House sellers face a 39% chance of an agreed sale falling through, say quickmovenow.com

House sellers face a 39% chance of an agreed sale falling through, say quickmovenow.com

[UKPRwire, Tue Dec 09 2008] On average 39% of house sales aborted during the last 6 months, according to leading house buyer www.quickmovenow.com. Quick Move Now’s Fall Through Index, or FTI, is a unique monthly statistic, supplied by the company’s own figures. Visit it here: http://www.quickmovenow.com/fti/index.html. The data the FTI supplies is unavailable anywhere else, making it invaluable to anyone looking to gauge the state of the housing market.

This is the first time in 14 months that the Quick Move fall through index has been below 40%
Does this mean that the bottom of the market has been reached?

The last few months have seen wildly fluctuating market sentiment. On the positive side interest rates have fallen and stamp duty was removed on transactions up to £175,000 holiday. While on the negative side the UK economy entered a recession with continued falls in house prices and high deposits required for mortgages.

There should be a steady improvement in fall through rate once the market has bottomed out leaving those with secure finance no reason not to proceed with purchase. However it doesn’t look like that stage has been reached yet.

Until prices fall, slow or stop there will continue to be high levels of aborted sales. And unfortunately as repossessions and unemployment increase and the recession starts to hit home buyers pockets prices expected to fall, and will to continue well into 2009.
Although monthly figures shouldn’t be considered in isolation last month saw nearly 50% of agreed sales fall through which would indicate we aren’t out of the woods yet. While the market finds its feet we are unlikely to find a prolonged substantial improvement to the FTI until later in 2009.

About Quick Move Now
Quick Move Now (http://www.quickmovenow.com) is a house buying company that began trading in 1998 and has developed rapidly, establishing Quick Move Now as the leading house sale company in the UK. Annually Quick Move Now help over 400 people move home. Quick Move Now work closely with both individuals and companies, meeting the needs of everyone and every situation.

For further information, please contact:

Danny Luke
Quick Move Now
enquiries@quickmovenow.com
Tel: 01793 840 915