A survey of members of the Royal Institution of Chartered Surveyors has found that almost one in every ten home sales falls through because the buyers cannot get a mortgage loan . Estate agents and chartered surveyors made it clear that 9 per cent of agreed housing deals were collapsing.
Furthermore, this was considered a good rate of failure, with some estate agencies experiencing far higher rates. Leaf and Co expert Jeremy Leaf reportedly commented: "We are seeing around 10 per cent of transactions failing to go through, but that should be put into context. We are in a location where people have lots of equity, or are cash buyers."
The Chief Economist of RICS, Simon Rubinsohn reportedly confirmed that: "A significant number of would-be buyers — particularly first-time buyers — still cannot get finance . The Government’s attempt to improve the flow of funds is not delivering."
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Estate agents say mortgage problems stopping sales Fri, 24 Jul 2009
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