Fewer property sales collapsing before completion

Fewer property sales are falling through at the last minute as buyers feel more confident in going ahead with their purchase.

Independent home-buying firm Quick Move Now says 23.33 percent of house sales collapsed in the first quarter of 2019.

That has more than halved since the last quarter of 2018 when almost half (49.8 percent) of sales failed to complete.

Third of buyers changed mind

According to Quick Move Now's analysis of the property market, almost a third of sales (29 percent) fell through in the first three months of this year because the buyer changed their mind.

A fifth (22 percent) of sellers pulled out of the transaction because they felt the sale wasn't progressing as quickly as they wanted.

Some 14 percent of sellers called quits on the sale because they had received a higher offer.

Risk of chain collapsing

That same percentage of buyers pulled out when they couldn't secure a mortgage, while 14 percent of buyers pulled the plug when the survey revealed unexpected issues.

And 7 percent of sales failed when the chain collapsed.

Buyers and sellers committed

Danny Luke, managing director of Quick Move Now, said: "2018 was a very difficult year for the property market, and the tricky conditions have followed us into 2019.

"The reduced number of property sales falling through before completion suggests that those who are braving the uncertain property market are serious, committed buyers and sellers. This is some much-needed positive news for the UK property market."