More market mayhem? Fall-Throughs rise as uncertainty grips buyers

The number of house sales falling through before completion is on the increase according to data collated by a home buying company. 

Quick Move Now says there was a fall-through rate of 28.3 per  cent for the third quarter of this year, a rise of 5.2 per cent since the second quarter.

Even so, the latest figure is not as serious as quarter one 2018, when the fall-through rate hit almost 39 per cent, but the company says the market is slowing as buyers are worried about the future.

“Political and economic uncertainty has left many homeowners and would-be buyers feeling nervous, and most estate agents are now openly acknowledging a slowing market after an unseasonably sluggish summer” says Danny Luke, Quick Move Now's managing director. 

“It seems as Brexit looms ever closer, with no deal yet finalised and growing speculation of a second referendum, would-be buyers are proving cautious” he adds.

Of the property sales that were unsuccessful in the third quarter of this year, Luke says 35.3 per cent were attributed to the buyer changing their mind.  

The remaining unsuccessful sales were as a result of the buyer pulling out after issues were identified in the property survey (29.4 per cent), the buyer having difficulty securing a mortgage (23.5 per cent) and a property chain collapse (11.8 per cent).

When all three quarters so far completed in 2018 are averaged, the fall-through figure currently stands at 30.0 per cent.