Aborted Sales Rate Rises to 34%
Quick Move FTI* increases to 34%.The second half of 2010 saw the rate of aborted sales gradually increase and this trend seems to have continued into 2011.
House sales fall through for many reasons. Common causes are a buyer or seller changing their mind, job insecurity, issues at survey and problems obtaining mortgage finance.
The reason why aborted sales are so common is that the majority of house sales in the UK depend on a chain of other transactions. If one link in the chain breaks then every other property sale is at risk and so the number so sellers/buyers effected increases exponentially.
Unfortunately with market conditions likely to remain difficult during 2011 it is likely that many more house sellers and buyers will experience a chain break situation.
*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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