55.8% of property sales in England and Wales have collapsed before completion, in the first quarter of 2023!
Of the sales that failed, 29% were because buyers got cold feet and changed their minds.
25% were due to the buyer pulling out over legal issues or as a result of a survey report.
The remaining failed sales were due to a chain break, difficulty securing a mortgage, and slow sale progress.
Chain breaks also remain a challenge for both buyers and sellers and with the market moving slower than usual, it is increasingly difficult to complete a property chain for a second time.
We also can’t ignore the impact the mortgage industry’s new rates are having on buyers. One in eight failed sales in the first quarter of this year was a consequence of difficulty securing a mortgage. Buyers are struggling with higher mortgage interest and impacted affordability.
So, what’s the solution? Auction. Certainty of sale. How?
- Over 90% of auction buyers are cash, no mortgages required
- Only 3% of auction buyers will opt for a survey
- On the fall of the gavel contracts are exchanged and neither buyer nor seller can pull out
- Completion is just 28 days later
- Connect UK Auctions Average Sale time for the entire 2022 was just 35 days
We don’t just sell property. We sell confidence.