There is growing frustration amongst Newark house sellers as house sale fallouts are reaching unacceptable levels. Property purchasing specialist, HBB Solutions of Derby, analysed the annual number of fall through prior to and during the pandemic, as well as the average estate agent fee lost per sale, before looking at what this loss equated to across the entire sector.
The research shows that in 2019 prior to the outbreak of Covid-19, some 272,768 property transactions fell through before reaching completion.
In 2020, during the initial year of the pandemic, the estimated number of transactions to fall through increased by 9.5% to 298,680, with the average house price also climbing to £237,227.
Despite the impact of the pandemic easing in 2021, a similar trend has materialised. It’s thought as many as 326,091 transactions fell through last year, a 9.2% annual increase and a 19.5% increase on pre-pandemic levels.
This follows on from last weeks article highlighting how difficult the job is for estate agents these days with a host of issues effecting completions:
- balancing offers and counter offers
- mortgage companies going back on offers
- offers expiring and not being renewed
- lengthy delays in getting searches back
Chris Hodgkinson, Managing Director of HBB Solutions, commented: “Unfortunately in the UK, a transaction falling through before completion is a commonplace occurrence and one in five sales alone will be lost due to the chain collapsing. When you also add the other pandemic complications that many have faced during what has been a tough few years, as well as the increased volume of transactions spurred by the current property market boom, then it’s hardly surprising that the number of sales collapsing has climbed considerably since 2019.”
All of these make life difficult for both the buyer and the estate agent, the level of delays being one of the major reasons chains fall through, buyers simply losing the will to carry on or perhaps finding better value elsewhere
If you are one of the Newark house sellers frustrated with the current market, then contact us for a fast. No hassle service which allows you to move on to where you want to be.