Cash-strapped buyers demanding heavy discounts after surveys were the leading cause of failed house sales (27%) in 2024 says Quick Move Now’s boss Danny Luke (pictured).

The next most common cause was buyers changing their minds and withdrawing from the sale (24%). And, in third place, was the difficulty of getting a mortgage (22%).

In contrast, just 7.3% of deals failed as a result of chains beaking and 14.5% were the result of sellers accepting higher offers.

Luke says: “2024 was a challenging year for the property market. Mortgage interest rates, although lower than they were at the start of the year, have not fallen as much as many people hoped they would.

Full impact of higher interest rates is yet to hit a large number of homeowners.”

“Around a third of mortgage holders are still on sub-3% mortgage interest rates, so the full impact of higher interest rates is yet to hit a large number of homeowners. Those awaiting a significant jump in payments are understandably nervous.

“We’ve also seen inflation continue to fluctuate this year. It had come down but is now on the rise again. If inflation continues to rise, it’s going to make it very difficult for the Bank of England to justify further reductions in the base rate, which will undoubtedly impact mortgage interest rates throughout 2025 and moving into 2026.

Political uncertainty

“We’re currently also facing significant international political uncertainty, which has the potential to impact our economy over the next 12 months. Any impact on the economy will filter down into the property market and impact both price and buyer sentiment.

“Mood currently seems to be cautiously positive, but we will have to wait and see what the next year holds.”

Quick Move Now says overall 29% of sales fell through last year, which is lower than some years and within the range of 18% to 40% of fall-throughs that agents often experience.