Almost 29% of all residential property sales failed to complete in 2024, according to data from Quick Move Now.
The top reason for failed sales was buyers withdrawing after a survey or attempting to renegotiate the purchase price (27%), it says.
Buyers changing their minds (24%) and difficulties securing a mortgage (22%) were also among the top reasons.
Other contributing factors for house sales falling through last year included sellers accepting a higher offer (14.5%), chain-breaks (7.3%) and sellers pulling out due to slow progress (5.5%).
Danny Luke, managing director at Quick Move Now, says mortgage interest rates not falling as quickly as expected and fluctuating inflation impacted the property market last year.
Looking forward, he says “significant international political uncertainty” has the potential to impact the economy over the next 12 months.
“Any impact on the economy will filter down into the property market and impact both price and buyer sentiment.”
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