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Mapatasy

Rise in sales falling through before completion

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“These reasons behind the house sale fall throughs would indicate a complete lack of confidence from buyers. Nearly every day, the media is reporting a property price slow-down across the UK. And with many property experts predicting this downward shift to continue as we go into 2018, I would expect buyers to become even more apprehensive in the short term.” Danny Luke, Quick Move Now’s Managing Director

More than one in four house sales fall through before completion

https://www.todaysconveyancer.co.uk/news/more-1-in-4-house-sales-fall-through/

"The research from national home buyer Quick Move Now, which looks at the property market in England and Wales, claims that almost 28% of sales fell through before completion in the third quarter of 2017. That’s an increase of 2% from the previous quarter"

Of that 28%:

26% of sales fell through because the deal was not progressing forward.

21% due to the lender refusing borrowing.

21% due to the buyer trying to renegotiate the price.

16% of cases, the buyer simply changed their mind

11% were down to buyers pulling out because of survey issues

5% fell through for other unspecified reasons.
 

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I like that 'more than 1 in 4' bit.

How many, exactly?

28% is a bit low for my home town. Figure is more in the area of 60%.

80% of listings fail to even get near the sniff of a chain to fail.

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23 minutes ago, TheCountOfNowhere said:

Seen no end of SOLD signs that are now 8 months old.

 

 My neighbours just sold...their buyers one of the unlucky ones

Keep an eye on their stuff when they move in. I'm sure they'd welcome sensible offers once the bank come calling.

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Wow then. so we are using evidence from a we buy your home cheap company as evidence of failing transactions. Come on this is a massive vested interest source on this being the case. If this was rightmove saying now is a great time to put your home on the market we would be sceptical.

In other news my pet pig told me bacon tastes pretty horrible....

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Drove through weybridge up to Woking today, in Woking loads of the signs were sold signs..

The big houses in weybridge all for sale signs except 1.. 

What was quite interesting is since I last drove through weybridge a few weeks back there must be 12 new for sale signs.. all really big houses, I wonder if the rich know something so are trying to leg it! 

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48 minutes ago, macca13 said:

Drove through weybridge up to Woking today, in Woking loads of the signs were sold signs..

The big houses in weybridge all for sale signs except 1.. 

What was quite interesting is since I last drove through weybridge a few weeks back there must be 12 new for sale signs.. all really big houses, I wonder if the rich know something so are trying to leg it! 

People with massive mortgages trying to sell up at top of market!

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8 hours ago, Grab_Some_Popcorn said:

People with massive mortgages trying to sell up at top of market!

top pickers gonna top pick I guess, remind me how many people get out at the top of the market again? 

that's right, ONE.

 

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Associated, but I'm not sure where it comes in main article above.

 

Quote

 

Moneyweek

By: Merryn Somerset Webb

15/07/2011

There are fewer homes for sale in Britain than you think

But the really interesting number in this survey is the top reason for sales falling through: the seller withdraws his property from the market.

This is up by four percentage points since 2009 and comes down to the fact that (thanks in part to the demise of expensive 'home information packs') would-be sellers are now able to test the market for free.

They market their properties to see what kind of an inflated price they can get, and drop out at the last minute if they don't get it. This isn't particularly generous behaviour (to buyers or to estate agents) but what it tells us is that many of the sellers out there are only sellers at bubble prices.

As long as they can afford not to sell and as long as they think waiting will make them richer they won't actually enter the market. They'll only tease it.

 

Perhaps we'll get a turn where more sellers will accept less, than other 'what it is worth' owners can't escape the fact their homes worth less?

Or not.  Been ForeverHPI.

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Then again, there will always be people that do some kite flying but if a significant enough part of the market drops (and I'm looking at the BTL type housing in the next 18  months) the addressable market has to follow. 

It will be for the discerning buyer to figure out what's really for sale and what's not. the difference in asking should be a good start. Still fun to go and see houses and bid them 50% of asking. 

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1 hour ago, stuckmojo said:

It will be for the discerning buyer to figure out what's really for sale and what's not. the difference in asking should be a good start. Still fun to go and see houses and bid them 50% of asking. 

i think any viewing and offer is seen as positive for sellers, even when asking for 50% off. A lot of sellers just mark it as 'oh we have had interest'

Best tactic is not to view at all. That hurts most. 

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32 minutes ago, jiltedjen said:

i think any viewing and offer is seen as positive for sellers, even when asking for 50% off. A lot of sellers just mark it as 'oh we have had interest'

Best tactic is not to view at all. That hurts most. 

I spoke to an EA yesterday about a Victorian semi that had gone from under offer to available. Also £25k knocked off. Knowing it's the local vicarage and now unoccupied, I thought it might be worth a cheeky offer. After the EA finally admitted the price no longer included the large south facing garden which was being sold separately, I said I wasn't interested . At this point he hung up on me! I'm surprised they're not trying harder to get customers!

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17 hours ago, Mr Banks said:

Wow then. so we are using evidence from a we buy your home cheap company as evidence of failing transactions. Come on this is a massive vested interest source on this being the case. If this was rightmove saying now is a great time to put your home on the market we would be sceptical.

In other news my pet pig told me bacon tastes pretty horrible....

Maybe.

But these WeBuYYourHouse are a pretty recent thing, arn't they?

Its notable that my local paper has 2 to 3 of these companies advertising in the property section.

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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