Fewer property sales falling through despite uncertain market

Fewer property sales fell through before completion, despite uneasy market conditions, according to Quick Move Now.

The home buying company's data shows that one in four (22.39%) of its sales fell through during Q3, down from a fall-through rate of 25.49% in Q2.

The rate of fall-throughs between July and September was also almost 6% lower than the rate of 28% recorded during the same period in 2018.

Quick Move Now says that buyers changing their minds remains the most common reason for fall-throughs.

This is followed by buyers or sellers pulling out due to slow progress, difficulty in securing a mortgage and the collapse of a property chain.

"[The data] shows that those who are pressing ahead with a property sale or purchase in the current market are committed and serious about the transaction," says Danny Luke, Quick Move Now managing director.

"The market is generally slowed and running at a more cautious pace, but those sales that do progress are more likely to make it all the way through to completion."

He says if agents and sellers want to minimise the chances of transactions falling through in current market conditions it's important to recognise that the best buyer is not necessarily the one who makes the highest offer.

Luke advises sellers to "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 adds that it's important that available properties don't raise any 'question marks' with prospective purchasers.

"Make sure you finish any outstanding DIY jobs or decorating tasks, and ensure your property is really looking its best before you place it on the market," he advises.

"You should also ensure that you have any relevant paperwork for any extensions or home improvements readily available for potential buyers to see."

"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," concludes Luke.