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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I wonder where the source information is from
Very interesting reading.
We had an agent quote 17 weeks from offer to exchange on average yesterday which is increasing from RICS'S 16 weeks that they published a few months ago.
Why has no-one investigated the correlation between the increased use of panel managers and the increased transaction times that then lead to increased fall throughs.
I completely understand that for those agents (and mortgage brokers) that derive so much income from these get-rich-quick panel managers that this is in the "too-difficult" pile bit it doesn't take a genius to work out that agents using panel lawyers are helping to make the problem worse...
Misleading headline suggests that 28% of sales fall through between exchange and completion which is clearly not the case.
So we have an increase in 'internet agency' and completion failure rates also increase. Interesting connection?
Quick Move Now is typical of these online organisations that pretend to provide a service to customers but cannot afford to manage their sales progression on their shoe string fee structure and without suitably experienced and qualified accountable in-house staff - hence their high sale failure! Pay peanuts . . .
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