More than 35% of property sales fell through in 2023

Other reasons for this number of failed property sales are slow progress, legal issues, chain breaks or a change in buyer circumstances. 

Danny Luke, managing director at Quick Move Now, said: “2023 was a challenging year for the property market.

“Although the predicted market crash never materialised, we did see a significant slowing of the market. 

“One of the biggest obstacles for the property market throughout 2023 was a mismatch between buyer and seller expectations.

“Buyers were keen to get a bargain, but many sellers were still hoping for near 2021 prices.

“Mortgage interest rates also made things difficult, impacting affordability and encouraging many would-be buyers to delay their move.

“With all the challenges thrown at the property market over the past 12 months, it’s little surprise that the biggest cause of failed property sales is the buyer changing their mind or trying to negotiate the purchase price.

“Chain-break has also had a big impact on the number of sales that have fallen through.

“During the post-covid property market boom, a chain-break could quickly and easily be fixed.

“That’s not the case in a slower property market.

“It can take weeks or even months to tie-up another sale, which will often lead to the whole chain collapsing.

“Buyer uncertainty also shows in the number of property sales that fell through in 2023 due to slow progress.

“We’ve heard stories of buyers seeming very keen at first, but then getting cold feet and going quiet.

“Sellers are only happy to hold on for so long before they get fed up and pull out of the sale to put their property back on the market.”