40% of Home Counties deals fall through – claim

Four out of 10 property sales now fail to reach exchange thanks to problems in the “antiquated” conveyancing process, says a London and Home Counties buying agency.
Property search firm The Buying Agents – which has seven offices handling high-end purchasers, investors and corporate clients across London and The Home Counties – says the industry norm in recent years has been 30 per cent but this has now risen markedly in recent months.

In some cases the firm agent has found that sales have fallen through as a result of vital information being withheld by the selling agent or vendor.

“In certain areas we’ve seen an increase of around 10 per cent in the number of properties returning to market which indicates there are still problems with this antiquated process. Now is the time to get industry leaders together to find the best possible solution for all parties” says Henry Sherwood, TBA’s managing director.

He says the much-hated Home Information Packs were, in theory, a solution to this problem.

“Buyers should always have access to detailed information about the property before they consider making an offer. Some of the things to be aware of include details of the lease and any relevant restrictions, physical issues such as damp and subsidence as well as whether or not the property has been on the market before and if so why it returned to market” he insists.