A third of home sales fall through as buyers change their mind

 
A third of home sales fall through as buyers change their mind

More than a third of all house sales in the UK in the second quarter of 2015 fell through before completion, according to the latest report, with one of the most common reasons being people who simply changed their mind. 

Figures published this week by Quick Move Now showed that between April and June, some 36.43 per cent of all house sales fell through. This represented a rise of some 13.5 per cent when compared to the 22 per cent that fell through before the sale was completed in the first quarter of this year. 

However, while this statistic does not sound like good news for sellers across the market, Quick Move Now said that the fact there are many sales falling through is an indicator that the property sector is performing very well at the moment. 

"As the property market becomes more buoyant and an increasing number of properties become available, both sides of a property sale feel they have options if the sale is not progressing as quickly or as well as they had hoped," said Danny Luke, business manager at Quick Move Now.

"Buyers are less likely to move forward with a purchase if the survey brings up surprises, and sellers are less willing to drop the price in a renegotiation, confident that they'll be able to find another buyer fairly easily," he continued. 

The company also looked at the reason why many house sales fall through, and it found that the most common reason is that the buyer has simply changed their mind, which was the case in 22 per cent of sales in quarter two. 

Another 16 per cent were never completed because the buyer was refused the funding they needed to buy the home, while 13 per cent did so because the sale was taking too long to go through and the same amount were cancelled because a higher offer came in.