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.