The latest research from estate agent, Nested.com, has revealed the London postcodes where property sales fall through most often.
According to the data, emerging as the No.1 area to avoid is SW1V 1, which encompasses parts of Victoria, Westminster and Chelsea Bridge, where almost half (48%) of all sales fell through over a 12-month period. That’s closely followed by nearby SW1X 8 [Belgravia, Knightsbridge, Westminster] which boasts a fall-through rate of 43%.
Rounding out the top three is another SW postcode – SW5 9 [Earl’s Court, Kensington, Chelsea] where 41% of sales fell through.
Nested.com compiled their data by analysing all house sales across London from August 2018 to August 2019.
It shows that on average one in five (21%) house sales in capital fall through – with over a quarter (26%) of sales collapsing within a fortnight of an offer being accepted. One individual even faced the agony of their Putney [SW15 5] property falling through after 345 days.
Elsewhere in the top ten, postcodes NW 9 0 [Colindale, Queensbury, Barnet], W3 0 [Acton, Park Royal, Ealing] and WD6 3 [Borehamwood, Elstree, Hertsmere] share a 40% fall-through rate in fourth place. A fourth SW postcode takes eighth place – SW5 0 [Earl’s Court, Kensington, Chelsea] with a rate of 39%, while areas of Southall and Ealing take the two final slots with rates of 38% and 37%.
At the other end of the scale, North London can lay claim to some of the lowest fall-through rates across the capital with N4 4 [Finsbury Park, Manor House, Harringay] and N19 5 [Holloway, Archway, Tufnell Park] in second place with a rate of 11%.
But, it’s WD3 5 on the Buckinghamshire Hertfordshire borders that takes the crown for the lowest fall-through rate with one of just 8%.
Ben Bailey, Nested.com’s spokesperson, commented: “Whether you’re buying or selling, having a house sale fall through can be a traumatic experience. It’s not just about the roof over your head – it can also have a knock-on impact on other parts of your life such as your school plans for the kids, your commute to work and your yearly budgeting plans.
Our research shows that buyers and sellers in SW postcodes seem to be particularly negatively impacted by fall-throughs. This might be partly due to well publicised struggles involved in selling more expensive properties that are frequently found in these areas.
At Nested.com we’re determined to counteract the problem. That’s why we’re the only estate agent to offer a dedicated progression team who manage all aspects of both your house sale and purchase at the same time.
Sometimes a fall-through is unavoidable, but we remove the risk for home sellers by making them chain-free with a cash advance that can be used to buy their new home before their old home is sold.”