One Third of Property Purchases Fall Through
According to a recent survey by consumer organisation Which? it revealed that nearly a third of homebuyers saw their purchase collapse after their offer was accepted.
The survey carried out was on 2000 homebuyers in February 2016, 28% said that following an offer being accepted the purchase fell through, 27% giving the reason as a change of mind by the seller.
The average loss suffered by those buyers who admitted to being out of pocket was
£2,899, this was mainly attributed to unrecovered conveyancing, survey, mortgage valuation and brokerage costs.
To read the full report from Which? click here