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Guest Post by Ben Hernandez

With much of the world focused on this past weekend’s royal wedding of Prince Harry and Meghan Markle, one can only hope the newlyweds will not suffer the same fate as the majority of real estate deals in the United Kingdom during the early months of this year.  According to a report published by independent bridging lender Market Financial Solutions, a third of real estate deals in the U.K. fell through in the first three months of 2018.

Market Financial Solutions extrapolated these figures from a data set consisting of 2,000 adults in the U.K.  In addition to tracking the number of lost deals, the reasons as to why they fell through were recorded.

The majority of deals, 41 percent, were lost as a result of a breakdown within the property chain—the seller’s inability to obtain another home during the course of the transaction.  33 percent of failed deals were triggered by the buyer’s inability to obtain financing on time and 16 percent was due to mortgage lenders reneging on lending commitments.

Overall, it’s an alarming statistic given the current growth in demand for real estate and the general optimism of the property sector by market leaders in the U.K.

“The U.K. is renowned for its love of bricks and mortar,” said Paresh Raja, CEO of Market Financial Solutions.  “Many people strive to own a home, while real estate has long been a popular asset among investors.  However, amidst such strong demand for property, it is concerning to see so many deals falling through after the formal house-buying process has begun.  Evidently, difficulties in accessing the finance they need to complete the deal is a major issue for buyers.”

The Market Financial Solutions report also revealed that in the past 10 years, 11.91 million adults had an offer accepted.  However, over 30 percent of those offers resulted in a failed transaction, and deals falling through showed a financial impact of $3,915 lost on average in solicitor and surveyor fees. 

Despite this, U.K. real estate appears to be on the rise.  Mortgage provider Nationwide publishes a Housing Price Index, which recently revealed that the average price of a UK home rose by 2.6% in the year to April 2018 and is expected to increase by 18% over the next five years—good news for the royal couple when they think about purchasing a home together.

If a career in real estate makes you feel like a prince or princess, don’t hesitate and get your real estate license today. Call (800) 617-3513 to enroll in the required pre-licensing courses with a school that offers an exclusive 110% Money Back Guarantee.   

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