Slight rise in property sales collapse in the UK in second quarter of 2019
More than one in four property sales fell through in the UK before completion in the second quarter of this year, according to new figures.
Overall, some 25.49% of sales fell through before completion in the second quarter of the year, up 2.16% from the 23.33% of sales that fell through in the first quarter of this year, according to the report from Quick Move Now.
The top two reasons were buyers changing their mind and pulling out of the sale and a collapse of the property chain, both at 31%, followed by 23% due to the buyer pulling out after their survey highlighted issues and 15% where the buyer was unable to get a mortgage.
However, the report reveals that the number of property sales falling through before completion has remained fairly steady throughout the first half of this year, with around one in four property sales failing to complete.
Danny Luke, managing director of Quick Move Now, said:
‘This figure is good news for the property market after the unsettled final quarter of last year, which saw a fall through rate of almost 50%. Despite the ongoing political uncertainty, it appears that a sense of calm has returned to the market, although it is continuing to move at a slower, more cautious pace.’
He pointed out that the best buyer is not necessarily the one who makes the highest offer.
‘With 31% of the property sales that fell through doing so because of a chain collapse, a chain free buyer is often a much better option than one who offers slightly more but has their own property to sell.
‘It’s important to choose the right agent as it shouldn’t all come down to money. Select an agent that has recent experience of selling similar properties in the area and who is going to work proactively on your behalf to find you the best sale.’
He also pointed out that with 31% of sales collapsing because the buyer changed their mind about the property and pulled out, it’s important that a property doesn’t raise any ‘question marks’ for potential buyers
‘The property market is moving at a slower pace and with lower volumes than usual, but there are still people who want, and need, to move. If you have a property to sell, my advice would be to price it attractively, present it well and find out as much as you can about your buyer’s personal circumstances so you can maximise your chances of achieving a successful sale.’
Kindly shared by Property Wire