Q1 Property Market Update

Posted by Connect UK Auctions on 17th April 2023 -

55.8% of property sales in England and Wales have collapsed before completion, in the first quarter of 2023!

Why?

Of the sales that failed, 29% were because buyers got cold feet and changed their minds.

25% were due to the buyer pulling out over legal issues or as a result of a survey report.

The remaining failed sales were due to a chain break, difficulty securing a mortgage, and slow sale progress.

Chain breaks also remain a challenge for both buyers and sellers and with the market moving slower than usual, it is increasingly difficult to complete a property chain for a second time.

We also can’t ignore the impact the mortgage industry’s new rates are having on buyers. One in eight failed sales in the first quarter of this year was a consequence of difficulty securing a mortgage. Buyers are struggling with higher mortgage interest and impacted affordability.

So, what’s the solution? Auction. Certainty of sale. How?

• Over 90% of auction buyers are cash, no mortgages required
• Only 3% of auction buyers will opt for a survey
• On the fall of the gavel contracts are exchanged and neither buyer nor seller can pull out
• Completion is just 28 days later
• Connect UK Auctions Average Sale time for the entire 2022 was just 35 days

We don’t just sell property. We sell confidence.

Read article on Connect UK Auction website 

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