28.8% of property sales fell through before completion in 2024
The most common reasons for failed sales include the buyer pulling out or failing in an attempt to renegotiate a lower purchase price after a survey (27.3%), the buyer changing their mind and withdrawing from the sale (23.6%), and difficulty getting a mortgage (21.8%).
Reasons for failed sales
| Reason | Percentage of failed sales |
| Buyer pulled out or failed in an attempt to renegotiate the purchase price after survey | 27.3% |
| Buyer changed mind and pulled out | 23.6% |
| Buyer struggled to secure a mortgage | 21.8% |
| Seller accepted a higher offer | 14.5% |
| Chain-break | 7.3% |
| Seller pulled out due to slow progress | 5.5% |
Danny Luke, whose company Quick Move Now released the figures, says: “2024 was a challenging year for the property market.
“Mortgage interest rates, although lower than they were at the start of the year, have not fallen as much as many people hoped they would. Around a third of mortgage holders are still on sub-3% mortgage interest rates, so the full impact of higher interest rates is yet to hit a large number of homeowners. Those awaiting a significant jump in payments are understandably nervous.
“We’ve also seen inflation continue to fluctuate this year. It had come down but is now on the rise again. If inflation continues to rise, it’s going to make it very difficult for the Bank of England to justify further reductions in the base rate, which will undoubtedly impact mortgage interest rates throughout 2025 and moving into 2026.
“We’re currently also facing significant international political uncertainty, which has the potential to impact our economy over the next 12 months. Any impact on the economy will filter down into the property market and impact both price and buyer sentiment.
“Mood currently seems to be cautiously positive, but we will have to wait and see what the next year holds.”
You May Also Enjoy
Ignoring these simple winter property maintenance tasks could cost you big time
Half of first-time buyers delaying until after the Budget
Moneyfacts Average Mortgage Rate dips below 5%
Does the market even need a Budget boost?
What You Need To Consider Before Diving Into Property Investments
