Property sale fall-throughs will cost homesellers £788m this year
Market analysis estimates that property sale fall-throughs could cost the UK property market £787.7m in 2022, despite signs of an early decline in the actual volume of transactions affected.
During the first quarter of 2022, 71,613 transactions collapsed, -17% less when compared to the first quarter of 2021. However, despite the decrease in fall-throughs, the individual cost of a fall-through is expected to see a marginal increase in 2022, up from £2,700 to £2,750.
Finbri's, Stephen Clark said, "With the fear of rising costs per house sale fall-through, we've seen first-hand the increase in homebuyers looking to residential bridging finance to avoid chain breaks."
References
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Residential Bridging Loan
A residential property bridging loan is fast, flexible bridging finance for property purchases. Buy-to-lets, HMOs, properties with short leases, property flips, investment purchases can all be financed, as can fixing chain breaks or mortgage delays, and refinancing an existing property loan. These loans require residential property or a group of properties as security.
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