The fall-through rate in country house sales has never been so high as it is now, Knight Frank has reported.
The firm is advising sellers to have a red-hot conveyancer at the ready, who can get the sale through before buyers have a chance to change their minds.
Rupert Sweeting, head of country house sales at Knight Frank, said he is advising sellers not to be frightened of taking a first offer, but warned: “The fall-through rate has never been so high due to shifting confidence and, therefore, vendors should have their lawyer prepared to exchange within ten working days to avoid this.”
The firm says that although prime country house prices in England rose by 0.4% between April and June, values remain down by 1.2% on an annual basis and are 21% below the market peak in Q3 2007.
Sweeting says that despite the recent increases in house prices, the prevailing feeling in the market is still one of uncertainty, with transactions taking longer as buyers consider their options.
While viewings increased by 7.9% over the first six months of 2013 compared to last year, the number of new applicants rose by only 0.1% over this time.
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