fbpx

London postcode where the most property sales fall through revealed

Michael Lloyd

December 4, 2019

The area where the most property sales fall through in London is SW1V 1 which encompasses parts of Victoria, Westminster and Chelsea Bridge, estate agent Nested has revealed.

Here almost half (48%) of all sales fell through over a 12-month period.

This area is closely followed by nearby SW1X 8 covering Belgravia, Knightsbridge, and Westminster which has a fall-through rate of 43%.

Ben Bailey, spokesperson at Nested.com, said: “Whether you’re buying or selling, having a house sale fall through can be a traumatic experience.

“It’s not just about the roof over your head – it can also have a knock-on impact on other parts of your life such as your school plans for the kids, your commute to work and your yearly budgeting plans.

“Our research shows that buyers and sellers in SW postcodes seem to be particularly negatively impacted by fall-throughs.

“This might be partly due to well publicised struggles involved in selling more expensive properties that are frequently found in these areas.

“At Nested we’re determined to counteract the problem. That’s why we’re the only estate agent to offer a dedicated progression team who manage all aspects of both your house sale and purchase at the same time.

“Sometimes a fall-through is unavoidable, but we remove the risk for home sellers by making them chain-free with a cash advance that can be used to buy their new home before their old home is sold.”

The SW5 9 postcode covering Earl’s Court and Kensington, Chelsea saw 41% of sales fell through.

On average one in five (21%) house sales in the capital collapse, with over a quarter (26%) of sales falling through within a fortnight of an offer being accepted.


Sign up to our daily email