More than a quarter of house sales fell through in Q3
Although the UK property market is performing well at the moment, and buyers are plentiful, Quarter three of 2017 still saw one major problem affecting sellers; property sales falling through.
During the July to September period, according to the latest findings published by national house buyer Quick Move Now, a little over 28 per cent of all house sales across England and Wales fell through before completion.
This was up from the three-month period that came before, during which 26 per cent of sales fell through, according to the data, showing a slight rise in summer in the number of homes that are causing frustration for sellers.
A deeper look at the figures shows that of those house sales that fell through, the biggest factor was the sale simply not going forward, a problem that affected 26 per cent of the uncompleted deals. This was followed by the buyer being refused funding by a lender, which was the case in 21 per cent of fall throughs, and a buyer trying to negotiate on the price late in the day, which accounted for 21 per cent of issues.
Other issues that stopped sales from being completed included the buyer simply changing their mind and not wanting to continue with their purchase (16 per cent), or pulling out because of issues with the property survey (11 per cent).
Danny Luke, Quick Move Now’s managing director, said some of the issues causing a rise in fall throughs are political, with people now feeling less confident in the market as a result of the uncertainty in the air at present.
"2016 as a whole was a turbulent year for the UK property market, with external factors like the EU referendum, the triggering of Article 50 all playing their part on the fall through rate. It is clear the UK property market is still full of uncertainty and instability," he said.
"Nearly every day, the media is reporting a property price slowdown 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."
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08-October-17General Lettings News