32 percent of property sales fell through before completion in the first quarter of this year, according to new figures from property firm
Quick Move Now.
Of the sales that failed, 25 percent were reportedly due to difficulty securing mortgage lending. This suggests that the cost-of-living crisis is beginning to have an impact on lender confidence in homeowner’s affordability. The remaining failed sales were attributed to the buyer or selling changing their mind, slow sale progress, the buyer trying to renegotiate the sale price or a change in buyer circumstances meaning they are unable to proceed with the purchase.
Scott Squire, Property PX Group’s national client director, commented: “Within the industry, it’s pretty widely accepted that between one-in-three and on-in-four property sales will fall through, but for those hoping to move house it often comes as a big shock. Most customers would consider a property sold at the point of having an offer accepted, few are prepared for the emotional and financial uncertainty of the reality that awaits them.
“When the worst happens and a house sale falls through, property part exchange can be a fantastic option. Buying properties directly with our own cash means that we can offer a guaranteed purchase, bypassing any uncertainty that comes from relying on mortgages or investors to purchase. Our part exchange service can offer your customers complete certainty from the very start, protecting them from the hassle and upset that often comes with selling on the open market.”