Propertymark has called on estate agents to play a more proactive role in reducing transaction fall-throughs, highlighting the importance of upfront information gathering, realistic pricing and stronger communication throughout the sales process.
The trade body warns that failed transactions continue to cause significant financial and operational costs for agents, buyers and sellers, with many fall-throughs occurring because key information only emerges later in the conveyancing process.
Propertymark is encouraging agents to focus on ensuring vendors are “sale-ready” before marketing begins, including gathering essential documentation such as EPCs, planning permissions, building regulation certificates and leasehold information.
A central part of its advice is the use of Propertymark’s Property Information Questionnaire (PIQ), which is designed to identify potential issues at the start of the transaction, reduce conveyancing enquiries and improve transparency for buyers.
HIGHLIGHT COMPLICATIONS
The organisation said that completing the PIQ before a property is listed can help uncover missing documentation, highlight potential complications and reduce the risk of deals collapsing further down the line.
Propertymark also stresses the importance of assessing buyers on more than just the offer price, with factors such as chain status, mortgage agreements in principle and financial readiness often providing a better indication of a buyer’s ability to proceed.
The guidance comes as transaction times remain stretched across much of the market, increasing the risk of mortgage offers expiring, chains breaking down and buyers or sellers withdrawing before exchange.
STRESS-FREE MOVE
Nathan Emerson (main picture), CEO of Propertymark, says: “Reducing the risk of a fall through requires commitment from everyone involved in the transaction.
“Sellers should ensure their property is sale-ready, buyers should have their finances and professional advisers in place, and all parties should communicate openly throughout the process.
“By preparing early, responding promptly and making full use of tools such as Propertymark’s Property Information Questionnaire (PIQ), buyers and sellers can help improve the chances of a successful and stress-free move.”
Propertymark says agents who encourage early preparation and maintain momentum throughout the transaction are best placed to minimise fall-throughs and improve completion rates.
