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Property Purchases Collapsing

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Property Purchases Collapsing

Statistics released by 1st Property Lawyers have shown that twenty nine per cent of property transactions have fallen through in 2011. This is a significant increase on three years ago as the percentage is up by over a fifth.

Mark Montgomery is the Commercial Director of the company and he stated the following:

“It is worrying that at a time when transactions are at an all-time low, the number of fall troughs is increasing as nervousness in the market prevails,” Mr Montgomery said.

“The risk of the buyer or seller changing their minds or of chains collapsing can be reduced by shortening the amount of time between offer and exchange of contracts. Services which significantly reduce the time of the conveyance can help avoid the heartbreak of a failed sale.” He continued.

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