With mortgage rates still rising, house sales are increasingly falling through – prompting sellers to favour cashMoney & Business ReporterSales of homes are starting to collapse, so much so, sellers are now swerving buyers in a chain altogether – even if it means they get less money.
Also peaking since the pandemic is the number of property sales falling through. The share of done deals which have then collapsed has jumped to 29.3 per cent in September, up from 27 per cent in August and the highest level since April and May 2020, when home moves were effectively banned, data from TwentyCi shows.
What this all means is that property buyers who also have a property to sell first are finding sellers are favouring chain-free buyers for a sale that is more likely to last the distance, data shared exclusively with i shows. “I was living in a two-up, two-down property in Kent which was cramped and dated with no central heating – so I was looking to upgrade. Our budget was around £600,000.