Some 28.8% of residential property sales failed to complete in 2024, according to new data from Quick Move Now.
The most common reasons for failed sales, which frustrated estate agents across the country, included buyers withdrawing after a survey or attempting to renegotiate the purchase price (27.3%), buyers changing their minds (23.6%), and difficulties securing a mortgage (21.8%).
Other contributing factors included sellers accepting a higher offer (14.5%), chain-breaks (7.3%), and sellers pulling out due to slow progress (5.5%).
Danny Luke, managing director at Quick Move Now, said: “2024 was a challenging year for the property market. “Mortgage interest rates, although lower than they were at the start of the year, have not fallen as much as many people hoped they would. Around a third of mortgage holders are still on sub-3% mortgage interest rates, so the full impact of higher interest rates is yet to hit a large number of homeowners. Those awaiting a significant jump in payments are understandably nervous.
“We’ve also seen inflation continue to fluctuate this year. It had come down but is now on the rise again. If inflation continues to rise, it’s going to make it very difficult for the Bank of England to justify further reductions in the base rate, which will undoubtedly impact mortgage interest rates throughout 2025 and moving into 2026.
“We’re currently also facing significant international political uncertainty, which has the potential to impact our economy over the next 12 months. Any impact on the economy will filter down into the property market and impact both price and buyer sentiment.
“Mood currently seems to be cautiously positive, but we will have to wait and see what the next year holds.”
