Fewer home sales falling through, new data shows
New research shows that fewer property sales are falling through before completion, despite continuing uncertainty in the UK property market.
Some 22.39% of sales fell through before completion in the third quarter of the year, down 3.1% from the previous quarter and down by 5.88% year on year, according to the data from Quick Move Now.
The main reason for a sale falling through was the buyer changing their mind which amounted to 40%, followed by 33.3% due to sow progress, 20% due to difficulty getting a mortgage and 6.7% was due to the property chain collapsing.
‘This drop in the number of property sales falling through before completion is some much needed positive news for the UK property market. It shows that those who are pressing ahead with a property sale or purchase in the current market are committed and serious about the transaction,’ said Danny Luke, Quick Move Now’s managing director.
‘This is often the case in challenging conditions. The market is generally slowed and running at a more cautious pace, but those sales that do progress are more likely to make it all the way through to completion,’ he explained.
‘Looking at the reasons why property sales failed in the third quarter, it’s obvious that buyers are still cautious. Some 40% of the property sales that collapsed did so because the buyer changed their mind and pulled out of the purchase. A further third of unsuccessful property sales failed because either the buyer or seller felt the sale was not progressing quickly enough,’ he pointed out.
He believes it is important to recognise that the best buyer is not necessarily the one who makes the highest offer and it is vital to choose the right agent, one that has recent experience of selling similar properties in the area and who is going to work proactively to find you the best sale.
He added that it is worth sellers making sure their property doesn’t raise any ‘question marks’ for potential buyers, as well as having any relevant paperwork for any extensions or home improvements readily available for potential buyers to see.
‘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,’ he concluded.