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Quick Move Now Fall Through Index

Thursday, 12 November 2009

Aborted Sales Climb to 33%

Quick Move FTI* continues to increase as we witness more sales aborting before completion.

Despite many headlines about rising prices the housing market remains a very uncertain place with huge market variation between areas. This means most people are still finding selling their home an uncertain and time consuming process.

One of the impacts of the current market is that we are seeing more sales falling through leading to frustration for both house buyers and sellers.

We are seeing normal home buyers being attracted back to the market. The majority of these house buyers also need to sell a house and don’t have the large deposits. These buyers are more likely to have difficulties securing a mortgage and may also have a complicated sales chain. This increases the chances of at least one link in the sales chain breaking and is leading to over 1 in 3 sales falling through.

Another driver of aborted sales, especially in sort after areas, is that house sellers are increasingly swapping buyers after the sale is agreed, for higher offers. The undersupply of property is causing competition, rising prices and therefore aborted sales. This phenomenon is extremely area specific and most homeowners are unfortunately not as lucky and are continuing to experience very difficult market conditions.

If you want to avoid the difficult market conditions and sell your house quickly Quick Move Now can help, follow the link to learn more about the benefits are service can offer you.

*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.