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 research from 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, as reported by City AM .

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

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

Nevertheless, one in five experienced a loss exceeding £2,000.

Almost a quarter of those who had attempted to purchase a property

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