If you're selling property, you've probably noticed an increase in fall-throughs—where sales collapse before completion. It's an unfortunate but common trend in the UK market, and right now, numbers are on the up again.
Why Are More Sales Falling Through?
The property market has been regaining strength, and with higher transaction levels come more fall-throughs. Here’s how the numbers stack up:
●In Q3 2022, UK transactions peaked at 337,730, but a record 90,188 deals collapsed—the highest since 2018.
●As the market cooled in Q1 2023, transactions dropped to 227,390, with fall-throughs also falling to 64,865.
●Fast forward to Q3 2024, and sales have bounced back to 296,640—but so have fall-throughs, hitting 84,079, the highest since 2022.
What’s Fueling the Trend?
One key driver is the looming 1st April stamp duty deadline. Buyers are racing to complete before then, just as they did during previous tax relief windows.
The last major stamp duty holiday saw:
●A 38% surge in transactions in Q3 2020.
●A peak of 377,280 sales in Q2 2021 when the tax break ended.
●A rise in fall-throughs to 76,814—the highest in years.
When the tax relief expired in late 2021, transaction volumes and fall-throughs both took a nosedive.
What This Means for You
If you're selling your Finchley home, expect:
●More buyer activity leading up to the April deadline.
●A potential increase in fall-throughs due to time pressures.
●The importance of strong buyer qualification & proactive communication.
With more deals at risk of collapsing, it’s crucial to work with an experienced agent who can help navigate the busy market and keep transactions on track. If you’re thinking of selling or letting, now’s the time to plan strategically.
Want to discuss your options? David Harris & Co is always here to assist you. We have a proven track record in selling homes in and around Finchley. We’ve witnessed many ups and downs in the local housing market, so you can rest assured we are on hand to assist you, no matter how the market is shaping up.
What are property market specialists saying?
Colby Short of GetAgent.co.uk said: “Fall throughs are an unfortunate reality across the property market and despite the endeavours of the industry to limit their propensity, estate agents will inevitably see a great deal of hard work wasted due to transactions failing to complete. The busier the market, the higher the number of fall-throughs that tend to occur, and so with the rush now on to beat another stamp duty deadline, there’s a good chance that fall-through numbers will continue to rise over the first quarter of this year.”
More positively, Colby said: “The good news is that the impact of this stamp duty countdown is forecast to be marginal due to the far shorter timeframe buyers have in which to benefit, especially when compared to the initial stamp duty holiday and the prolonged period during which the market was overheating.”
Whatever move you wish to make, David Harris & Co is here for you
At David Harris & Co, we understand what makes Finchley unique. Whether you’re buying, selling, or renting, our local expertise ensures we can guide you to the best decisions for your needs.
Contact Us Today
Ready to explore Finchley’s property market? Contact David Harris & Co for expert advice and a stress-free experience. Call us on 0208 346 9122 to get started. Let’s make Finchley your next home.
