Less than one in five house sales fell through between July and September in the UK, taking the house sale fall through rate to its lowest level since late 2012, new research shows.
The figures from home buyer Quick Move Now indicate a house sale fall through rate of 19.62% in the third quarter of the year, down from 36.34% in the second quarter of 2015.
The six month average fall through, which offers a greater overview of how the listing market is performing generally, shows that at the end of the second quarter it was 28.44% but this fell to 27.99% in the third quarter.
‘As the listing market becomes more competitive, buyers are coming to the market better prepared in order to make themselves more attractive to vendors when competing for listing,’ said Danny Luke, business manager at Quick Move Now.
‘Often, buyers will already have sought financial advice, have mortgage offers in place, and taken time to really consider affordability so they know what they can afford and they know what they’re looking for, so when they find a good listing they want to snap it up as quickly as possible and not risk losing out to another buyer,’ he added.
He also believes that due to continued market buoyancy and predicted interest rate rises, buyers are keen to secure listings quickly before they’re priced out of the market.
Meanwhile, separate research shows that demand for London listing at below £2 million is set to remain strong, with the city’s population forecast to grow by more than 100,000 every year for the next decade.
As house prices grow across London, it will create new markets where listings cross the £1 million threshold, according to the latest London Residential Review from real estate firm Knight Frank.
The analysis is based on postcode districts where at least 20% of sales have been above £1 million in at least one quarter since the start of 2014. The minimum threshold was five sales and no postcode district was allowed to have more than one quarter with 20% of sales above £1 million before 2014.
The data shows that Hammersmith (W6) had five such quarters since 2014, making it the area that has undergone the biggest transformation in terms of £1 million plus sales.
Other areas include Maida Vale (W9), Queen’s Park (NW6), East Finchley (N2) and Muswell Hill (N10). Further south, Battersea (SW11) and Vauxhall (SW8) have consolidated their positions as £1 million markets.
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Source: Property News Spain