House sale failures in the UK fell from record high in first quarter of 2018

Sat 21 Jul 2018

The number of house sales in the UK falling through before completion has dropped significantly, according to new figures.

In the second quarter of 2018 the house sale fall through rate was 23.1% down from a record high of 38.8% in the first quarter of the year, the data from home buyer Quick Move Now shows.

The research looks at year to date figures and six month average figures, to take into account seasonal peaks and troughs, and both figures have seen a fall in the number of sales failing to complete.

The year to date figure has dropped from 29.9% to 28.8% while the six month average figure has fallen from 33.8% to 30.5%.

‘The start of 2018 was challenging for the UK property market. Political and economic uncertainty left many home owners and would-be buyers feeling nervous. The end of 2017 saw London house prices drop for the first time in eight years, and the resulting nationwide market caution heavily contributed to the highest first quarter property sale fall through rate in a decade,’ said Danny Luke, Quick Move Now’s managing director.

‘The second quarter has been much more positive, as the market starts to settle and buyer confidence begins to return. Last year, we saw a second quarter fall through rate of 26%. This has fallen to 23.1% in the second quarter of this year, so the figures are looking more positive all round,’ he added.

The research also shows that of the property sales that were unsuccessful, some 58% were attributed to the buyer changing their mind or the seller pulling out after receiving a higher offer.

Some 12% were due to problems securing mortgage finance and a chain collapse also accounted for 12% as did the seller pulling out of the sale because they felt it was not progressing quickly enough while 6% was due to a negative survey report.

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