News
The latest research by Home Sale Pack has revealed that fall throughs are estimated to have cost UK buyers and sellers £270m during Q3 of last year, marking a second consecutive quarterly increase as problematic market conditions persist for the property industry.
The figures show that the number of transactions falling through is on the up, increasing by 13.3% in Q3 of last year, having already increased by 9.3% between Q1 and Q2.
At the same time, Home Sale Pack estimates that the average cost of a fall through in Q3 also climbed to £3,433 — an increase of £51 on the previous quarter and £84 when compared with the start of the year.
As a result, total cost of fall throughs to UK buyers and sellers was 15% higher than the Q2 total.
Despite this, there were 12.8% fewer fall throughs seen during Q3 of 2023 versus the same period in 2022, while the total cost to the market was also down 9.8% on an annual basis.
Furthermore, between Q1 and Q3 of 2022, the total estimated cost of fall throughs had hit almost £775.8m.
During the same period of 2023, this total cost is estimated to have hit £717.1m — a difference of £58.7m.
Ruth Beeton, co-founder of Home Sale Pack, commented: “2023 proved to be a challenging year for the property market and fall throughs remained a prominent obstacle for many homebuyers and sellers to overcome.
“The good news is that slower market conditions and fewer transactions tend to yield fewer fall throughs and so both the number and resulting cost incurred in 2023 have, so far, remained somewhat lower when compared to the previous year.
“Despite this, fall throughs have been increasing consistently throughout 2023 and with the market starting to show signs of a resurgence towards the end of the year, we expect this trend to have continued in Q4.”
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