One in three sales fall through as market returns to ‘familiar conditions’

One in three property sales in England and Wales fell through before completion in the final quarter of 2021 as the market returned to near normal.

Some 34% of property sales fell through before completion in the final three months of last year, up from 11% in Q3 2021, according to new data from Quick Move Now.

Danny Luke, from Quick Move Now, said: “In the third quarter of 2021, just 11% of property sales fell through before completion. This figure was significantly lower than usual and can be attributed to strong demand and a shortage of properties on the market. Buyers were keen to push their purchase through before the end of the stamp duty holiday and were also acutely aware that, should the sale fall through, their options for other properties would be incredibly limited.

“In the final quarter of 2021, the fall through rate returned to a far more usual figure of 34%. I would suggest that this indicates that the market is settling down and returning to more familiar conditions, albeit at lower volumes than we have previously experienced.”

Read the full article on Property Industry Eye | JANUARY 10, 2022 | MARC DA SILVA