Property sales that fall through costs Britain 900 million a year'

"England's economy is losing more than 900 million a year due to property transactions collapsing before completion, according to new data. Analysis by property portal Rightmove indicates that nearly 392 million in potential estate agency revenue and 515 million in stamp duty were lost last year alone, stemming from sales that fell through and did not re-enter the market within a 12-month period."

"The economic impact extends beyond England, with Scotland missing out on a potential 7 million and Wales approximately 23 million from similar lost sales. These separate calculations account for Scotland's comparatively lower rate of transaction fall-throughs and the distinct land tax systems in place across Scotland and Wales."

"Rightmove's data indicates that 6 per cent of property transactions fall through and do not come back to market within 12 months, while around a fifth (23 per cent) of transactions initially fall through before later completing successfully."

England's economy suffers significant financial losses due to property transactions failing to complete. Analysis by Rightmove reveals that nearly 392 million in potential estate agency revenue and 515 million in stamp duty were lost last year from sales that fell through and did not re-enter the market within 12 months. Scotland lost approximately 7 million and Wales approximately 23 million from similar failed transactions. The average house purchase completion process takes five months across Britain. Rightmove data shows that 6 percent of property transactions fall through permanently without returning to market within 12 months, while approximately 23 percent of transactions initially fall through before eventually completing successfully.

Read at www.independent.co.uk