New research from Which? Mortgage Advisers reveals that three in ten (28%) homebuyers have had a house purchase fall through after their offer was accepted, and on average homebuyers were left nearly £3,000 out of pocket as a result.
The survey of 2,000 homebuyers – who bought their home in the previous two years – found that it takes over 4.5 months on average, from starting a property search to having an offer accepted. However, 28% of purchases fell through after that point.
The main reasons for a property purchase falling through were:
- The seller decided not to sell their home after all (27%)
- The buyer pulled out, as their own property sale had fallen through (21%)
- The buyer found somewhere else to buy (21%)
- The buyer was ‘gazumped’ (21%)
Of those who had lost money and knew how much they were out of pocket, the average loss was £2,899. This included conveyancing, survey, mortgage valuation or brokerage fees paid and not recovered.
Many homebuyers experience failed transactions due to problems in the ‘property chain’ – the line of buyers and sellers linked together because each is selling and buying a property from another.
For more advice on managing a property chain and keeping things moving, visit Which