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Quick Move Now Fall Through Index

Tuesday, 26 January 2010

Aborted Sales at 37%

Quick Move FTI* rose to 37% this month.

What a year 2009 turned out to be. We have seen the property market flip from suicidal to wildly optimistic and everything in between.

There can be no argument that the market has proved very difficult and confusing for buyers and sellers alike.

In December the fall through rate rose to 37%. This means we have seen a steady increase the sale abort rate since the year low of 29% in June.

We have seen that there are house buyers with secure finance and large cash deposits who are still able to buy. These buyers have been chasing a tiny pool of properties on the market as most homeowners have weathered the storm and removed their homes from the market. This demand and constrained supply were at there most extreme in June which was reflected in a low number of aborted sales.

Since June we have seen “normal” home buyers gradually enter the market, these buyers have often made offers only to find that mortgage finance is not available. The volume of property available has also increased as market perceptions have changed, which has increased choice for home buyers and made them more likely to “swap” purchases. Both these factors have led to a gradual increase in the fall through rate.

An average of 32% of sales aborted during 2009 and with prevailing conditions we would expect the aborted sale rate remaining above this level well into 2010.

If you want to avoid the uncertainty of the market and sell your house quickly Quick Move Now can help, follow the link to learn more about our service.

*This figure is based on house sales that are professionally qualified and managed and the true rate of fall through on the open market is unfortunately much higher.