Estate agent Nested.com has revealed the London postcodes where property sales fall through most often.
The worst area is SW1V 1, which covers parts of Victoria, Westminster and Chelsea Bridge, where 48% of all sales fell through over a 12-month period.
It is closely followed by nearby SW1X 8 (Belgravia, Knightsbridge, Westminster) which has a fall-through rate of 43%.
Coming third is another SW postcode – SW5 9 (Earl’s Court, Kensington, Chelsea) – where 41% of sales fell through.
Nested.com compiled their data by analysing all house sales across London from August 2018 to August 2019.
It shows that on average 21% of house sales in capital fall through – with 26% of sales collapsing within a fortnight of an offer being accepted.
An owner of a property in Putney (SW15 5) saw their sale falling through after 345 days.
Meanwhile, elsewhere in the top 10, postcodes NW 9 0 (Colindale, Queensbury, Barnet), W3 0 (Acton, Park Royal, Ealing) and WD6 3 (Borehamwood, Elstree, Hertsmere) share a 40% fall-through rate in fourth place.
A fourth SW postcode takes eighth place – SW5 0 (Earl’s Court, Kensington, Chelsea) with a rate of 39%, while areas of Southall and Ealing take the two final slots with rates of 38% and 37%.
At the other end of the scale, North London can lay claim to some of the lowest fall-through rates across the capital with N4 4 (Finsbury Park, Manor House, Harringay) and N19 5 (Holloway, Archway, Tufnell Park) in second place with a rate of 11%.
The postcode of WD3 5 on the Buckinghamshire Hertfordshire borders has the lowest fall-through rate with one of just 8%.
Ben Bailey, Nested.com’s spokesperson, said: “Whether you’re buying or selling, having a house sale fall through can be a traumatic experience. It’s not just about the roof over your head – it can also have a knock-on impact on other parts of your life such as your school plans for the kids, your commute to work and your yearly budgeting plans.
“Our research shows that buyers and sellers in SW postcodes seem to be particularly negatively impacted by fall-throughs. This might be partly due to well publicised struggles involved in selling more expensive properties that are frequently found in these areas.
“At Nested.com we’re determined to counteract the problem. That’s why we’re the only estate agent to offer a dedicated progression team who manage all aspects of both your house sale and purchase at the same time.
“Sometimes a fall-through is unavoidable, but we remove the risk for home sellers by making them chain-free with a cash advance that can be used to buy their new home before their old home is sold.”
