A Father’s Frustration with the UK Home-Selling System
Chris Edwards, a 47-year-old man from Beckenham in south-east London, has shared his deep frustration with the UK’s home-selling system after experiencing multiple setbacks while trying to sell his two-bedroom flat. His journey has been marked by disappointment, financial loss, and emotional stress, as three potential buyers pulled out of the sale over an 18-month period.
Mr. Edwards has been attempting to sell his flat since May last year. During this time, he and his girlfriend, Clare Moloney, have also missed out on three dream homes they wanted to purchase due to the failed sales. “I am now looking for my fourth buyer – but there’s no guarantee that will happen either,” he said. “We’ll start the whole process again and find another house we like, but it could just as easily fall through again because of the way the house buying and selling system works.”
The process has cost them not only time but also money. Mr. Edwards explained that they have wasted money on surveys, searches, and lawyers, all for nothing. “The likelihood of the next sale falling apart could happen just like it did the first three times,” he added.
A Series of Disappointments
Mr. Edwards, who manages events and marketing for a publishing company, had hoped to sell his flat and move into a new home with his girlfriend. However, the experience has been anything but smooth. After putting his flat on the market in May last year, he found a buyer and even managed to find a house they wanted to buy. “We had the deposit and funds in place and had done all the searches and had a mortgage approved,” he said.
But then, after about four months of searches and surveys, the person buying their flat decided to pull out at the last minute without giving any reason. “They just changed their mind. We were only about four weeks away from moving in and had just been trying to agree on a date for completion.”
The couple put the flat back on the market in October last year and found another buyer fairly quickly. They then found another house that they really liked and put in an offer which was accepted. However, just a week after accepting their offer, the sellers changed their minds and decided to go with a different buyer without giving a particular reason.
Then in May this year, almost five months after having their offer accepted, the second buyers pulled out of the sale. “At this point, I was furious with the estate agents and we felt they had not done their due diligence in making sure the funds were secured. Both buyers had been first-time buyers and they should have made sure they had the money.”
The Impact of Failed Sales
The knock-on effect of the second buyer pulling out meant the couple lost out on a third house they had found and loved. They had already spent money on surveys and searches. “We ended up dumping the first estate agent and putting the flat on for sale with another one,” explained Mr. Edwards.
“Once we lost our buyer, we asked the sellers if they would wait for us if we found another buyer quickly. But although our new estate agents found us another buyer in a couple of weeks, these new buyers were not first-time buyers, but downsizers, so they had a chain. The sellers of the third house we wanted were not prepared to wait for us because we had a chain.”
At the end of July this year, their buyer’s chain suddenly fell apart, and they put the flat back on the market again. They are now hunting for their fourth buyer – but feel fed up, despondent, and full of despair at the whole process.
Government Proposals for Reform
The Government has announced plans for a major reform of the house-buying system to cut costs, reduce delays, and halve failed sales. Under the new proposals, sellers and estate agents will be legally required to provide key information about a property upfront, and the option of binding contracts could stop either party walking away later in the process.
The Government estimates the overhaul could save first-time buyers an average of £710 and shave four weeks off the time it takes to complete a typical property deal. But sellers at the end of a chain may face increased initial costs of £310.
Mr. Edwards says they are now not even looking at another new home until they have an offer on their flat – and even then, they are worried about the same thing happening again. “Not only have we had the huge disappointment and frustration of losing our buyers three times, we have had to pay around £2,500 on surveys, searches and lawyers for nothing,” he said. “If one bit of the chain breaks, it all falls apart.”
