More than one in four house sales across England and Wales fell through before completion in the third quarter of 2017 according to a company that monitors the market.
Quick Move Now says that just over 28 per cent of all house sales fell through before completion, an increase from 26 per cent recorded in the previous quarter.
The firm says the main reasons behind the fall throughs were one part of the chain being refused credit, a buyer seeking to renegotiate on an original offer, and buyers simply changing their minds.
General slowness in sales progression was another major cause of fall through while problems recognised at survey stage accounted for around one in nine collapses.
“Looking at the reasons behind the fall-throughs for Q3, nearly 63 per cent occurred due to hesitation on the buyer’s part; 26 per cent of buyers weren’t progressing forwards with their sale; 21 per cent of buyers tried to renegotiate on their original offer, while 16 per cent completely changed their mind. These reasons behind the house sale fall throughs would indicate a complete lack of confidence from buyers” says a Quick Move Now spokesman.
“Nearly every day, the media is reporting a property price slow-down across the UK. And with many property experts predicting this downward shift to continue as we go into 2018, I would expect buyers to become even more apprehensive in the short term” he continues.
At the end of the final quarter of last year, Quick Move Now reported a fall-through rate of around 35 per cent – the highest in recent years.
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