Aborted Sales at 30% For July
The Quick Move FTI* has increased to 31% of sales falling through.
The last few months has seen activity returning to the housing market as we have witnessed serious, cash rich house buyers stepping in to buy discounted houses. These home buyers often don’t have to rely on selling another house and are therefore less likely to pull out of the sale.
However this month we have seen the volume of aborted house sales rise over the 30% level.
We believe this is because normal buyers are stepping back into the market, who are neither cash rich or experienced investors. Mortgage lending is still massively constrained and any buyer with a small deposit or slightly dubious history is struggling to get finance. We have seen a corresponding increase in aborted sales as potential buyers fail to secure a mortgage offer.
*This figure is based on property sales that are professionally qualified and managed and the true rate of fall through on the open market is unfortunately much higher.
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