Well I can't believe it, some good news! Having looked through some recent statistics I have found that there has been a fall in fall-through rates! Nationwide average has historically held at 1 in 3, we're now down to 1 in 5 (20%) of transactions falling through. This, together with sales volumes bouncing back spells great news for South London homeowners who are looking to sell (but perhaps not to upgrade locally)...
Ultimately if more transactions are successful first time around it will mean a smoother, less stressful experience for all those involved. So, if you are a homeowner in South London who is looking to sell your property, now is a good time to do so - there's a good chance of success.
With fewer sales falling through, homeowners can expect their properties to sell more quickly. This is especially important for homeowners who are relocating or who need to sell their property quickly for financial reasons, or to get their offspring in a school, a host of reasons of course. A transaction occurring in a timescale that you had anticipated as opposed to having to restart the process is of course better...
Better prices: I wouldn't necessarily say that better prices are being achieved. Current homeowners that are on the market are generally listening to their agent well. Interest rates are at an all time high (well, "all-time" being within the last 15 years). However I have noticed those that have been on the market for a while clearly went a bit "Mike Tyson" (punchy) on their asking price. Buyers are seeking value, not overvaluing. Properties that are presented well and offered with little to no work to do (move right in) are selling best.
Less stress: The fall in fall-through rates and the return of house sales to pre-pandemic levels can also lead to less stress for homeowners. This is because there is less uncertainty about whether or not the sale will go through, and homeowners can be more confident that they will get a good price for their property. That being said ensure that you KEEP your buyer. Get your solicitor instructed pronto, papers out to the buyer's legal team quickly and answer any queries fully and promptly to ensure the slow grinding conveyancing cogs keep turning.