Blogs

A quarter of all home sales fall through because of…

Alex Johnson

e453fa5434068b7902ddb33f9d990033747cbf4c 300x225 A quarter of all home sales fall through because of...People who have moved house over the last five years believe that almost a quarter of all sales have fallen through due to delays caused by poor communication between lawyers, lenders and estate agents.

In the survey from the Conveyancing Association, 52% of those who have bought or sold a house since 2008 said the transaction took longer than expected, with just under half saying the process involved unforeseen delays. Of the 1500 respondents who took part, 47% felt that the various parties involved in their sale or purchase (including the solicitor or conveyancer, the lender and the estate agent) could have communicated with each other better  – and 46% said this would have significantly speeded up the home buying or selling process.

Monthly home loans top 70,000 mark for the first time since January 2008
The number of loans made to homebuyers in November went above 70,000 for the first time since January 2008, according to chartered surveyors e.surv.

There were 71,920 house purchase approvals in November, a 6% increase on October. Lending to home-buyers was 34% higher than a year ago, when the number of loans approvals was 53,539.

Richard Sexton, director of e.surv chartered surveyors, said: “The mortgage market is making definite strides back to its pre-crisis health. Between the tail-end of the summer and this autumn, lenders tapped the Funding for Lending Scheme for almost £6 billion worth of funds and that honeypot is now filtering through to homeowners in the form of more loans and cheaper rates. Despite the changes to FLS, the mortgage market will continue to thrive. Funding for Lending spurred a limping market into action at the beginning this year, but since then Help to Buy has taken the lead in driving the market forwards.”

Live in an octagon
This one bedroom detached house in Exebridge, Dulverton, is a Grade II listed former toll house. Around 200 years old, it’s on the market with Seddons for £159,000. Original features include rounded arched window recesses and latch doors. There’s also a summerhouse in the garden, which is right next to a stream and has lovely views.

Tagged in: , ,
  • Crosswords

    Last year my house sale was delayed by about two months through sheer incompetence of the buyer’s solicitor – saying docs had been sent when they hadn’t. On the morning of the moving in chain, my nerves were on edge wondering if the bungling solicitor would bother to get out of bed. It finally happened, but a shed load of people in the chain were grossly inconvenienced by that one person.


Property search
Browse by area

Latest from Independent journalists on Twitter