More than one in four sales across the UK fell through last year, claims a quick-sale company.
Quick Move Now claims a sale fall-through rate of 27.94 per cent for Q4 of 2015, far above the 19.62 per cent it reported in Q3.
Taking 2015 as a whole, it says 29.26 per cent of sales fell-through.
“Tougher lending criteria were introduced as a result of the Mortgage Market Review which meant some prospective buyers found it challenging to secure a mortgage, or found they were able to borrow less than they had anticipated. Nine per cent of sales that fell through did so as a result of not being able to secure a mortgage” says Danny Luke, Quick Move Now’s business manager.
However, the biggest reasons for house sales falling through in the final quarter of last year were more traditional ones - buyers changing their minds, problems identified at survey stage, or failed renegotiation following the survey.
Luke says a shortage of stock for sale may have led to anxious buyers putting in substantial offers on less-than-ideal properties - some purchasers will then have got cold feet or been deterred by a survey’s findings.
He says chain collapse still features prominently, causing over a fifth of the fall-throughs.
Sellers pulling out for a higher offer accounted for nine per cent of the fall-throughs.