The number of house sales successfully going through has increased, according to new data from Quick Move Now.
At the end of last year nearly twenty-eight percent of house sales were failing before the sale went through, but this number has now fallen to just one in five properties sales.
Quick Move Now’s Managing Director, Danny Luke, commented: “The start of 2016 has been an interesting time for the UK property market. Strong demand and low supply in many areas has led to a strong financial performance, and whilst it is encouraging to see that the number of sales falling through before completion fell in the first three months of 2016, many people would still be shocked to learn that one in five house sales don’t go through to completion.”
According to Quick Move Now, the reasons why house sales aren’t successful are varied. Twenty-five percent of failed sales fell through because the seller pulled out for a higher offer, and a further twenty-five percent failed because the buyer or seller felt that the sale wasn’t progressing quickly enough. Just under twenty percent of unsuccessful sales were because the buyer changed their mind, just over twelve percent of the would-be buyers were refused a mortgage, just over six percent experienced chain-collapse, another six percent had problems at the point of survey and six percent fell through because the buyer wanted to renegotiate after the initial offer had been accepted.
Quick Move Now’s Danny Luke adds: “With much of the country experiencing high demand and low supply, it is little wonder that those with a property to sell are willing to pull out of sales in order to achieve a higher price. With high competition for properties in high demand areas, it’s important that would-be buyers get themselves in the best position possible to avoid being part of a sale that falls through. You should have all of your finance and a mortgage offer in principle arranged before you start your property search – if you find a property you want you’ll need to prove to the vendor that you’ll be able to proceed in a timely manner. You should also try to make yourself chain-free if at all possible, as this will make you a more attractive buyer, speed up the sale process and prevent any issues further down the chain from affecting you, all of which will help to reduce the chances of the sale falling through before completion.”