Rushed buyers, slow conveyancing and greedy vendors to blame for increase in property fall throughs
We were talking to Mortgage Solutions a few days ago about greed for a higher sale price being one of the reasons for the increase in property deals falling through, but what does this mean?
There are a host of factors behind the increase in property transactions collapsing of late, including ill-prepared buyers and greedy vendors, brokers have said.
Data from property information firm Gazeal suggests that up to 17 March there have been almost 54,000 deals collapse.
A host of brokers told Mortgage Solutions they had seen higher numbers of deals collapsing of late, with a range of contributing factors including buyers being rushed into making decisions, slow legal teams and vendors getting greedy.
Rob Peters, principal at Simple Fast Mortgage, said that greed was the biggest driver in deals falling through currently.
He said: “Property prices are increasing quickly, demand is high, and there are lots of potential buyers sniffing around and estate agents will always want to get the best price for their clients.”
According to Peters, it’s crucial for buyers to “make sure they have their ducks in a row” to reduce the chances of transactions collapsing, including signing up a “proactive solicitor”, noting that “slow legal work has been the demise of many a property deal”.
Thanks to John Fitzsimons for printing our comments.
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