Aborted Sales Continue to Increase
Quick Move FTI* over 31%.Aborted sales continue to increase as market conditions worsen.
There is a lot of uncertainty out there at the moment, no one knows which way the housing market is headed and the threat of redundancy looms for many.
Therefore many buyers are getting cold feet and are pulling out of transactions. More still are so jittery that even a slight issue at survey or problem securing the mortgage they wanted will result in them pulling out of the purchase.
This situation is likely to get worse not better. Prices are expected to fall next year, mortgage lending will be further constrained and general uncertainty in the economy will increase. All this is likely to spell another difficult period for the housing market.
What is the Quick Move FTI?
Not all property sales that are agreed go on to complete and the percentage of sales falling through varies greatly with prevailing market conditions.
When a chain collapses sellers can face a number of issues:
-Large delay in selling as whole marketing/sale process is restarted.
-Lose onward purchase.
-Remain exposed to changing market conditions.
-Lose out financially with costs sunk into solicitors, estate agents, home information packs, survey and mortgage fees often exceeding £2000.
Quick Move agreed over 500 sales last year but like any seller we have trouble with chains and sales falling through. This is despite a dedicated sales progression team and detailed assessment of every buyer, their finances and related chain. The average home seller doesn’t qualify buyers to the same degree, so the general market fall through rate is much higher.
The Quick Move FTI is a 6 month moving average measuring the percentage of agreed sales that fall through.
The index is uniquely placed to give a current indication of how market conditions are affecting general home owners looking to sell their property.
Quickmovenow.com specialises in the rapid cash purchase of residential property. And our professional and competitive service provides clients with a quick, secure and efficient sale.
We assist clients in a range of circumstances but if your specifically want the certainty of selling without the complications of a chain or have been involved in a broken chain and want to secure your onward purchase-Quickmovenow.com could help.
If you want more information please complete a free online estimate or contact us direct on 0800 068 3366.
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