1 in 4 house sales fell through in Q4 2015

1 in 4 house sales fell through in Q4 2015

New data released today by Quick Move Now, has revealed that the house sale fall through rate rose in the last quarter of 2015, with more than 25% of sales failing.

Figures indicate a house sale fall through rate of 27.94 percent for Q4 of 2015, a rise 8.32 percent from the reported 19.62 percent in Q3.

Quick Move Now also released figures for the annual year-to-date fall through, which offers a greater overview of how the property market is performing generally, allowing for seasonal peaks and troughs.  The year-to-date fall through rate remained fairly constant throughout 2015, at around 29 percent, and finished the year at 29.26 percent.

Danny Luke, Business Manager at Quick Move Now, commented: “2015 was an interesting year for the UK property market, and the fall through rates reflect that.  Tougher lending criteria was introduced as a result of the Mortgage Market Review (MMR), which meant some prospective buyers found it challenging to secure a mortgage, or found they were able to borrow less than they had anticipated. In fact, nine percent of sales that fell through did so as a result of not being able to secure a mortgage.

The two biggest reasons for house sales falling through in Q4 2015 were buyer changing their mind (27.2 percent) and problems identified at survey or failed renegotiation following a survey (27.2 percent), which is unsurprising in the current market.  A lack of properties coming to market has led to prospective buyers having to move very quickly in order to secure a property, and may mean they put an offer in on a less than ideal property through fear that they'll be unable to find anything else.  Some inevitably get cold feet about such a large investment, or find that a survey confirms their fears, and pull out before the sale completes.


Danny continued: "Chain collapse still featured prominently, with 22.7 percent of property sales falling through as a result of chain issues, and it's definitely an issue very much on sellers' minds.  We get calls every day from sellers keen to secure a guaranteed sale so they don't risk missing out on their onward purchase due to chain collapse.

Seller pulling out for a higher offer (9 percent) and buyer health issues/personal problems (4.5 percent) make up the remaining failed completions.”

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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

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Homebuyerconveyancing
Homebuyerconveyancing 15 Sep 2016

We are seeing a massive influx of Homebuyers using online Estate Agents. The winners are the online portals that still aim to manage the customer journey to homeownership. They provide a valuation service,...

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oliviaG
oliviaG 12 Sep 2016

Without a doubt renovating can truly be very beneficial to many homeowners but it depends to a great extent on the condition of your home and the parts of it you want to refresh. Before you start you should...

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oliviaG
oliviaG 29 Aug 2016

So true about cats!

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Jason Roberts
Jason Roberts 25 Aug 2016

Any predictions what average rent will be at the same time next year, anymore drops coming?

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dylanvan
dylanvan 19 Aug 2016

very good, thanks for sharing

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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