According to the data, just under one in four property sales (23.33%) fell through before completion in the first quarter of the year; a significant drop from the 49.8% of sales that failed in the last quarter of 2018.
There are many reasons why a sale might fall through. During Q1 2019 the top reasons were as follows:
1: Buyer changed mind and pulled out of sale - 29%
2: Seller pulled out of sale because they felt it wasn't progressing - 22%
3: Seller pulled out of sale for a higher offer - 14%
4: Buyer was unable to secure a mortgage - 14%
5: Buyer pulled out of sale after survey highlighted issues - 14%
6: Property chain collapsed - 7%
Danny Luke, Quick Move Now's managing director, had this to say: “2018 was a very difficult year for the property market, and the tricky conditions have followed us into 2019.
It has been well documented that ongoing political and economic uncertainty has led to a significant slowing of the UK property market, and many homeowners and would-be home buyers are acting cautiously. The reduced number of property sales falling through before completion suggests that those who are braving the uncertain property market are serious, committed buyers and sellers. This is some much-needed positive news for the UK property market.”