The lockdown in the housing market is believed to have seen 370,000 property deals placed on hold. While there has been considerable activity in the housing market since it re-opened, it is likely many deals have collapsed or not been resurrected.
There are many reasons why a property deal collapses, and sometimes, this happens through no fault of the buyer or vendor. When you consider the costs of a collapsed property deal, and the frustration involved with this outcome, buyers and vendors are advised to be proactive in maintaining their deal.
The costs of a collapsed property deal have been placed at £2,700 for every vendor. With an estimated 225,000 property deals collapsing each year, this is a cost of £607.5m each year.
The study was carried out by BreezeMove, and it highlighted some of the most common reasons for property deals collapsing, which include:
- The buyer changing their mind, cited by 34% of respondents
- The vendor pulling out of the deal because of the speed of the process, which was said by 15% of respondents
- Gazumping, which was said by 10% of respondents
At The Good Estate Agent, we believe the presence of a skilled and experienced estate agent provides assurance in a property deal. If you are looking for expert assistance when buying or selling property in or around Peterborough, please get in touch.
The founder of BreezeMove, Phil Melia, said; “As a nation, we’re obsessed with property and so the fact we still rely on such an archaic, protracted property selling process is a little mind-boggling really. There are currently a whole host of reasons that a property sale can fall through and while the long-term goal is to provide greater security for those transacting so that this can’t happen, reducing the number of current fall throughs in the short-term can help save home sellers a substantial amount of money.”
Phil continued by saying; “We believe a realistic and achievable goal is to reduce this annual rate of fall throughs by 10% by next year and if we can achieve even this small victory for UK home sellers, we could see a considerable saving.”
Be proactive and minimise the risk of property deals collapsing
At The Good Estate Agent, we believe there are steps you can take to strengthen your property transaction. Please consider the following tips:
- Ensure your home is decluttered and presented in the best possible manner
- If you have any questions, please ask
- Make sure you stay in touch with your solicitor
- Review all offers you receive and consider the conditions around the offer, and that the highest offer may not be the best offer
- Work closely with your estate agent as you progress
Whatever your circumstances are, or what move you would like to make next; we are here for you. The Good Estate Agent prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your home, contact us today online or by calling us on 0330 223 0670.