According to recent data, the most common time for a property sale to fall through is in the second week after a sale is agreed.
The findings from estate agency sales and lead generation company, Spectre showed that 17.9% of all fall-throughs in the past 12 months have occurred within this timeframe.
The firm emphasised that this reinforces the importance of estate agents ensuring buyers are in the best possible position to proceed when agreeing a sale on a property. Buyer regret and mortgage applications being rejected are cited as the most common reasons for buyers to pull out.
Spectre reports, ‘This shows just how critical it is for agents to make sure buyers are financially verified at the time of agreeing a sale, ensuring they have their deposit ready, mortgage agreed in principle, or full cash funds where applicable - and that they are confident in their decision before making an offer. This should prevent these issues from arising and help the sale run much more smoothly.’
Meanwhile, Spectre’s latest quarterly market report shows one in five sales fell through during the period and last year’s rate was above the five-year average following a spike in October.
Staff added: “The October peak is most likely down to many buyers' mortgage deals being pulled or renegotiated in the aftermath of the September mini-Budget, but we can see the first quarter of 2023 is already showing a more promising picture.
“However, these figures reiterate the need for agents to be as secure as possible in a buyer’s position before proceeding with a sale to minimise the chances of these rates skyrocketing.”
Source: Estateagenttoday.co.uk
