Property investors are always eager to learn more about the state of the property market to work out whether it is a good time to sell or buy. The Telegraph newspaper recently reported that nearly one third of property purchases are falling through. The Telegraph (15th July 2011) is quoting research carried out by the UK’s largest conveyancing firm, 1st Property Lawyers who have published figures to show that 29pc of transactions fell through in the first half of 2011. The most common reason was simply the buyers changing their minds.
Mark Montgomery, Commercial Director of 1st Property Lawyers said that economic uncertainty could be a major reason with buyers withdrawing due to fears regarding their own finances and job security.
It can be a major disappointment if the buyer pulls out, especially if the vendor has found a house to buy and it seems that this problem is on the increase.