Fewer property sales falling through before completion

house sales falling through before completion

Despite a challenging start to the year, the UK property market received some good news today. According to new figures from the UK’s largest independent home buyer, Quick Move Now, the number of sales failing to reach completion has fallen.

Quick Move Now says just under one in four property sales (23.33 per cent) fell through before completion in the first quarter of the year; a significant drop from the 49.8 per cent of sales that failed in the last quarter of 2018.

Reason for failed property sales in Q1 2019:

Reason
Percentage of failed sales
Buyer changed mind and pulled out of the sale            29%
Seller pulled out of the sale because they felt it wasn’t progressing                                                            22%
Seller pulled out of the sale for a higher offer              14%
The buyer was unable to secure a mortgage                    14%
The buyer pulled out of the sale after the survey highlighted issues                                                              14%
Property chain collapsed                                                7%

 

Danny Luke, Quick Move Now’s managing director, commented: “2018 was a very difficult year for the property market, and the tricky conditions have followed us into 2019.

“It has been well documented that ongoing political and economic uncertainty has led to a significant slowing of the UK property market, and many homeowners and would-be home buyers are acting cautiously. The reduced number of property sales falling through before completion suggests that those who are braving the uncertain property market are serious, committed buyers and sellers. This is some much-needed positive news for the UK property market.”

This content was written by Quick Move Now
Published on 15th April 2019
Last updated on 20th May 2019

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