The average cost to sellers for a collapsed property sale is almost £3,000 according to latest research, a figure that makes up almost 10% of the average UK house deposit.
A study, compiled by leading property buyer, Property Rescue, has found that around 300,000 property sales are scrapped every year, costing a combined £818 million.
One of the leading contributors to that tally are buyers, with 69% of all collapsed house sale agreements attributed to their actions. That’s costing those involved on average £2,727 each.
According to the study, one of the leading causes is that buyers do not have their finances in place to complete the deal, leading to a break in the chain and sellers with nowhere to go.Danny Nieberg, Director at Property Rescue said, “It’s always frustrating when a break in the chain leads to your dream property falling through, especially if it’s not your fault.”
“At Property Rescue, we try and offer a solution to this with our Buy House Fast scheme. We can buy a home from a customer within as little as 48 hours, meaning everything can stay up to speed and the whole chain doesn’t need to break down.”
Other major factors that lead to fallen-through property sales included buyers changing their mind- accounting for nearly 40% of total collapses. When it comes to sellers, one of the main reasons for a break down in the sale is due to receiving a higher offer from elsewhere.
Mr Nieberg, added, “The regular breakdowns of transactions in the housing market is putting many homeowners off selling, or seeking other opportunities. With us there’s no chain so we remain a reliable alternative in selling your home quickly and efficiently.”
You can view the full study at: https://www.propertyrescue.co.uk/useful-guides-articles/true-cost-collapsed-property-sale-much-cost/