Consumer organisation report 28 % of sales fall through

Friday 17 June 2016

Consumer organisation Which? have reported that almost three in 10 buyers have seen their house purchase fall through after making an offer - typically leaving them almost £3,000 out of pocket as a result.

A survey by Which? Mortgage Advisers of 2,000 homebuyers - each of which bought their home in the previous two years - found that among that group it takes over four months on average, from starting a property search to having an offer accepted. 

Within the sample 28% of purchases fell through after that point.

The main reasons for a property purchase falling through were the seller decided not to sell their home after all (accounting for 27% of fall-throughs), the buyer pulling out as their own property sale had fallen through (21%), the buyer finding somewhere else to buy (21%), or being gazumped (again 21%).

Of those who had lost money and knew how much they were out of pocket, the average loss was £2,899. 

This included conveyancing, survey, mortgage valuation or brokerage fees; these could not be recovered after the fall-through.

See the full Which? report here. 

NAEA conducts monthly research among member firms see the latest NAEA Monthly report here.