Quick Move FTI* at 29.58%.
Fall Through Rates for October remain similar to previous months and continue to hover around 30%. Within a business, a fall through rate nearing 30% is difficult to manage; for a homeowner trying to sell, the impact is magnified and can cause even more worry, stress and delay. Not only have Quick Move Now’s sale abortion rates remained similar, the amount of sales agreed has decreased which shows that, as the year end approaches, less and less people are able to find buyers.
There are a number of factors which affect sales and abortions can occur due to financial issues (including mortgage lending and deposits), economic difficulties (redundancy, job uncertainty, inflation) and general problems (such as buyers lacking confidence in the market and chains collapsing) among others.
Whereas in previous months, lots of buyers were becoming reticent and pulling out of sales after their offer had been accepted, recently it seems that many buyers aren’t keen to even make offers. People who are in a position to buy and able to proceed are in the minority anyway so, if these buyers aren’t willing to commit, the market conditions will worsen and the difference between the high numbers of properties on the market and the falling number of buyers will become steeper. Again, we find ourselves in a buyers’ market but the number of buyers able to proceed appears to be dwindling.
As predicted, the fall through rates have remained rather constant and the worry of escalating sale abortions still lingers. It can become increasingly more difficult to sell over the winter period so lots of homeowners may find themselves trapped on the market well into the New Year, unable to find a buyer and make the move or fresh start they desire. There don’t seem to be any signs of recovery within the economy or the housing market so we may see conditions worsen over the next few months and the uncertainty and instability could continue into 2012.
*This figure is based on house sales that are professionally qualified and managed and the true rate of fall through for normal house buyers and sellers is likely to be much higher.