34% of UK house sales fall out of bed and cost people £2,000!
A third of house sales fall through in the UK and on average, this is costing people close to £2,000!
One in three home purchases fell through over the last 12 months, while the average length of time it takes to complete a sale has lifted 23% to 153 days in three years!
The home moving platform Smoove says that 34% of home buying purchases fell through in the last 12 months in its first bi-annual Home Movers Report, which aims to highlight the “inefficiencies and pain points that run through the entire housing market system”.
The report adds that a collapsed sale may also lead to “wasting almost £2,000 on associated costs” such as legal and surveying fees.
The report also highlights that property completions are getting longer. It says over the last six months, the average time to complete was 153 days, which is more than five months. Compared to 2019, before the pandemic, this period was 124 days – an increase of 23%.
“The increase is most likely a result of the post-lockdown boom, as changing consumer lifestyles and demand outweighed supply, combined with greater capacity constraints for solicitors, and local authority searches taking longer to complete likely due to a backlog,” the survey points out.
Solicitors fees have risen by 11% to £1,413 on average, Homebuyer surveys are up 13% to £525 on average, while average UK stamp duty costs have also risen 3.8% to £5,502 year-on-year now and the SDT holiday is over.
What we do know here at Avocado Property is that some of these averages are scary for sellers, buyers or estate agents to look at!
The good news is that our own stats are drastically different from the UK averages… Year to date we are still achieving 98.5% of asking prices on our properties marketed. Our clients also have the benefit of not getting knocked on marketing price reductions anywhere near as much as other agent's clients do…
We are pleased to report that a personal and bespoke service, with a detailed marketing plan for each home is working fantastically well for our clients.
Oh, and our fall-through ratio for buyers and sellers is less than half the national average too.
If you have any questions regarding the blog, the market, a valuation or you just want to pick our brains… Then feel free to message us on this contact page or give us a call 01344 249500.
We look forward to hearing from you when you need us :-)