Fall through rates have fallen drastically during Q3, down from 28% from Q2, currently sitting at 11%.
This is due to a variety of influences, including the stamp duty holiday deadline and a low level of supply, which has resulted in a record number of properties being snapped up by buyers and tenants.
So, what are the key reasons for houses falling through after reaching a sale agreed?
Percentage of failed sales
Buyer tried to renegotiate price after sale had been agreed/changed mind about purchase
Buyer pulled out of purchase due to survey or legal issues
Buyer or seller pulled out of sale due to slow progress
Buyer was refused a mortgage
Buyer was gazumped (seller pulled out of the sale due to a higher offer from a different buyer)
What can you do to ensure your house sale doesn’t fall through?
Avoiding rushing the process, to prevent putting pressure on your buyer, and ask for a proof of finances as early as possible. Once you’ve found a buyer, communication is key. So, work with your chain and estate agent to ensure you have the smoothest possible move.
Are you looking for property advice? Speak to one of our expert local agents today for more information.