More than one in four house sales in the first quarter of 2015 failed to complete according to a quick sale company.
Data compiled by Quick Move Now claims that the house sale fall through rate for January, February and March was 27.35 per cent.
In terms of historical context, the firm says pre-recession fall through rates sat at just 9.09 per cent in early 2006, but by 2008 had increased to 45.55 per cent.
The company - which says it has an annual turnover of £42m having bought over 5,000 properties since being set up in 1998 - also suggests the fall-through rate could in fact be higher were it not for quick sale companies intervening.
“Looking at the fall through figures post-recession, it’s clear that the market is on its way to recovery [but] the longer the chain of people involved in a house sale, the higher the chance the sale will fail to successfully complete” says Quick Move Now spokeswoman Nikki Tollafield.
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Pretty shocking statistics. Buyers or sellers getting cold feet, gazumping, issues with mortgages, conveyancing and surveys - all possible reasons for a sale falling through, but I didn't expect it to be quite so high.
Strange that there is such a dichotomy between the pre and post recessions levels. I understand why sales were falling through immediately after the global financial crisis, but should we still be feeling the effects of that now.
Certainly, with the introduction of MMR and a lack of supply, buying/selling a house isn't going to get any easier in the short to medium term.
Yep, these stats are pretty worrying. Long gone are the days of quick sales, the process is only going to get longer and longer. Too many barriers placed in the way of potential buyers - no wonder so many young people are giving up on the idea of owning their home.
Bit worrying, but as Rob points out there are a number of reasons for this. It's very frustrating when the sales process drags on, but we just have to suck it up and get it on with it. Nothing will change anytime soon.
It's always deeply frustrating when a sale falls through, and these stats would suggest it is happening with alarming regularity. But it's also important to bear in mind that for every sale that falls through, there is one that completes successfully. It's vital to keep a sense of perspective in the face of figures like this.
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