to delayed or cancelled moving days. The survey also highlighted that 14 per cent lost over £1,000 in some cases.

Removal services accounted for 39 per cent of the associated costs associated with delayed home moves, while 15 per cent of costs were found to be related to home movers having to find hotels or other accommodation, due to them not having anywhere else to stay.

Movers put at risk

Delays to moving home have caused more damage than homeowners simply incurring unexpected and significant financial costs. Paula Higgins, chief executive of the HomeOwners Alliance, was concerned that delays could put movers at risk of being taken advantage of, by rogue conveyancers.

Ms Higgins explained: “Delays can occur at any time, but issues with transfers of funds are more likely to happen on a Friday, when banks, conveyancers and removal firms are stretched to the limit, as it’s the time when most housing deals tend to complete.”

She added: “On the last Friday of the month, bank money transfers can get overloaded and it’s peak time for conveyancing fraud.”