As well as money, those who have a property transaction fall through will often have committed significant amounts of time. It currently takes 126 days on average for a property to go from offer to completion, according to Rightmove.
On top of the financial cost and the time lost, there is also a psychological impact. Not being able to move into the house they expected to can throw people s lives into disarray.
For example, a divorced couple might have to remain living together, a first-time buyer could be forced to continue renting or living with parents, or a couple expecting a baby may be left with no choice but to remain in their one-bedroom apartment.