Cost of home sale fall throughs rise 11.5%

Posted: 4/10/2023


Property sales fall-throughs are climbing again after spending six months in decline with the estimated number of transactions that fell-through in quarter two (Q2) hitting 69,940 – a 10.2% increase on the previous three months.

Analysis from House Buyer Bureau also shows that at the same time the average cost of a fall-through during the second quarter of 2023 was £3,394, up from £3,355 in quarter one (Q1).

11.5 % INCREASE: 

As such, the total cost to buyers and sellers of fall-throughs in Q2 was an estimated £237.4 million – a quarterly increase of 11.5% compared to the Q1 total of £212.9 million.

However, here at Key One Property we employ a scheme that helps to ensure that less sales fall through and if they do, that the aggrieved party gets compensated. It is called the Sale Reservation Agreement Scheme and is very similar to a reservation for a new build home. The buyer and seller sign up to the scheme and the buyer pays a £500 bond. If either party withdraw without good reason, that party must pay the other £500 compensation. This not only helps to stop buyers walking away because they change their mind but also protects buyers from or if they are gazumped. The agreement sets out the procedure to follow where there are survey issues as opposed to them deciding just to walk away from the sale. 

The cost of this scheme? Well, it is completely free of charge to clients who sell through Key One Property. To add to that, Key One charge just 0.5% sale fee inc VAT.*

*subject to min fee, t&cs. 

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