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Aborted House Sales Reach Record High, According to Quickmovenow.com's FTI Index
This press release gives info about the falling number of completed house sales.
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June 9, 2008 (FPRC) -- Quick Move Fall Through Index (FTI) shows a record level of aborted sales over the last 6 months; The FTI rate for May was 46%.
This is a knock on effect of the problems being experienced in the property market which show no sign of abating.
Anyone lucky enough to find a buyer in this tough market may think that is the end of it but the reality is that huge volumes of sales are falling through every week.
The professional pre-sale checks undertaken by Quick Move reduces the fall through rate so the volume of aborted sales experienced by the normal vendor will be much greater.
As always these vendors face the prospect of losing their onward purchase and remain exposed to the deteriorating market conditions. They will also lose out financially with costs sunk into solicitors, estate agents, HIP’s, survey and mortgage fees, which often exceed of £2000.
“Until general confidence in the property market returns and the issues with the credit crisis are resolved we don’t see any short term improvement in the level of aborted sales.”
Not all property sales that are agreed go on to complete and the percentage of sales falling through varies greatly with prevailing market conditions.
When a chain collapses sellers can face a number of issues:
-Large delay in selling as whole marketing/sale process is restarted.
-Lose onward purchase.
-Remain exposed to changing market conditions.
-Lose out financially with costs sunk into solicitors, estate agents, home information packs, survey and mortgage fees often exceeding £2000.
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
Send an email to Danny Luke of Quick Move Now
01793 840 915
Keywords:
quick house sale, quick property sale, buy my house
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