Buyers keep pulling out

[bottomsup12]

Just scoping out other people's experiences currently with selling!

I have a fairly central london property for sale but it has been on for about 5 months with no less than 3 buyers who always pull out before exchange!

All offers were about 5% under asking which were accepted but they keep pulling out.

Viewings come and go with flurries of action and then quiet.

The flat isn't really overpriced as two same flats sold in the block for £50k over my asking price last year. Mine is recently refurbished too.

What is going on at the moment with everyone else?

Why have 3 buyers pulled out? It may just be bad luck unless there is a recurring reason.
The last time we sold someone pulled out after just a few days. They just found somewhere they preferred for the money. But at the moment I think a lot of people are struggling to get mortgage offers due to the relatively high mortgage rates, or are getting cold feet when they think about the repayments.

Why not ask the agent ? They are not normally keen on losing sales so they should be able to give some feedback as to why this is happening.

You mention other flats have sold at higher prices, but the pricing in the market is pretty dynamic at the moment. Interest rates started rising at the beginning of 2022 and it has taken a while for the market to feel the full effects.

Houses around my way were selling at peak prices right up until around April 23, but the prices have really started to drop now and are probably 5-10% down on that. You may find your 50k under price compared with last year is now looking a lot less attractive.