Thursday, July 24, 2008

40% of those that still attempt to enter the fray….fail.

More than 40pc of UK house sales are collapsing

Four in ten house sales are collapsing in some areas as buyers back out or fail to get a mortgage, the Bank of England has disclosed.....And this in an already slow market.....

Posted by whostolemyendowment @ 09:11 AM (696 views)
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2 thoughts on “40% of those that still attempt to enter the fray….fail.

  • need-a-crash says:

    “The credit crunch has buried any chances most first-time buyers might have had of getting on the property ladder. But for landlords this is a cloud with a gold-plated lining.”

    Comments like this really make my blood boil. As has been pointed out on this site before, there really is no voice for FTB’s in the media at all.

    Once again we’re portrayed as victims at just the time when I’m starting to feel the clouds are starting to part.

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  • I think we can also be seeing a trend in buyers backing out because of several factors.

    1. The mortgage they arranged is declined when the actually try to implement it.
    2. Property prices are falling so fast they fear the will be in negative equity before they have even moved in.
    3. With prices falling so fast they feel that their original offer is now to high.
    4. They know by removing their offer they are helping to bring the market down even further.

    Makes you feel like making a few offers on overvalued properties and backing out!

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