Buying and selling a property is often a delicate act of balancing the wants and needs of both the buyers and sellers while failing to appease either party could result in a deal falling through.
According to research conducted by premier windows furnishing company Thomas Sanderson, one in six property sales falls through because the buyer pulls out of the deal.
The study, which polled 2,056 people over the age of 18 who have all sold at least one property, found that 16% of Britons have experienced a buyer pulling out of the deal, losing them an average of £1,945.
31% of those surveyed blamed estate agents for the problem, while over half (61%) of those polled, believed that the buyer should be made to pay the relevant fees if they pull out of a deal.
Thomas Sanderson also asked sellers why they believed the deals fell through, while 17% were not given an explanation; the most common answers were as follows:
- The buyer did not have enough money/financial reasons – 24%
- Disagreement over price/gazundering – 19%
- The buyer decided to buy a different property – 16%
- Buyer’s house sale fell through – 9%
- Problem with survey results – 8%
Conversely, some of the more obscure excuses sellers have received include:
- The buyer saw a cat in the neighbourhood they didn’t like
- The buyer had to leave the country to get married.
- Buyer’s business went into administration.
- The buyer thought the price was in a different currency.
- The buyer thought the house was in a different region.
Meanwhile, from the buyers perspective, Thomas Sanderson’s research found that one in nine (11%) of sellers had reneged on a deal to sell their home after putting their home on the market.
Commenting on the findings of the study, Richard Petrie, Marketing Manager at Thomas Sanderson asserts: “Buying – and indeed selling – a house is a massive step, and as such it is not too surprising that so many people get cold feet. However, if you are doubtful about purchasing a property, then you should not enter into a deal, as backing out leaves the one selling the house massively out of pocket.”