Aborted Sales Rate At 31%
Quick Move FTI* ends the year at 31%.
It has been a difficult year for home buyers and sellers, the property market has fluctuated greatly and the FTI shows that the levels of aborted sales have followed a similar trend.
2010 really was a game of two halves. Early on we saw greater optimism, rising prices and improving sales volumes. It was therefore not a surprise that the volume of aborted sales improved, as competition increased the determination of buyers to complete.
However during Autumn it became clear that the house price rally had no real substance and with the announcement of huge government cut backs we have seen sentiment change. With expectations that prices will fall and that times will be hard we saw buyers lose confidence. Reducing confidence and increasing difficulties in obtaining mortgage finance have inevitably led to more aborted sales.
So what to expect for 2011? Well unfortunately probably more of the same!
Many people want to buy and significant pent up demand has built up over the last 2 to 3 years. This would normally lead to rocketing prices but the demand will be tempered by continuing difficulties for most buyers to obtain mortgage finance and low confidence levels due to general economic outlook. All this uncertainty will lead to fluctuating prices and aborted sales.
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