Property Purchases Falling Through
During the past 12 months, the most common reason for a property sale to fall through was due to the buyers mortgage application being rejected. According to property data agency TwentyCi, 306,198 property sales fell through in 2020, an increase of 12% compared to 2019.
The pandemic has had an impact on buying power, especially first time buyers, where many lenders are tightening up their lending criteria. Any buyer who has, or is on furlough, is also having an effect because some banks want to see a stable income, and will not accept furlough as a reliable or sustainable source of income.
Advice if your buyer withdraws
Try to find out the reason why the buyer had a problem, perhaps the price can be re-negotiated to help them.
If that fails you have the option to re-market your property. Or, reach out to us for a chat about how we can help you.