Buyers and sellers alike are at risk of their planned property purchase or sale falling through in England and Wales.
Research by independent home buyer Quick Move Now has revealed that almost half (49.8 percent) of all house sales in the last quarter of 2018 fell through before the transaction could be completed.
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Costs fully protected
While that is shattering news for the individual parties concerned, the good news for all Homeward Legal clients is that their costs will be fully protected when a transaction fails to complete – for any reason.
We offer a no-completion protection that ensures you will not lose a penny in those circumstances.
According to Quick Move Now, the number of failed transactions in the last three months of last year was up from less than a third (28.3 percent) in the previous three months. The number of failed sales over the whole of 2018 stands at 30.6 percent, up 1 percent on 2017.
Typically the main reasons for a transaction falling through are either a buyer pulling out of the purchase or the seller accepting a higher offer before completion. Other issues included an adverse survey result and the chain collapsing. Only 3 percent of sales fell through because the buyer wanted to reduce their offer.
Degree of market consistency
Danny Luke, managing director of Quick Move Now, said: “It was a difficult year for the property market. Continued political uncertainty, and knock-on financial concerns, undoubtedly took a toll on market confidence.
“This is particularly evident in the steep rise in the number of sales falling through before completion towards the end of the year.
“The annual fall through rate figure of 30.6% is reassuring, however, and shows a certain degree of market consistency.”
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Talk to the Homeward Legal team today to find out more about our no-completion protection. We work with experienced conveyancing solicitors across England and Wales to deliver low-cost, high-quality conveyancing services.
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