Property chains 'harder to fix' as 35% of sales colla...

More than a third of property sales fell through last year, with buyers to blame in most cases.

A survey by QuickMoveNow found 35% of property sales fell through in 2023.

Of the sales that failed, its research found 49% were caused by the buyer changing their mind, attempting to renegotiate, or pulling out after a property survey. A further 19% of failed sales were attributed to chain-break, while 17% were blamed on slow progress.

Another 10% were attributed to the buyer being unable to get a mortgage.

Danny Luke, of Quick Move Now, said: “With all of the challenges thrown at the property market over the last 12 months, it’s little surprise that the biggest cause of failed property sales is the buyer changing their mind or trying to renegotiate the purchase price. Chain-break has also had a big impact on the number of sales that have fallen through.

“During the post-Covid property market boom, a chain-break could quickly and easily be fixed. That’s not the case in a slower property market. It can take weeks or even months to tie-up another sale, which will often lead to the whole chain collapsing.

“Buyer uncertainty is also showing in the number of property sales falling through due to slow progress. We’ve heard stories of buyers seeming very keen at first, but then getting cold feet and going quiet. Sellers are only happy to hold on for so long before they get fed up and pull out of the sale to put their property back on the market.”