More than one in three house sales in the second quarter of this year failed to reach completion, according to data from home-buying company Quick Move Now.
Figures indicate a house sale fall-through rate of 36.34 per cent for the second quarter of 2015, a significant rise over the reported 22.76 per cent in Q1.
At the end of Q1 the six month average fall-through rate sat at 24.77 per cent and by the end of Q2 the six month rate had risen to 28.44 per cent.
"As the property market becomes more buoyant and an increasing number of properties become available, both sides of a property sale feel they have options if the sale is not progressing as quickly or as well as they had hoped” says Danny Luke, business manager at Quick Move Now.
The firm says over the last six months, 22 per cent of home sales that fell through did so as a result of the buyer changing their mind, 16 per cent fell through as a result of the buyer being refused lending, 13 per cent fell through due to slow sale progress and a further 13 per cent fell through due to a higher offer coming in.
Some 8.7 per cent of the house sales that failed to reach completion did so after the buyer attempted to renegotiate; 6.0 per cent fell foul to issues that were highlighted during a survey; 5.8 per cent failed to successfully complete due to a change in the buyer's circumstances, and a further 5.8 per cent fell through due to a chain breakdown.
And some 4.0 per cent failed to complete because the buyer decided to buy a different property, 3.0 per cent broke down due to lease issues and the remaining 3.0 per cent failed to complete as a result of legal complications.
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Some interesting figures although I can't help feel that the intention of releasing them is to encourage consumers to organise a Quick Move Now ;)
A fifth due to buyers changing their minds - that sounds about right, a reasonably common occurrence in our experience. The increase in fall-throughs would seem to reflect the pre-election period so I would expect Q3's figures to fall again, especially with all the positive figures we have seen over the past couple of weeks.
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