What are the chances of a house sale falling through?
New figures show less heartache involved in the moving process
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Tuesday 16 October 2012
Just over 23 per cent of house sales fell through in the period between July and September, a drop of more than six per cent over the previous three months.
Indeed, this is the first time in nearly two years that the percentage of house sales falling through before completion has dropped significantly.
Donna Houguez, market analyst at Quickmovenow.com which released the new figures, said: "We are seeing a change in the structure of the buyers attempting to purchase property. No longer are people putting in an offer on a house and crossing their fingers in the hope that a mortgage will be approved. Instead, they are doing their homework beforehand, being more realistic about the amount that banks will lend and securing approvals in concept.
"Secondly, the return on investment available to cash buyers and buy-to-let landlords has increased the proportion of professional buyers, who are more motivated and therefore more likely to complete.”
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