Property news roundup: Why do so many home sales fall through?

Plus, aversion to grand designs, Thunderbird home for sale, latest house price figures, Grand National effect

A 'fall through index' for March suggests that over a quarter of home sales fail to complete, a 63 per cent increase compared with March 2013.

Donna Houguez, Market Analyst at Quick Move Now which released the data, said: "It isn't surprising that as buyers are rushing to make purchases before prices increase further, a higher proportion of those sales are falling through.

"Since the property market crash in 2007, although the fall through rate has changed, the main reason sales failed to complete has remained the inability to secure mortgage finance. Now that has changed. The majority of sales falling through do so because of issues on the buyers’ side  - they either receive a better offer or they experience problems within their own chain.

"This is a major step-change and shows us that we have moved definitively into a sellers’ market."

F.A.B. home for sale

Built by property developer Eddie Mitchell and inspired by the home of International Rescue on Tracy Island, 'Thunderbird' in Poole's Branksome Park area is on the market with Sotheby's at a guide price of £2,950,000. It doesn't have room for a space rocket, but the detached home does have five bedrooms, a luxury fitted kitchen, cinema and gymnasium.

Latest house price figures

Home prices across England and Wales jumped 1.3 per cent over the last month, making the annual rise 8.4 per cent, according to Home.co.uk.

The biggest price rises were in the South East (1.8 per cent), East Anglia (2.2 per cent) and the South West (1.7 per cent). Overall, the average time a property now spends on the market has fallen to 96 days, 34 days less than in April 2013.

Earlier in the week, official ONS figures from the Government put the overall rise in the UK at 9.1 per cent between February 2013 and February 2014, up by 9.7 per cent in England, 5.3 per cent in Wales, 2.4 per cent in Scotland and 2.8 per cent in Northern Ireland. Excluding London and the South East, UK house prices increased by 5.8 per cent.

In February 2014, prices paid by first-time buyers were 10.5  per cent higher on average than in February 2013.

Grand National effect on property

The Grand National final straight saw Rightmove traffic fall by 15 per cent. Head of Communications at Rightmove, Matthew James, said: "This isn’t the first time that we’ve seen a stand-out sporting event hit our traffic. It happened last year when Andy Murray served for Wimbledon glory and in 2012 when we picked up three dips on Super Saturday which tallied perfectly with Greg Rutherford, Jess Ennis and Mo Farah winning gold."

Not so keen on grand designs

New research reveals that more than three quarters of househunters look for properties which require very little work, while a third say that they would only consider buying a newly built home.

The survey from Gocompare.com home insurance asked more than 2,000 people about what they would look for in a new home. Of those homebuyers considering a ‘house project',  just under a quarter would be happy to buy a property that needed major renovation work.

Energy efficiency held the biggest appeal for those preferring new-build homes, with a third saying that new-builds are well insulated,  cheaper to heat, and ‘maintenance-free'.

Ben Wilson, from Gocompare.com, said: "While many people enjoy watching home makeover and renovation programmes on television, our research suggests that most aren't that keen on undertaking their own ‘grand design' or restoration project."

Discover more property articles at Homes and Property
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Web Developer - Junior / Mid Weight

£15000 - £25000 per annum: Recruitment Genius: To support their continued grow...

Recruitment Genius: Marketing Data Specialist

£22000 - £25000 per annum: Recruitment Genius: They are the go-to company for ...

Recruitment Genius: Search Marketing Specialist - PPC / SEO

Negotiable: Recruitment Genius: This is an opportunity to join the UK's leadin...

Recruitment Genius: Sales Administrator

Negotiable: Recruitment Genius: This caravan dealership are currently recruiti...

Day In a Page

Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test