Sales company, Quick Move Now have claimed a high sale fall-through rate of 27.94% for Q4 of 2015, which is much more than the 19.62% reported in Q3. For the whole of 2015 they reported that 29.26% of sales fell-through.
Quick Move Now’s business manager, Danny Luke has commented “Tougher lending criteria were introduced as a result of the Mortgage Market Review which meant some prospective buyers found it challenging to secure a mortgage, or found they were able to borrow less than they had anticipated. 9% of sales that fell through did so as a result of not being able to secure a mortgage”.
Although, the main reasons for the fall in house sales at the final quarter of last year were:
1. Buyers changing their minds.
2. Problems identified at survey stage.
3. Failed renegotiation following the survey.
He believes that the shortage of stock for sale could also have led to concerned buyers putting in considerable offers on properties they believed to be less ideal. Chain collapses and sellers pulling out for a higher offers also have a part to pay in the fall through figures.