A bulk house buying and selling firm says 27 per cent of transactions in the wider market are falling through despite the recovery.
Quick Move Now says the fall-through rate - which shows a 60 per cent rise in a year - is mostly because buyers drop earlier offers in favour of more recent higher offers, or have problems in the chains of their own onward purchases
As buyers are rushing to make purchases before prices increase further, a higher proportion of those sales are falling through says Donna Houguez, Quick Move Now analyst.
Since the property market crash in 2007, although the fall through rate changed, the main reason had remained solid - the inability to secure mortgage finance. Now that's changed. The majority of sales falling through do so because of issues on the buyers' side - they either receive a better offer or they experience problems within their own chain she says.
Quick Move Now sells hundreds of properties each year and its fall through statistics are calculated month-on-month using a six-month average.
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Gazumping is back, but now with the added hassle of 'Ghost Gazumping' to contend with as well :(