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Fewer home sales fall through in third quarter

Monday, 31 October 2011 11:33 AM

The number of home sales that fall through before completion has fallen significantly in the last year, according to a survey by 1st Property Lawyers.

The conveyancing firm said 23 per cent of sales were aborted in the third quarter of this year, down from 31 per cent in the same period of 2010 and a peak of 35 per cent in the fourth quarter of 2010.

Buyers cited sellers pulling out as the main reason for transactions falling through and this accounted for 25.7 per cent of aborted sales.

Problems with buyers securing a suitable mortgage accounted for 11.9 per cent of aborted sales, but this was lower than in the previous two quarters.

Sellers said the main reason for aborted sales was that they had changed their mind or pulled out. This accounted for 78.2 per cent of transactions cancelled by the seller.

Mark Montgomery, commercial director of 1st Property Lawyers said: “The continued uncertainty of the housing market means many people remain unsure when it comes to buying or selling property. The good news, however, is that the levels of property transactions which do not go all the way through to completion is falling as the market starts to stabilise.”

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