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May 7, 2021

300,000 property transactions fall through every year

first_imgSome 300,000 property transactions collapse every year costing vendors £2,700 on average or £400m a year, it has been revealed.These costs include conveyancing fees, local search costs and subsequent lower offers on a property.The shocking figures come from research by YouGov which also reveals that 20% of sellers experience a sale collapse, 12% incur costs of more than £5,000 and that six percent of all sales breakdowns are down to agents not being able to find a buyer.But the vast majority – two  thirds – of the deals that collapse are down to buyers pulling out because they find a better property or can’t get a mortgage before going to exchange of contracts. And 8% of failed sales were down to gazundering, YouGov says.Seller confidenceAnd while these problems may be regular fayre for agents’ sales progression departments, it is also taking its toll on the selling confidence in the market.YouGov says a third of home owners are put off selling their home because they’re unwilling to face the horrors of a property chain breaking down.Contained within the Annual Homeower Survey that the polling organisation carries out on behalf of the HomeOwners Alliance, the research also reveals that property transactions require six viewings on average to achieve a sale.“The home selling system is so unreliable it’s deterring homeowners from selling – adding to the ongoing housing shortage crisis as a lack of suitable homes is one of the barriers to people moving up the property ladder,” says Paula Higgins, Chief Executive of the HomeOwners Alliance (pictured).“Buyers need to have a little more skin in the game too. An earlier commitment – for example through reservation agreements – would go some way to avoiding these situations.”HomeOwners Alliance gazundering yougov May 14, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » 300,000 property transactions fall through every year previous nextHousing Market300,000 property transactions fall through every yearFailed sales cost vendors £400m in total or £2,700 each on average, latest YouGov research reveals.Nigel Lewis14th May 201801,469 Viewslast_img read more

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