New research from Propertymark suggests a typical fall through costs an agent £4,123.
The association says that if the stamp duty holiday - set to be extended by three months until late June - ends in a cliff edge at that time, many agents will suffer “a huge financial loss.”
The estimated cost of a fall through comes from a survey of Propertymark member agents - of which over 65 per cent believe fall throughs to already be a problem or a substantial problem.
In the last year, an average of 17 sales have not completed per estate agent branch; however this figure could rise as Propertymark forecasts over 325,000 households will miss the stamp duty deadline if it is not extended beyond March 31.
Failed property transactions also have a costly impact on the consumer, resulting in them losing £1,571 on average.
“We have continually called on government to rethink the timings of the stamp duty deadline and the recent speculation of an extension will be good news for the sector” explains Mark Hayward, chief policy advisor at Propertymark.
He continues: “However, extending the holiday until June will create another cliff edge and purely push back the increase in the number of failed sales as we approach the new deadline. We need government to consider a tapered end to the holiday so that buyers aren’t forced to pull out at the last minute and the property market can continue to thrive.”
Propertymark’s survey was relatively small - just 327 agent members.