Abandoned property sales are costing UK homebuyers £607m each year, according to WiggyWam.
Abandoned property sales are costing UK homebuyers £607m each year, according to WiggyWam.
The data shows that an estimated 225,000 fall through in the UK residential property market every year
This equates to one in four sales which are aborted, with each one costing homebuyers an average of £2,700.
WiggyWam outlined that the main factors responsible for abandoned property sales are mortgage problems, issues revealed in the survey, gazumping, conveyancing delays and broken chains.
Furthermore, the number of properties, which fall through in 2021 is expected to be higher than the average 225,000, according to the data.
The firm outlined that due to high demand and the cut off point for the stamp duty holiday, a higher number of sales will collapse over the course of this year.
Silas J. Lees, chief executive of WiggyWam, said: “Agents don’t get paid until a sale completes, so these fall-through statistics hide within them a vast unseen cost for agents.
“Aborted sales can be disastrous to the agent pipeline and in meeting monthly overheads.
“For buyers and sellers, the risk of a transaction falling through, together with the associated abortive costs, is a major obstacle which stops many from moving in the first place.
“For agents, it is probably their biggest frustration, especially when the deal is so close to exchanging contracts.
“There needs to be a push in the market; a move towards more transparent and efficient processes.”
