Bank of England governor Mark Carney has promised an independent review after the CHAPS payment system collapsed, delaying thousands of house purchases.
However, while inconvenient, it could have been much worse. It is hugely fortunate that the CHAPS system didn’t collapse on a Friday as this is by far the busiest day of the week for property completions. Even so, with everyone pushing to complete on a Friday there are a proportion of deals which don’t happen – maybe 15 per cent – which are pushed back to the following Monday. These are already critical and if they are delayed yet again, it will be hugely inconvenient for buyers.
Those in a long chain in particular are at risk as there will be a cascading effect down the chain with potentially many more people affected.