Almost 18% of sale fall-throughs happen in first two ...

The most common time for a property sale to fall through is in the second week after the sale is agreed, data shows.

Figures from estate agency prospecting tool, Spectre show that 17.9% of all fall-throughs in the past 12 months have occurred within this timeframe.

It argues that this reinforces the importance of ensuring buyers are in the best possible position to proceed when agreeing a sale on a property.

Heather Staff, co-founder at Spectre, said: “Our data shows many fall-throughs happen within the first two weeks after a property is sold subject to contract, most likely due to buyer regret or mortgage applications being rejected.

“This shows just how critical it is for agents to make sure buyers are financially verified at the time of agreeing a sale, ensuring they have their deposit ready, mortgage agreed in principle, or full cash funds where applicable - and that they are confident in their decision before making an offer. This should prevent these issues from arising and help the sale run much more smoothly.”

Meanwhile, Spectre’s latest quarterly market report shows one in five sales fell through during the period and last year’s rate was above the five-year average following a spike in October.

Staff added: “The October peak is most likely down to many buyers' mortgage deals being pulled or renegotiated in the aftermath of the September mini-Budget, but we can see the first quarter of 2023 is already showing a more promising picture.

“However, these figures reiterate the need for agents to be as secure as possible in a buyer’s position before proceeding with a sale to minimise the chances of these rates skyrocketing.”