10 Sep Mark Newton comments for the Daily Express
Mark Newton, Chief Executive of Newton Fallowell has been commenting on the news that national statistics show that higher number of property sales are failing to complete. He said:
“We suffered high fall-through rates for a period of about three months, although things appear to be back to normal now.
“The normal fall-through rate comprises three distinct phases:
- Buyer remorse within a few days of agreement “what have I done?”
- At survey, if and when problems are found
- At the ‘altar’, when final negotiations take place
“During May/June/August the fall-through rate increased from the usual 25% to around 40%, but was not due in my opinion to picky buyers and sellers, but two other factors:
1. Mortgage Market Review (MMR) which put a whole new set of hurdles in the way of buyers
2. Conveyancers who were overwhelmed by the increase in the market and hadn’t scaled up
Mark’s top tips:
- Check that whoever you choose to do your conveyancing has the capacity to deliver
- For buyers, get a nod on your mortgage before making an offer and for sellers, make sure your agents is pushy in finding out buyer credentials and whether they can afford to buy
- Don’t be too quick to nail up the ‘sold’ sign when you get an offer – if you have to take it back down, it can make other buyers think there’s something wrong with your property, so better to wait and see if the offer holds firm
- If you know there are problems likely to come up during survey, don’t bury your head in the sand
- Another important thing is to make sure you have all the paperwork in order before you go on the market as conveyancers acting for buyers are increasingly zealous in demanding certificates for work done – e.g. FENSA for windows or CORGI for a new boiler
About Newton Fallowell
Newton Fallowell is the largest independent estate agency across the East Midlands, with a network of 25 branch offices. Founded in 1999 by CEO Mark Newton, services include property sales and letting, surveying, in–house conveyancing and mortgage advice. The company has grown through a franchise model.
Twitter: @MarkOnProperty
For further information, please contact:
Press information:
Maggie Taylor, Prima PR & Marketing Direct line: 01400 251557 Mobile: 0797 3767602 Email: maggie@primapr.co.uk
David Newton, Director of IT & Marketing, Newton Fallowell Direct line: 01476 584163 Mobile: 07986 555496 Email: david.newton@newtonfallowell.co.uk