Quick Move Now House Sale Fall Through Index – February 2012
The house sale fall through rate for February 2012 was 29.32% and so the chance of fall through has remained at around one in three for the past year. Despite the incentive of the the first time buyers’ stamp-duty holiday, fall through levels were still in line with consistent rates and didn’t show any drastic change.
Danny Luke, Business Manager for Quick Move Now, comments
February’s fall through figure is lower than it was at the same time last year yet is still a long way adrift of the pre–crash rates of 2006 and 2007 and individual homeowners are most at risk of losing a buyer.
The main causes of a house sale fall through still involve finance. Quickmove has found that potential buyers struggle to raise deposits or obtain mortgage lending and they only hear about potential mortgage problems near to completion, which is distressing for all involved. Government schemes such as the right to buy council houses and the 5% deposit mortgage guarantee for new homes may help to ease the pressure on the housing market – it will be interesting to see what sort of effect they have.
Quick Move Now sells hundreds of properties each year and the fall through statistics are calculated month-on-month using a six-month average. In reality, the fall through rate for homeowners would be approximately 10 – 15% higher as Quick Move Now has a professional resale team proactively managing the completion process.