Reduction in amount of house sales falling through
The number of house sales falling through has reduced from 29.74% in the first quarter of 2013 to 19.77% in the second quarter.
According to the house sale fall through index from home buying company Quick Move Now, house sale fall through rates have been a steadily decreasing since July 2008.
Donna Houguez, Market Analyst at Quick Move Now, said: “Whereas previously, buyers tended to make offers and then secure a mortgage, often unrealistically, now we find that people making offers are much more committed — they are either cash buyers or they have a mortgage agreement in principle in place.
“Increasing market confidence following tentative signs of an economic recovery, rising transaction levels and prices, and the introduction of the Government and Bank of England backed Funding for Lending and Help to Buy schemes could be expected to further improve the fall through rate.
“However, given that it tends to be a barometer of misplaced confidence, we are expecting that if offer numbers rise in the next quarter, so too will the rate of fall throughs.”
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