By Kate Brown
Recent data from a Homeowners’ Alliance survey revealed that two-fifths of property homeowners said that buyers had changed their minds or found another home to buy. The survey also suggested that sellers have on average five different potential buyers to view their property when it’s on the market. Indecisive buyers were the most common reason for deals breaking down, compared to mortgages failing to be secured. As a result sellers can lose thousands of pounds due to deals breaking down at the last minute.
Research conducted by Savills for BBC News, revealed that before 2008, homeowners moved on average 3.6 times after buying their first property. More recently, the pace of buying and selling suggests homeowners will move 1.8 times on average over their lifetime.
Chief executive of Alliance, Paula Higgins, commented: “We often hear about would-be buyers losing their dream homes as a result of sellers accepting higher offers but less is said about sellers forking out thousands in wasted fees only for buyers to change their mind, leaving the seller back at square one”.
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