Just under one in five buyers in the past two years have suffered moving day delays, either because funds have been late arriving with conveyancers or because sellers have been late vacating properties.
Those hit by the delays incurred hundreds or thousands of pounds in losses according to a survey commissioned by the HomeOwners’ Alliance and payment platform ShieldPay.
Their online survey of just over 4,500 people - of which 324 had purchased properties in the past two years - suggested that 26 per cent of those affected lost, on average, £509 and one in seven lost over £1,000.
The alliance says the number of homeowners having to cancel their moving day – often losing hundreds of pounds in the process - is up two per cent on a decade ago while the percentage of sellers experiencing inconvenient delays has jumped from 12 per cent to 19 per cent.
Typical costs include hourly waiting charges from removal companies, storage fees, removal company cancellation charges, hotel or other accommodation costs, and late completion charges.
Meanwhile, one in three homeowners who bought in the past two years had to chase either their conveyancer or lender on moving day to check the status of funds.
“It's ridiculous that in this day and age, where the rest of our lives run smoothly and more efficiently, that moving day nightmares are getting worse. It’s scandalous that moving house is more difficult than it’s ever been” claims HOA chief executive Paula Higgins.
Additional findings from the research indicate that costs associated with fund transfers and the lack of certainty and transparency over the whereabouts of funds are common issues for homeowners.
Conveyancer/ solicitor transfer fees (30 per cent), bank transfer fees (17 per cent), uncertainty the transfer reached the conveyancer in time (19 per cent), uncertainty mortgage funds reached the conveyancer in time (19 per cent), lack of transparency over whereabouts of money during the payment process (13 per cent) are all cited as difficulties for homeowners with the current home purchase process.