One in three property sales in 2023 fell through, with almost half (49%) due to the buyer getting cold feet. This highlights the increased uncertainty and changing priorities in the housing market.
The start of 2023 saw property prices start to fall after years of strong growth. By December 2023, the UK’s annual decline rate reached 3.3% with regional variations.
Increased borrowing costs and rising inflation impacted affordability, which made it harder for people to buy, leading to decreased buyer demand.
Buyers that were able to make a move gained more leverage, with asking prices seeing higher discounts, averaging around 5.5%
Of the sales that failed in 2023, 49% were caused by the buyer changing their mind and pulling out. A further 19% of failed sales collapsed because of chain break issues. 17% of sales failed to complete due to slow progress and 10% of buyers were unable to secure a mortgage.
|Reason for property fall through
|Buyer changed mind, attempted to renegotiate price, or withdrew after property survey
|Buyer struggled to secure a mortgage
|Change in buyer circumstances
Scott Squire, National Sales Director at Property PX Group said;
“The outlook for the property market in 2024 is mixed, with some experts predicting a slight decline in house prices, while others believe the market may remain flat.”
"As we enter another challenging market, you must ensure you have the right incentives to compete with your competitors and continue to fill your sales pipeline."
"Don't forget, Property PX Group can complete the sale of a property in as little as 7 days. So even if your buyer experiences a chain break at the last minute, Property PX Group can step in to buy and save your sale!"
If you’d like to find out more about how Property PX Group could support your sales, you can call and speak to Scott or a member of the client management team on 01793 268960 or email firstname.lastname@example.org