Thousands of heartbroken homeowners are losing money as house sales collapse.

New data shows a shocking rise in house sales falling through, costing sellers a staggering £220 million in just three months! That’s a jump of 11.6% since the end of last year.

This means 64,865 sales collapsed between January and March 2024, leaving devastated sellers with an average loss of £3,388 each.

Why are so many sales falling apart?

Experts blame a cocktail of soaring interest rates and ongoing uncertainty in the housing market. This volatile mix is making both buyers and sellers nervous, leading to last-minute jitters and cold feet.

Although there was a glimmer of hope at the end of last year, with sales collapses dropping by 20,000, this positive trend has sadly reversed. The recent surge in buyers, spurred on by slightly more optimistic economic forecasts, has brought with it a sharp increase in collapsed sales.

Ruth Beeton, from property experts Home Sale Pack, explains: “The problem is that our current house buying and selling system is clunky and inefficient. When more buyers enter the market, the cracks in the system show, and we see more sales falling through, costing sellers dearly.”

Beeton argues that we desperately need a more streamlined and efficient process to cope with market fluctuations and protect both buyers and sellers.