Are there an unusually high number of sales falling through atm?

[Autumnbaths]

We have put an offer in on two properties which have come back on the market (didn't get either)
Another offer on a house new to the market (didn't get that one either) but it came back on the market yesterday.

It this just a coincidence, is this normal or are lots of sales falling through?

Think lots are falling through…
A mix of people bidding to much to win then getting cold feet & mortgage companies being more cautious and down valuing properties

Generally happens when the housing market starts to realise it's built on sand instead of concrete...

There might be a lot coming back now because people were banking on the stamp duty holiday, which only ended completely at the end of last month. Also, sales have been taking a long time because of the increase in work for surveyors, solicitors and councils, so mortgage offers have been expiring. DD and SIL had to renew when their mortgage offer expired; they had their house offer accepted in March; they moved last weekend. Their buyers' offer also expired, and they then discovered it was not renewable, so they had to find another one pdq. I know that Nationwide have recently changed their affordability criteria for the worse, maybe other lenders have too.

There was in my road last year....4 houses all sold and back up again a few days later but since have all sold and people moved in...must have money as doing the full refurb inc a loft etc...!!...we get a lot of youngish couples who have sold in hackney etc a small flat and moved here to buy a house....so some one must be buying their pricey flats...!

I’ve seen properties coming back on the market here in the south east and reductions but not much new stuff, if any, coming on.

It's definitely happening a lot round here - I know of 2 neighbours who are both on their 3rd sale as the previous ones fell through for random reasons, and a work colleague has just had her sale fall through. the houses are getting snapped up as soon as they go on the market, but then buyers are changing their mind / reducing their offers / found something they like better / their buyer pulls out etc

There's definitely a lot coming back on around here.

They all seem to follow a pattern where the sellers accept one of many offers over the asking price, the property goes back on the market, the seller accepts another offer over the asking price and repeat until sold.

I don't think any of the houses near us have sold for less than a couple of thousand above the asking price and all have eventually found a buyer that sticks it just doesn't seem to ever be the first buyer.

We're buying somewhere and the valuation is £15k less than we're paying

Still proceeding at that price though - don't want to lose the place

Yes there are lots falling through. However even before the end of stamp duty I was told 30% were falling through.

I think people have relied on any additional money because of working from home and overstretched themselves. Two I viewed recently collapsed after months for no real reason.

Not near me (SW London). I tried to buy three houses but first seller couldn't find a place to move to and second pulled out due to illness, then after I found another decided he would sell after all. The house I did buy was 'sold' but came back on because other buyers decided not to move to uk. So while there will always be some sales that fall through, it's for a variety of reasons and say if 25% of a normal year sales do not complete, as there have been so many more sales this year then it seems more are falling through.
But as I said, I'm keeping an eye out and do not see many coming back on here.

Counterpoint view, I'm in a very pretty area of the SW, which is managebly commutable two days a weeks, and has superfast broadband, and the market is so fast it runs through your fingers like dry sand.

At a guess, I'd suspect that in some cases, given recent silly price rises, some people may have been asking/offering more than lenders' valuers think properties are worth. For cash buyers, that's not a problem, but it is for anyone borrowing, even if they have a decent deposit. Hence they may have to drop out of the sale.

I've seen a few come back on here but not many (SW). I expect the sales falling through are for a mixture of reasons. Maybe some people are starting to reconsider given the economic outlook and likely interest rates rises.

The market definitely seems to have slowed down in the past few months compared with the madness earlier in the year where even terrible looking houses sold very quickly. Now, the good, well priced property is selling very quickly but others are hanging around with some reductions.

@XingMing

Counterpoint view, I'm in a very pretty area of the SW, which is managebly commutable two days a weeks, and has superfast broadband, and the market is so fast it runs through your fingers like dry sand.

Sure, the market we are trying to buy in is lightening fast but it’s also full of boomerang properties - an usual amount of offers are not going the distance. Buyers seem more concerned with getting the highest price than the most secure buyer - they must me in no hurry to move.

Happening here, though they come back on at a higher price. One's just come back on at £25k more expensive but it took ages to sell last time so who knows what they're playing at.

It's definitely still fast here for the good/well priced stuff though, and there's not much coming on, at least in my search area.

I noted on a thread here three for sale on my road a few months back, one I thought was fairly priced, one a bit overpriced, one a silly price. The first sold quickly, the second sold slowly, as in just under offer now, the third is still for sale. There was a fourth, a completely outrageously priced one, that went back off the market altogether after a few weeks and hasn't come back. Possible sellers taking a punt because of press reports on rising prices, and then realising they were being daft, I suspect. I think things have sort of stabilised a bit.

Two of my friends in the South East have had that since the schools went back. One of them was the second place they lost this year, she is beyond angry as the sellers pulled out both times and they are now having trouble finding a rental as they sold to rent back in May so they didn't lose their buyer.

I noticed this happening a lot 6-12 months ago. I think that a lot of places going to closed bids meant people were making offers they either couldn’t afford or later thought better of. I also think a lot of chains collapsed because people couldn’t find anywhere to move to.

I know that one of the places we made an offer on - even though it was below the asking range - we were glad we lost - it was over-priced...and now it's back on the market.

Our first sale fell through (buyers couldn’t get a mortgage even though they got one in principle) and the house we are buying had an issue with funds the first time it sold too. Fingers crossed this sale goes okay but Anecdotally houses do seem to be coming back on the market a lot.