The percentage of property sales that failed before completion has fallen significantly, according to findings from Quick Move Now.
The research found that 20% of property sales fell through before completion in the second quarter of this year.
This was the lowest figure since Q3 2021, when the market was at the height of the post-pandemic boom.
Half of failed sales were attributed to the buyer pulling out after the property survey or unsuccessfully attempting to renegotiate the purchase price.
The practice of reducing the offer after a sale is agreed – known as gazundering – has become more of an issue as an imbalance between supply and demand has led to a buyer-dominated market.
Other reasons cited for failed sales included the buyer getting cold feet or making slow progress (25%), chain-break (13%) and the seller pulling out in favour of a different buyer (12%).
Property expert Danny Luke said: “Things are picking up, but there is still an air of fragility in the market. Buyers are being cautious, and sellers are nervous.
“If a buyer is unresponsive or an offer comes in from someone paying cash, property owners are more willing to consider switching buyers.
“The other factor is pricing. In the current climate, every pound counts. Sellers want a fair price, and buyers don’t want to overpay. This tension can be felt throughout the market.”
He added: “Having said that, there are fewer time wasters at the moment. Those who are looking to move are serious and largely more resilient to the wider economic environment.
“This has resulted in a higher percentage of property sales completing successfully, which is obviously good news for anyone buying or selling.
“We’re also seeing a higher number of properties coming to the market, which demonstrates growing optimism.”
