Data reveals most common reasons for property sales falling through in Sheffield

New research has revealed the most common reasons for failed property sales in Sheffield - and how the city compares to the national average.

According to property experts at Sell House Fast, the two biggest deal-breakers for homebuyers and sellers in Sheffield are second thoughts and gazumping.

In Sheffield, 40 per cent of failed property sales were attributed to one party getting cold feet.

While this figure is notably high, it still sits seven per cent below the national average, suggesting Sheffield may be slightly more stable than other UK cities when it comes to buyer and seller confidence.

However, the city does face a significant issue with gazumping, where a seller accepts a higher offer after already agreeing to a sale.

This was the reason behind 38.6 per cent of collapsed transactions in Sheffield - almost 10 per cent higher than the UK average.

The data suggests that competitive bidding may be fuelling disappointment and frustration among buyers.

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According to Sell House Fast, the average cost to a buyer when a sale collapses is £2,511, covering expenses like mortgage application fees, surveys and solicitor costs.

This new research is part of a wider analysis of property sale times across the UK’s 50 largest cities during May, carried out by Sell House Fast.

The company surveyed both homebuyers and sellers who experienced failed sales to uncover the key reasons behind the breakdowns.

For the full findings and data breakdown from Sell House Fast, visit their campaign page here.