An astonishing sales fall-through rate for the beginning of 2022 has been revealed. Between 1st January and 17th March, almost 54,000 deals failed to make it to completion – that’s a sale collapsing every two minutes so far in 2022.
The data analysis, which was made by Gazeal and TwentyEA, is some of the most negative news to impact the housing market this decade, instilling fear and uncertainty in those involved in a property chain or thinking of selling.
“Many vendors think the hard work is done once a buyer has been found for their property but as the statistics show, the most dangerous part of a transaction is actually being caught up in a chain where you’re dependent on the reliability of others,” says Open Property Group’s Jason Harris.
“The fragility of the property market has been laid bare by these shocking statistics,” adds Jason. “There are many reasons why a sale may fall through but the most common are failure to secure a mortgage, poor survey results forcing the buyer to gazunder or withdraw their offer and, as we are currently experiencing, failure to find an onward property to buy. When you rely on a High Street estate agent, you have to trust that they’re managing everyone in the chain to reduce the fall-through risk.”
Jason adds that he is shocked at the blasé attitude of some agents, having read their reaction to the fall-through figures on multiple trade websites. “High Street agents are merely dismissing the figure as ‘average’, calling the headline ‘scaremongering’, which shows little respect for their clients caught up in distressing fall-through situations. That attitude doesn’t sit well with Open Property Group.”
As professional property buyers, Open Property Group offers a solution to the fall-through problem. Our service works in two ways:
1. Become a chain-free buyer: as a cash buyer, we are always the bottom of the chain – there’s no one behind us. When you sell to us and complete – within as little as seven days, if required - you become a chain-free buyer. Not only does being chain free assist you in securing and negotiating your onward purchase, you’ll remove the risk of a chain collapsing under you.
2. Rescue a broken chain: don’t become the next statistic. If your chain has collapsed and you need to resell your property quickly, Open Property Group can step in and become a short-notice cash buyer. Our ability to proceed rapidly and without a mortgage enables us to rescue property chains for sellers in distress.
“We know for many sellers that achieving completion is far more critical than achieving a set asking price, so why put yourself at the mercy of the open market and a lengthy chain? Open Property Group adds certainty to a sale. We make cash offers, stick to the plan and won’t back out at the last minute.” concludes Jason. “It’s peace of mind you will rarely find on the High Street.”
You can start reducing the risk around property chains by requesting a free cash offer now. Alternatively, we’d love to explain the benefits of being a chain free buyer.
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