Aborted Sales Remain Over 40%
Quick Move Fall Through Index (FTI) shows 42% of sales aborting over the last 6 months.
Recently the RICS reported that the volume of property sales has fallen to an all time low. You may think this would mean that only committed buyers with secure finance remain however the % of sales that abort is still well over 40%.
Problems gaining mortgage finance and issues with related chains, remain the biggest cause of aborted sales. Although we have also noted buyers swapping properties much more readily, as prices on nearby homes are slashed by desperate vendors seeking a sale.
Unfortunately as market conditions worsen and mortgage lending continues to be tightened we don’t think we’ll see a rapid improvement in the levels of sales falling through.
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