Aborted Sales Rate hover around 30%
Quick Move FTI* remains at 30%.The property market has remained very subdued during 2011 and the usual spring selling season seems to have passed us by.
With it being so difficult to find a buyer, a fall through rate of 30% is the final straw for many home sellers.
As usual there are many reasons for aborted sales. Job insecurity, nervous buyers and chain related problems. However the main problems still relate to buyers securing mortgage finance. Mortgage companies and banks are making it very difficult for most buyers to get a mortgage.
Many buyers who have a mortgage agreed in principle when they first start looking at properties then find their application rejected by the lender. This means that an agreed sale is very uncertain right up until the mortgage offer being made and formal exchange of contracts.
Unfortunately we don’t see this situation changing in the short term. There is still a concern of falling house prices and there is no real appetite for more lending by the banks.
*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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