The latest research by digital upfront property pack provider, Moverly, has revealed that the South East is currently home to the highest proportion of homes returning to the market in England, while it’s those selling a detached home who are most likely to see their sale collapse.
Moverly analysed the latest data on homes returning to the market revealing where is currently home to the largest proportion of collapsed sales and which property types are most susceptible.
With homebuyers and sellers having to come to terms with a cooling housing market, it’s no surprise that it’s those regions with the highest house prices that are currently being hit with the highest degree of market turbulence.
The South East accounts for almost a quarter (24%) of all sales falling through, with London and the East of England accounting for 14% a piece.
At 11%, the South West has also seen a high number of home sales falling by the wayside in current market conditions.
The North East has seen the lowest level of properties returning to the market, accounting for 3% of the national total, with the East Midlands (7%) and Yorkshire and the Humber (8%) also home to some of the most harmonious market conditions for home sellers at present.
When it comes to the type of property, it’s those selling detached homes that are most likely to suffer from a collapsed sale. Detached homes account for 34% of all homes returning to the market today, with those selling flats the second most likely to see their sale fall through (27%).
Moverly co-founder Ed Molyneux, commented: “The property market is currently undergoing a period of house price adjustment and so it’s not surprising that the sellers most in danger of their sale collapsing are those in the most inflated regions of the market, selling the most expensive homes.
In many cases, this is down to their buyer withdrawing as they simply can’t secure the mortgage they previously thought, or due to problems further up or down the chain which are outside of the sellers control.
However it’s fair to say that a head in the sand approach from sellers when setting their asking price is also a contributing factor and many are also coming unstuck once they reach the survey stage and issues are found within their home.”