Well it’s a common theme among journalists that bad news sells papers and whilst I generally commentate about how well the York property market is operating, it’s not all peaches and cream. However, in any property market, there are going to be sales which invariably fall through (the bane of any seller and their appointed estate agent).
Ultimately, it’s always important, whether on a sales valuation or when vetting prospective agents to enquire what their fall through rate is. This will give you some indication as to their internal quality control and pre-qualification checks for prospective buyers and how likely they are to get you to the finish line i.e. the sale of your property (ideally for the best price).
According to Zoopla data, over the last twelve months, of 2,058 property transactions, there were a total of 251 property transactions which fell through representing 12.20% of transactions, a fair part of the York property market.
So how does this fair with historic data? Well, interestingly, from the table and graph below, rates have fallen since 2010. As the years went by following the recovery from the recession, fall through rates reduced indicating confidence returning to the market.
Well what are some of the reasons property sales fall through? Generally it comes down to the conveyancing process i.e. the legal process to exchange contracts and complete on the sale of a property. The three main reasons sales fall through is delays in conveyancing (sometimes due to solicitors or estate agents or inability for the buyer to come through with funding) or due to issues with surveys. Lastly, should either the seller or buyer unscrupulously gazump or gazunder the other a fall through is likely to happen.
A good agent, whilst they may not be able to stop the above from happening, will have measures to at least mitigate the risk of sales falling through.
If you are having any problems with getting a property sold then please do give me a call, I’d love to help.