Aborted House Sales Reach Record High
Quick Move Fall Through Index (FTI) shows a record level of aborted sales over the last 6 months; the fall through figure for May was 46.15%.
This is a knock on effect of the problems being experienced in the property market which show no sign of abating.
Anyone lucky enough to find a buyer in this tough market may think that is the end of it but the reality is that huge volumes of sales are falling through every week.
The professional pre-sale checks undertaken by Quick Move reduces the fall through rate so the volume of aborted sales experienced by the normal vendor will be much greater.
As always these vendors face the prospect of losing their onward purchase and remain exposed to the deteriorating market conditions. They will also lose out financially with costs sunk into
“Until general confidence in the property market returns and the issues with the credit crisis are resolved we don’t see any short term improvement in the level of aborted sales.”
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