According to a recent poll by LRG, a staggering 34% of buyers and sellers said their property transaction collapsed simply because one party changed their mind. That’s almost four times higher than mortgage-related issues (9%) and miles ahead of problems uncovered by surveys (just 3%).
In short? The biggest threat to property sales isn’t paperwork or finance — it’s uncertainty.
The Hidden Cost of Cold Feet
The findings form part of The LRG Winter Sales Report, which surveyed 221 buyers and sellers across England and Wales. The results paint a clear picture: the current homebuying system leaves too much room for doubt, hesitation, and last-minute walkaways.
And the consequences are huge.
According to the TwentyCi Property & Homemover Q3 2025 report, more than 82,000 property sales collapsed in Q3 2025 alone. That’s tens of thousands of buyers and sellers who put their lives on hold — only for everything to unravel before the finish line.
For families juggling removals, schools, jobs, and finances, the emotional and financial toll is significant.
A System Ripe for Reform
It’s no surprise, then, that the appetite for change is overwhelming.
The LRG report found that 80% of buyers and sellers support the introduction of legally binding offers — one of the key proposals in the government’s recent Home Buying and Selling Reform consultation. This system already works successfully in Scotland, where buyers and sellers commit much earlier in the process.
Legally binding offers would drastically reduce the window in which cold feet can derail a deal, creating certainty much earlier on and protecting everyone involved.
LRG believes the timing couldn’t be more critical.
“With a third of transactions collapsing because someone changed their mind, it’s clear the system isn’t working as it should,” said Neil Louth, Chief Executive of The Acorn Group, part of LRG.
“But the good news is that this is fixable.”
The Government’s Biggest Shake-Up Yet
In response to growing pressure, the government has announced what it describes as “the biggest shakeup to the homebuying system in this country’s history.” The proposed reforms aim to modernise a process that has long been criticised for being outdated, stressful, and stacked against consumers.
At the heart of the proposals is a simple idea: certainty earlier in the transaction.
“People put their lives on hold during a transaction,” Louth added.
“They deserve a system that gives them more confidence and less fear of everything falling apart at the last minute.”
Knowledge Is Confidence
Another key proposal gaining strong backing is the introduction of upfront property condition reports. LRG’s surveying team believes this could be a game-changer when it comes to reducing cold feet.
Rather than discovering issues weeks or months into the process, buyers would have a clear understanding of a property’s condition from the very start.
“If buyers know what they’re getting into early on, they’re far less likely to walk away later,” said Louth.
“It’s about removing the unknowns that cause hesitation.”
In other words, transparency builds trust — and trust keeps deals together.
A Better Way Forward
Property transactions will always involve emotion, but they don’t have to be a gamble. With legally binding offers, upfront information, and a system designed around certainty rather than chance, thousands of collapsed sales could be prevented every year.
For buyers, sellers, and estate agents alike, reform isn’t just welcome — it’s long overdue.
The message is clear: cold feet may be human, but a broken system doesn’t have to be permanent.
Tags: Estate Agency
