Almost one in three house sales collapsed in the first six months of 2011, according to data from the UK's largest conveyancer 1st Property Lawyers. The firm said the rising number of sales falling through was due to buyers and sellers getting cold feet, the elimination of Home Information Packs and economic uncertainty.
The 29% of abandoned transactions were chiefly the result of sellers withdrawing properties from the market (39% of the sales that fell through).
HM Revenue & Customs figures show that there were 173,000 house sales in the UK in the first three months of the year, well down on the 459,000 recorded in the last quarter of 2006 when the housing market was nearing its peak.
Buyers pulling out of the purchase is the second most common reason (23%) for abandoned sales, driven by nervousness in the marketplace about house prices and fueled by fears over finances, general economic uncertainty and job security.
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