8 February 2019
It’s every buyer and seller’s worst fear – the sale collapsing at the last moment leaving them high and dry and saddled with bills from solicitors and surveyors as well as the disappointment of unrealised plans.
A fall through isn’t usually just a glitch, it can affect job plans, relationships, children’s schooling, a new life overseas… the list goes on and on.
And according to newly released data from Quick Move Now, almost half of all home sales in England and Wales in the last three months of 2018 fell through.
49.8% fell through in the last quarter up from (a still unacceptable) 28.3% in the previous three months and averaged out across the year it was 30.6%, nearly a third of all sales!
There is no doubt that the market has been hit time and time and again in recent months and the property market, whilst not knocked down, is on the ropes.
Jonathan Rolande, co-founder of The NAPB and professional property buyer names why he thinks the market could be on a downward spiral.
“There is still huge demand to buy property, ask anyone and almost all will want to own their own home but the ‘Slob Factor’ is hitting the market hard.”
And what is The Slob Factor?
It’s the perfect storm of
- Stamp Duty hikes
- Landlord tax changes
- Overseas buyer tax
- Brexit uncertainty
Says Jonathan, Director of House Buy Fast.
“Once confidence leaves the property market, the downward trend can quickly become unstoppable – it can take years to come back crawl its way back.”
So are there any solutions?
“Perhaps” says Jonathan. “A lot of sales fall through due to buyers not being able to get the mortgage they need so estate agents must be very rigorous when checking finances. 10% of sales go wrong because one or both parties doesn’t feel like things are progressing so keeping on top of what the solicitors are doing and communicating this to all involved is essential. NAPB members have a miniscule fall through rate so if a more certain sale is needed (albeit at a lower price), consider using them, but do your homework first.”
This Top Tips Guide is a great place to start http://napb.co.uk/docs/quick-house-sale-tips.pdf.