One in three property purchases collapse - Telegraph

One in three property purchases collapse - Telegraph

Figures from 1st Property Lawyers, the largest conveyancing firm in the UK, show that 29pc of property transactions fell through in the first half of the year – up from just 21pc three years ago.

The commonest reason for a sale falling through is the seller changing their mind, while the prospective buyer pulling out is the second most usual reason.

Mark Montgomery, Commercial Director of 1st Property Lawyers, said that economic uncertainty could be a major reason for the aborted transactions, as buyers withdraw due to fears regarding their own finances and job security. Recent research shows that 40pc of people are holding back from buying a property because of worries over their own financial stability.