Quick Move FTI Falls to 23%
The aborted sale rate has fallen to the lowest level since late 2006.
We continue to see improvements in rate of aborted sales although at least 1 in 4 property deals is still aborting before completion.
So why are we seeing such an improvement when the market is very subdued and prices are falling across most of the country?
The main reason seems to be that the number of sales is very low. In August we saw mortgage lending drop to lowest level since 2000. This shocking figure really illustrates how few property sales are actually happening.
At these low volumes, most sales are to well financed, confident buyers who have found the property they want. This means that the chances of fall through are much lower than would be the case in a healthy housing market.
Although fall through’s are falling the chances of actually finding a buyer in the first place are much more remote, and this is the real battle for home sellers currently.
*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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