Reducing the rate of property transaction fall throughs by 10% a year could save UK home sellers as much as £60.750m a year.
Gazumping, broken chains and problems with mortgage approval are just some of the main factors that can cause a property sale to fall through. When a property does fall through it often leaves home sellers out of pocket due to the cost that they have already paid up for.
Some of the most common reasons for transactions falling through include buyers changing their mind (34%), sellers pulling out due to the speed of the process (15%) and gazumping (10%), all of which BreezeMove can help avoid.
Estate agency BreezeMove estimates this cost to be as high as £2,700 for the average home seller and with 225,000 transactions falling through every year, that totals £607.5m annually.
Founder and CEO of BreezeMove, Phil Melia, said: “As a nation, we’re obsessed with property and so the fact we still rely on such an archaic, protracted property selling process is a little mind-boggling really.
“There are currently a whole host of reasons that a property sale can fall through and while the long-term goal is to provide greater security for those transacting so that this can’t happen, reducing the number of current fall throughs in the short-term can help save home sellers a substantial amount of money.
“We believe a realistic and achievable goal is to reduce this annual rate of fall throughs by 10% by next year and if we can achieve even this small victory for UK home sellers, we could see a considerable saving.”