One in four sales fall through
More than one in four property sales fell through before completion in the second quarter of this year, according to figures from Quick Move Now.
The home buying company said just over one in four property sales (25.49%) fell through before completion in the second quarter of the year.
That represents a 2.16% rise from the 23.33% per cent of sales that fell through in the first quarter of this year.
Danny Luke, managing director of Quick Move Now, said: “The number of property sales falling through before completion has remained fairly steady throughout the first half of this year, with around one in four property sales failing to complete.
“This figure is good news for the property market after the unsettled final quarter of last year, which saw a fall through rate of almost 50%.
“Despite the ongoing political uncertainty, it appears that a sense of calm has returned to the market, although it is continuing to move at a slower, more cautious pace.
“The property market is moving at a slower pace and with lower volumes than usual, but there are still people who want, and need, to move.
“If you have a property to sell, my advice would be to price it attractively, present it well and find out as much as you can about your buyer’s personal circumstances so you can maximise your chances of achieving a successful sale.”
Reason for failed property sales in the second quarter of 2019:
|Reason||Percentage of failed sales|
|Buyer changed their mind and pulled out of the sale||31%|
|Collapse of the property chain||31%|
|Buyer pulled out of sale after survey highlighted issues||23%|
|Buyer was unable to secure a mortgage||15%|