Outdated house buying process is costing UK economy £1.5bn

MAISIE GRICE

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THE UK's antiquated house purchasing process and rate of collapsed transactions are draining the economy of at least £1.5bn annually, one of Britain’s largest high street banks has cautioned.

According to Santander UK, more than half a million collapsed housing transactions are directly costing consumers £560m, with certain expenses, including mortgage and solicitors’ fees, proving impossible to recover.

This figure stands 40% above previous government estimates of £400m.

Roughly 85% of individuals who endured a collapsed transaction suffered a financial loss, with the typical cost reaching £1,240.