One in four property sales falls through, costing homebuyers thousands

Handshakes with customer after contract signatureNew research has shown that an alarming number of property sales fall through each year, potentially costing homebuyers thousands of pounds in lost fees. The research from LV= Legal Services found that: 27% of property sales in the past five years have fallen through Lawyers holding up the property buying process were to blame for 48% of all purchases which failed to complete, equivalent to 96,000 transactions in 2015 Of the others, 21% of buyers were gazumped and in 15% of cases the buyer pulled out ...

House prices set to rise by 12% over next two years?

English HomesAn estate agent has predicted house prices will jump by 12% over the next two years on the back of the Government’s Help to Buy scheme and the improving economy. Knight Frank’s figures predict house prices will rise by 7% in 2014, followed by a more modest, yet still large by recent standards, rise of 5% in 2015. The figures are in stock contrast to previous predictions by the estate agent, which suggested house prices would fall by 2% in ...

OFT issues warning over quick house sale companies

iStock_000011825116XSmallThe Office of Fair Trading (OFT) has confirmed they will be launching a new study into the quick house sales market. The research is aimed at individuals who have used or considered using quick sale firms and the OFT has already contacted over 50 companies as part of their new study, who have been asked to provide information regarding their business models and practices. The OFT has a number of concerns: Unclear fee structures, for example charging unexpected fees after an initial valuation Cutting the proposed ...

Right Move House Price Index: Sharp rise in asking prices

Right MoveMany confident sellers are raising asking prices, according to the recent House Price Index (HPI) from Right Move, an estate agent specialising in house sales and rentals. New seller asking prices are up 2.1% in April, after a rise in March of 1.7%; the increase in April means asking prices have now risen for four months in a row. The increase takes the average asking price to £244,706; the highest figure seen in any April....