The collapse of a property sale can have a far greater effect than just disappointment or irritation – it can cost sellers thousands. OnTheMarket.com offers the following tips to keep your transaction steady.
The numbers
According to YouGov, a staggering 300,000 transactions collapse each year. The average cost of each case is £2,727, and 12 per cent of victims end up losing more than £5,000, research by the HomeOwners Alliance has shown.
A recent study for the Thomas Sanderson company involved 2,056 people over the age of 18 which had previously sold at least one property. Of the sellers, it was discovered that 16 per cent had seen the sale of their house fall through because the buyer had pulled out of the deal.
OnTheMarket plc (LON:OTMP) provides property search services for buyers, sellers, landlords, and tenants in the United Kingdom.
