In Q2 2024, 76,619 property transactions fell-through, marking a quarterly rise of 18.1%, and an annual increase of 12.5%
A new analysis reveals that the number of property transaction fall-throughs has increased by 18.1% on a quarterly basis.
Moverly analysed the number of fall-throughs and withdrawals that have occurred between Q1 2023 and Q2 2024.
In Q2 2024, 76,619 property transactions fell-through, marking a quarterly rise of 18.1%, and an annual increase of 12.5%. Meanwhile, the number of withdrawals has only seen a quarterly rise of 2.1%, and an annual increase of 9.5%.
However, the huge number of withdrawals that occur continue to have a much greater impact on the UK housing market. In Q2 2024 alone, the UK saw 187,262 withdrawals, which is equivalent to 2.4 withdrawals for every fall-through.
A Moverly spokesperson says: It is hardly surprising that we have seen a sharp rise in the number of sales falling through, as the market continues to suffer from the instability caused by the higher cost of borrowing. At the same time, a great deal of sellers are choosing to withdraw from the market and this is no doubt due to the fact that they simply are not gaining the interest required or at the price point they expected.
Previous research has shown that a common reason for homes struggling to find buyers is a misaligned pricing strategy, so accurate and reasonable valuation is always essential. Simpler still, sales can be sped up and the chances of attracting a good buyer with a good offer increased by ensuring that they are supplied with all of the vital information they require to make a buying decision, the spokesperson said.
The good news is that the market has certainly turned a corner and during the third quarter, in particular, we have seen a notable increase in buyers entering the market. With market momentum starting to build, there is a good chance that we could see a drop in fall-through rates during the second half of this year and, with more buyers entering the fray, we should see less sellers taking the decision to withdraw as well, the spokesperson said.
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