More than 27% of house sales in England and Wales fell through before completion in 2016, according to figures released today by the UK’s largest independent home buyer; Quick Move Now.
The property firm, which also releases quarterly fall through rate figures, revealed that the last three months of 2016 saw an increased quarterly fall through rate of just under one in three house sales (31.34%).
When disclosing the reasons behind unsuccessful property sales, it seems both buyers and sellers are happy to keep looking for a better deal, even after an offer on a property has been accepted. Of the property sales that fell through 42.86% did so because the seller accepted a higher offer on the property, and a further 28.57% fell through because the buyer changed their mind about the property.
14.29% of sales that fell through did so after the results of a survey left the buyer feeling that the property required too much work, 9.52% failed to complete due to difficulty securing mortgage finance and the remaining 4.76% of unsuccessful sales were attributed to miscellaneous issues.
Danny Luke, Quick Move Now’s managing director, commented:
2016 was a tricky year for the property market. A great deal of uncertainty plagued both the political and economic arenas, which undoubtedly had an impact on market confidence.
The EU referendum vote had an instant impact, as nervous buyers chose to pull out of sales in order to assess the consequences of Brexit. That initial knee-jerk reaction has since subsided, through both buyers and sellers are still showing some caution when it comes to selecting properties.
“Shortage of supply in many areas remains an issue, with many homeowners choosing to improve rather than move due to the lack of choice on offer, which means those that are keen to move, or have no choice, find themselves in a highly competitive market when it comes to desirable properties.
If you’ve got a property / house sell fast and are worried about your sale falling through, Quick Move Now could buy your property in as little as 7 days. For more information contact Quick Move Now on: 0800 068 3366 or fill in the free, no-obligation estimate form below.