Property transactions that collapsed in England during 2024 resulted in nearly \u00a3392 million in lost revenue for estate agents, according to data released by Rightmove.<\/p>\n
The property portal\u2019s analysis shows that 6% of property transactions fail to complete and do not return to market within 12 months. A further 23% of transactions initially fall through before eventually completing successfully.<\/p>\n
The data indicates that the average house purchase in England took five months to complete in 2024. The collapse rate represents a significant cost to the industry, with agents losing fees or experiencing substantial delays in payment.<\/p>\n
Johan Svanstrom, CEO at Rightmove, stated: \u201cMore than one in five (23%) transactions are affected by fall throughs, costing agents either lost or delayed fees and leading to some home-movers paying thousands in repeat costs.\u201d<\/p>\n
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He added that digitisation could reduce fall-through rates, though this would require \u201cgovernment investment, innovation across the transaction process, and stronger industry collaboration.\u201d<\/p>\n
Craig Webster, managing director at Tiger Estates in Blackpool, commented on the broader implications: \u201cFall throughs continue to be one of the most overlooked inefficiencies in the residential market, yet they have a significant financial impact on agents, vendors and buyers alike.\u201d<\/p>\n
Webster noted that collapsed transactions generate costs beyond lost fees, as agents invest resources in securing listings, marketing properties, vetting buyers, and managing the sales process through to offer stage.<\/p>\n
The figures highlight structural inefficiencies in England\u2019s property transaction system, where buyers and sellers face repeated costs when sales collapse. Rightmove has suggested that increased digitisation of the conveyancing and transaction process could address some of these issues, though specific solutions remain under discussion within the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
Property transactions that collapsed in England during 2024 resulted in nearly \u00a3392 million in lost revenue for estate agents, according to data released by Rightmove. The property portal\u2019s analysis shows that 6% of property transactions fail to complete and do not return to market within 12 months. A further 23% of transactions initially fall through […]<\/p>\n","protected":false},"author":1,"featured_media":8917,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-8916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n