According to new figures from the Bank of England, in some parts of the UK as many as four in ten homebuyers pull out before they complete. I’m seriously resisting a sexual innuendo here, immature I know! The Bank of England said…
“‘In the market for established homes, more transactions were falling through, with some estate agents reporting a cancellation rate of up to 40 per cent recently. That was partly due to the unwillingness of many sellers to accept a lower offer.”
But, understandably, many are resisting buying now in the hope for a better bargain later down the line, which in turn is screwing up housing chains left, right and centre. All this coupled with record low mortgage approvals paints a pretty gloomy picture over here, unless you’re a landlord of course ;-)
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