40% of homebuyers lose their nerve before the sale completes…
According to new figures from the Bank of England, in some parts of the country as many as four in ten homebuyers pull out before they complete. I’m seriously resisting a sexual innuendo here, even if theRatandMouse couldn’t on a different story a month ago. The Bank said…
“‘In the market for established homes, more transactions were falling through, with some estate agents reporting a cancellation rate of up to 40 per cent recently. That was partly due to the unwillingness of many sellers to accept a lower offer.”
But, understandably, many are resisiting buying now in the hope for a better bargain later down the line, which in turn is screwing up housing chains left, right and centre. All this coupled with record low mortgage approvals paints a pretty gloomy picture, unless you’re a landlord of course.
Filed under: Property News