Over 37% of Sales Aborting
Quick Move FTI* stays at over 37% during March.The improvement in the aborted sale rate witnessed during the first half of 2009 now seems a distant memory.
We have seen the number of sales falling through steadily increase over several months so that we are now experiencing levels well above long-term average.
The cause of many of these aborted sales is uncertainty. House buyers and sellers are unsure whether house prices are rising or falling, they are also concerned about looming public and private sector redundancies. The banks and mortgage lenders are still concerned about over exposure to the property market and are withdrawing or refusing mortgages to many home buyers.
With a looming general election and the prospect of huge government cost cutting and tax rises, the near future is likely to get even more uncertain.
When life is uncertain homes buyers will become more nervous about making huge commitments such as buying a home. As always house sales in the UK nearly always involve a chain a dependent sales. If just one sale falls through, the rest of the chain collapses!
*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.
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