Some 28.8% of residential property sales fell through before completion in 2024, according to new data.

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; the buyer changing their mind and withdrawing from the sale; and difficulty getting a mortgage.

In detail: 

• Buyer pulled out or failed in an attempt to renegotiate the purchase price after survey (27.3% of fall-throughs);

• 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: “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.”