A new report compiled by home-buying company Quick Move Now makes concerning reading for the property market.
According to the data, over a third of house sales in the second quarter of this year failed to be completed. This represented a fall-through rate of 36.34%, significantly higher than the 22.76% recorded in quarter one.
More figures from the report show that at the end of the first quarter of 2015, the six-month average fall-through rate was 24.77%. By the end of the second quarter, this six-monthly rate had increased further to 28.44%.
‘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.
The firm state that during the last six months, 22% of home sales that fell through occurred due to the buyer simply changing their mind. 16% of sales fell through due to the buyer being refused a mortgage, with 13% due to a slow progress or being out-bid.
Additionally, 8.7% of house sales that did not reach completion did so as a result of the potential buyer trying to renegotiate. 6% fell victim of issues highlighted during a survey, with 5.8% of deals falling through due a change of circumstances.
Some 4% of deals failed to reach a conclusion due to the buyer deciding on an alternative property and 3% of agreements broke down due to lease or legal complications.