The number of property sales that fell through in the second quarter of 2023 was significantly lower than in the first quarter, with just under 25% of sales failing to reach completion.
This is good news for home buyers and sellers, as it suggests that the property market is starting to stabilize after a period of uncertainty. The most common reason for a sale falling through in the second quarter was the buyer changing their mind, which is unsurprising given the current level of economic uncertainty and rising interest rates. A further quarter of sales fell through because the buyer was unable to get a mortgage, or because their mortgage product was withdrawn and replaced with a more expensive alternative. The remaining 25% of failed property sales were attributed to chain-break or the buyer withdrawing from the sale.
Danny Luke, managing director of Quick Move Now, said:
"The current fall-through rate is the lowest we've seen in almost two years, which is good news for those hoping to buy or sell. However, it's important to remember that the market is still volatile, and it's still possible for sales to fall through for a variety of reasons. Buyers and sellers should be prepared for the unexpected, and they should work with a reputable estate agent who can help them to navigate the market safely."