More house sales now making it to completion

More house sales now making it to completion

A far greater number of house sales are now making it all the way through the sales process without falling through for any reason, according to the latest report released by Quick Move Now. 

There are any number of reasons for the sale of a home falling through, from a buyer simply changing their mind to a mortgage application being turned down, but according to the company, these factors are now becoming rarer than they have been at any time for a number of years. 

It said that at present only around one in every five house sales ever falls through. This means that the number of failed sales has dropped to a figure not seen in the UK market at any point since 2012.

The report also states that the 19 per cent fall-through rate in evidence between July and September of this year is a remarkable fall from the 36 per cent that was recorded in the three-month period that preceded it. 

Danny Luke, business manager at Quick Move Now, said the reason for this fall in failing sales was the fact that buyers are now more aware of what they need to do before they attempt to buy. A market where competition exists between buyers has also meant they are ensuring they do everything by the book and more thoroughly to avoid potential issues. 

"As the property market becomes more competitive, buyers are coming to the market better prepared in order to make themselves more attractive to vendors when competing for property," he said. 

"Often, buyers will already have sought financial advice, have mortgage offers in place, and taken time to really consider affordability so they know what they can afford and they know what they're looking for, so when they find a good property they want to snap it up as quickly as possible and not risk losing out to another buyer."

Mr Luke also said that as the market's performance continues to improve across the next few months, we will continue to see this positive for sellers get even more impressive. Buyers, he said, will be concerned about getting the home they want at the best price, and as a result they will be pushing for quick completion of sales, which lowers the chance of them falling through.