How to sell your home as half of all property sales fell through in the last three months of the year
A whopping 49.8 per cent of all property sales failed in the last three months of 2018, compared to just 28.3 per cent in the previous quarter
HALF of all property sales in England and Wales fell through in the last three months of 2018, according to new research.
This compares to just 28.3 per cent of failed sales in the previous quarter.
Yet the fall-through rate for the whole of 2018 was 30.6 per cent, just one percent higher than in 2017, according to property buying firm Quick Move Now.
Some may blame the unsuccessful sales on political and financial uncertainty, which led to a drop in confidence among both buyers and sellers.
But actually, the number one cause of unsuccessful property sales in 2018 (30 percent) was the buyer changing their mind and pulling out.
Meanwhile, situations where the seller accepted a higher offer from a different buyer after a sale had been agreed accounted for 19 per cent of failed sales.
Danny Luke, managing director of Quick Move Now, said: "Continued political uncertainty, and knock-on financial concerns, undoubtedly took a toll on market confidence in 2018.
"With speculation on which way interest rates will head after March 29 being mixed, many would-be buyers are choosing to 'wait and see' before moving forward with such a large financial commitment.
"It is challenging to make predictions for the year ahead, but I would expect the higher fall through rate seen in the last quarter to calm down, as Brexit unfolds and the UK property market find a new 'normal', post-Brexit."
How to sell your home
If you're struggling to sell your home, it may be due to reasons out of your control but there are still steps you can take to boost your chances of a successful sale.
The Sun asked Quick Move Now for its best tips. Here's what it said.
Set the right price for your property
It can be tempting to get carried away with the asking price suggested by your estate agent, but it is important to be realistic.
Having a look at sold prices for similar properties in the area should give you a better view of what is achievable than the valuation of an estate agent who is trying to win your business, said Quick Move Now.
You can find sold house price data on online portals such as Zoopla and Rightmove.
If you want to reduce the risk of your buyer pulling out of the sale for another property, you need to make sure your property can compete with the best of what’s available in the price range.
Choose your buyer wisely
You should find out as much as you can about your prospective buyers’ situation so that you are aware of any potential issues that may come up throughout the course of the sale.
Don’t be afraid to ask questions about their current living situation, whether they have a mortgage in place and why they're moving in order to assess how desirable your potential buyers are.
How to get help buying a house
IF you're not yet on the housing ladder, there are several government schemes available to help you.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership properties.
If they are moving to a deadline, for example, relocating for work or wanting to move before a new baby arrives, they will be keen to complete a house sale quicker.
In other words, the highest offer is not necessarily the best offer.
Pick the right estate agent
Your estate agent should be doing a lot of the background research for you, and should only be showing your property to serious buyers.
Your choice of estate agent can actually make or break your house sale, so make sure you do your research and consider any fees beforehand.
Stay in touch with your solicitor
Solicitors can come with high fees and they usually deal with numerous cases at the same time.
To make the most of your money - and if you're keen for a quick and successful sale - schedule regular update calls to check on the progress of the sale and ensure you are aware of the next steps.
Keep the sale simple
Last but not least, the more simple you keep your sale, and the fewer parties involved, the quicker and more successful the sale is likely to be.
If you are able to put yourself in a so-called "chain-free" position, your chances of a successful property sale are a lot higher.
So are you a first-time buyer or can you move into rented accommodation before purchasing?
More on money
First impressions count when it comes to selling your property, here are the best tricks ahead of the viewing to sell your home for a lot more.
We've also listed six reasons your house won't sell, and how you can fix them.
Meanwhile, you should avoid adding solar panels and a swimming pool to your home as it could see its value drop by thousands of pounds.
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