Homebuyers are facing long delays in reaching exchange, despite a resilient market, according to Propertymark’s latest Housing Insight Report.

In February 2026, 43% of transactions took more than 17 weeks to exchange, Propertymark said. This is the highest level on record.

Sales activity remains steady. The average number of agreed sales per branch rose to 7.3. Stock levels held at around 39 properties per branch.

Demand is starting to ease. An average of seven new buyers registered per branch, suggesting continued affordability pressures and uncertainty.

Affordability remains a concern. Around 33% of adults reported difficulty paying rent or mortgages between 4 February and 1 March.

House prices showed slight weakness. The average UK property price stood at £268,000 in February, marking a small monthly decline.

In lettings, demand still far exceeds supply. There were seven applicants per rental property on average. Stock dipped slightly to 11.32 properties per branch.

Tenant demand remains high. Around 80 new applicants registered per branch during the month, despite limited supply.

Rents rose modestly. They increased 3.5% year-on-year and 0.5% month-on-month. Average rents reached £1,430 in England, £1,022 in Scotland and £828 in Wales.

Propertymark chief executive Nathan Emerson said: “The most notable and pressing issue for agents is the continued elongation of the transaction process. With 43% of sales now taking more than 17 weeks to reach exchange, this represents a new peak and underlines ongoing inefficiencies within the system.

“Affordability remains stretched for many households, and ongoing global economic uncertainty continues to influence borrowing costs, adding further complexity to the landscape that agents and their clients must navigate.”