More than one in four property sales fell through before completion in the second quarter of this year, according to new figures from the UK’s largest home buying company, Quick Move Now.
Quick Move Now says just over one in four property sales (25.49 per cent) fell through before completion in the second quarter of the year; a 2.16 per cent rise from the 23.33 per cent of sales that fell through in the first quarter of this year.
Reason for failed property sales in the second quarter of 2019:
|Reason||Percentage of failed sales|
Buyer changed their mind and pulled out
of the sale
Collapse of the property chain
Buyer pulled out of sale after survey
Buyer was unable to secure a mortgage
Danny Luke, Quick Move Now’s managing director, commented: “The number of property sales falling through before completion has remained fairly steady throughout the first half of this year, with around one in four property sales failing to complete. This figure is good news for the property market after the unsettled final quarter of last year, which saw a fall through rate of almost 50 per cent. Despite the ongoing political uncertainty, it appears that a sense of calm has returned to the market, although it is continuing to move at a slower, more cautious pace.
What can you do if you need to sell?
“If you’re keen to sell in this challenging market, and minimise the chances of your sale falling through, there are a few things you can do.
“Firstly, it is important to recognise that the best buyer is not necessarily the one who makes the highest offer. With 31 per cent of the property sales that fell through doing so because of a chain collapse, a chain-free buyer is often a much better option than one who offers slightly more but has their own property to sell.
“Secondly, it’s important to choose the right agent. Again, it shouldn’t all come down to money. Select an agent that has recent experience of selling similar properties in the area and who is going to work proactively on your behalf to find you the best sale.
“Lastly, with buyers exercising more caution – 31 per cent of sales collapsed because the buyer changed their mind about the property and pulled out – it’s important that your property doesn’t raise any ‘question marks’ for potential buyers. Make sure you finish any outstanding DIY jobs or decorating tasks, and ensure your property is really looking its best before you place it on the market. You should also ensure that you have any relevant paperwork for any extensions or home improvements readily available for potential buyers to see.
“The property market is moving at a slower pace and with lower volumes than usual, but there are still people who want, and need, to move. If you have a property to sell, my advice would be to price it attractively, present it well and find out as much as you can about your buyer’s personal circumstances so you can maximise your chances of achieving a successful sale.”
Data calculation: Quick Move Now buy and sell hundreds of properties each year and the fall through statistics are calculated month-on-month, quarterly and annually.
About Quick Move Now
Quick Move Now was founded in 1998 to offer homeowners a quick and guaranteed property sale.
As the UK’s original and largest property buying company, Quick Move Now has helped more than 5,500 homeowners.
Quick Move Now is a founding member of the National Association of Property Buyers and a member of The Property Ombudsman.