The managing director of an East Yorkshire estate agency says its commitment to developing strong relationships with both buyers and sellers has helped it buck a national trend.
Research from Quick Move Now showed the national average for sales falling through was 30.6 per cent last year, but this rose to 49.8 per cent for the final three months of 2018. Political and economic uncertainty were blamed for the catastrophic statistics across the housing market.
However, Oscars Estate Agents, which is based in Anlaby, East Yorkshire, has seen no impact in the first four months of 2019 and has reported an astonishingly low fall through rate of just 2.9 per cent.
Managing Director Alisdair Bott-Francis said: “There is nothing more disappointing for a seller or buyer to see a house sale fall through after an offer has been made and accepted.
“The statistics show that a house sale is far from complete once an offer is made and accepted. It is often after a sold board goes up – when buyers have moved quickly to beat others and sellers have wanted a quick sale – that people can have final doubts.
“It is therefore imperative that a good estate agent doesn’t only find a buyer for the vendor, but the right buyer and at the right price. They need to know and understand both parties.
“Because of the advice we give, as well as the relentless sales progression that the team undertake which goes way beyond the norm, our fall through rate for 2019 is currently at just 2.9 per cent. This is something we are really proud of.
“Securing a sale on a property gets hopes up all round, and the last thing we want to do is see those hopes dashed.
“The relationships our staff build up with our customers, and the work they put in to progressing the sale, and making sure it is the right sale, means we have a miniscule fall through rate compared to the national average.”
Buyers changing minds and higher offers made to sellers biggest causes of house sales falling through
The research showed that the main reason for unsuccessful property sales in 2018 (30 per cent) was the buyer changing their mind and pulling out of the purchase.
Common causes of sales falling through before completion include: the seller receiving a higher offer after a sale has been agreed (19 per cent); survey issues causing a buyer to pull out of the sale (16 per cent); difficulty securing a mortgage (13 per cent); either party feeling that the sale was not progressing (10 per cent); chain collapse (9 per cent); buyer wanted to reduce their offer after the sale had been agreed (3 per cent).
Mr Bott-Francis added: “As the research shows there are many issues which can affect a sale after that initial agreement on an offer has been made.
“Buyers and sellers can get frustrated with delays, and will look to agents to help ensure things progress.
“Lots of the issues we see nationally regarding sales falling through are not problems for us, as we pay very close attention to our customers and can often step in to resolve problems. I think it’s that close personal attention that really pays off for us.
“Looking ahead, the housing market locally and nationally is set to improve, and that is great news for buyers and sellers.”
[Paul Baxter – Arrival PR]