The figures indicate a house sale fall through rate of 28.3% for Q3 2018, a rise of 5.2% since Q2.
Danny Luke, Quick Move Now's managing director, commented: “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.
The start of the year was incredibly difficult, with fall through rates hitting a first quarter ten-year high of 38.8%. The second quarter was a little more positive, as the market showed signs of beginning to pick up. However, 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.
In a slowing, buyer-centric market, it is increasingly important that sellers are proactive. Making sure your property is priced attractively will help to increase the number of viewings you are able to secure. With more properties for buyers to choose from, it is crucial that your property is well presented to make it stand out from other properties on the market. Declutter, refresh your paintwork and make sure your property's best assets are well highlighted if you want to stand the best chance of securing a sale.
If you are in need of a quick sale in a slow market, you may also want to explore alternative routes such as property auction or a cash property buying company. Whilst it is important to highlight that you will achieve a lower price than on the open market, either of these options should enable you to secure a sale in a matter of weeks.”
Of the property sales that were unsuccessful, 35.3% 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%), the buyer having difficulty securing a mortgage (23.5%) and a property chain collapse (11.8%).
Quick Move Now also releases year-to-date figures and six-month average figures, to take into account seasonal peaks and troughs. The year-to-date figure currently stands at 30.0%, while the six-month average figure is 25.7%.
