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More house sales fall through amidst slowing property market

There has been an increase in the number of house sales falling through before completion, according to Quick Move Now.

Figures released by the independent home buyer revealed a house sale fall through rate of 28.3% for the third quarter of 2018, a rise of 5.2% since the second quarter.

Danny Luke, managing director of Quick Move Now, commented: “2018 has been a challenging year for the UK property market. 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.”

In the first quarter of this year, fall through rates hit a ten-year high of 38.8%. The second quarter, however, was more positive, Luke said, as the market showed signs of recovery.

Despite this, would-be buyers are remaining cautious as Brexit looms ever closer, speculation grows regarding a second referendum and the prospect of the UK crashing out without a deal becomes more real.

Luke said that sellers should be proactive and make sure their property is priced accurately to increase the number of viewings and secure 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 buying company,” he continued. “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 sale fall throughs 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%).

The fall through statistics were calculated month-on-month, quarterly and annually.

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