According to Propertymark’s latest Housing Insight report, despite market activity showing resilience, homebuyers are facing long wait times for exchange on property purchases.
The data shows that 43% of housing transactions took more than 17 weeks to reach the 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 agreed sales per branch increased to 7.3 during the month, while stock levels remained stable at around 39 properties per branch.
However, there seems to be a slight softening in demand. The number of new potential buyers registered per branch fell to an average of seven, pointing to ongoing affordability pressures and uncertainty among buyers.
Propertymark said rising affordability continues to impact the market, with 33% of adults reporting difficulty paying their rent or mortgage between February 4 and March 1.
House prices also showed signs of weakness, with the average UK property price in February at £268,000, a slight month-on-month decline.
In the rental sector, demand remains much higher than supply. The average number of applicants per available rental property reached seven, while available stock decreased slightly to 11.32 properties per branch.
Tenant demand remains high, with an average of 80 new applicants registered per branch during the month, even as overall rental supply remains constrained.
Rents saw modest growth, increasing by 3.5% year-on-year and 0.5% month-on-month, with the average rent reaching £1,430 in England, £1022 in Scotland and £828 in Wales.
Nathan Emerson, chief executive of Propertymark, said: “The most notable and pressing issue for agents is the continued lengthening of the transaction process. With 43% of sales now taking more than 17 weeks to reach the exchange, this represents a new peak and underlines the ongoing inefficiencies within the system.
“Affordability remains tight for many households, and ongoing global economic uncertainty is impacting borrowing costs, adding further complexity to the landscape that agents and their clients must navigate.”