For people who are active in the UK’s competitive real estate market – particularly buy-to-let investors – the chances are they will often find themselves locked in a property chain. This can be a frustrating and costly experience, with buyers finding themselves dependent on the sale of a property that is beyond their control.
Unfortunately, this issue could become more acute in the coming months; commenting on the fact that UK house prices have dipped of late, Halifax said this decline coincided with a recent drop in mortgage approvals and completed house sales. In March 2018, for example, it was revealed that British banks approved the second lowest number of mortgages since January 2015, with only 37,567 mortgages being successfully issued.
With mortgage approval numbers falling, and house sales slowing down as a result, more people could find themselves stuck in stagnant property chains – or worse, property investors could suffer as chains fall through as a result of mortgages being delayed or declined.
Delivering a timely insight into the current state of the property market, MFS will soon be releasing a new report unveiling how many people in the UK have experienced a property sale falling through despite an initial offer already being received. Moreover, the report will also uncover the main reasons why house sales are failing despite an initial commitment from both the buyer and seller.
With nearly 40% of house sales falling through before completion in Q1 2018, MFS’ upcoming report will serve as an important reference guide for prospective homebuyers and property investors seeking to purchase a new real estate asset. Available to our community of brokers, borrowers and investors, this report will also offer expert advice for buyers and sellers to effectively complete on a sale in a timely manner.
To find out more about MFS’ upcoming report, or how specialist finance can be used to support your next property investment, speak to a member of the MFS team today.