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:
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.”