The number of fall-throughs continued to ease off during the first three months of the year to levels not seen since 2019 but are still costing buyers and sellers dear - £216m during the first quarter alone.

Analysis by House Buyer Bureau reveals that the average cost of a fall-through during the first quarter of 2023 increased by 2.1% versus Q4 2022, now averaging £3,370 per transaction.

However, since September of last year and following a disastrous mini budget, the housing market has started to cool, with a notable drop in market activity from both buyers and sellers when compared to the previously hot market conditions spurred by the pandemic.

But the drop in activity means that just 63,970 transactions fell through during the Q1, which marks a 16% quarterly decline versus the final quarter of 2022 and the second consecutive quarterly decline since a market peak of 90,188 fall throughs seen in Q3 2022. It’s also some 11% fewer fall throughs on an annual basis and the total seen during Q1 2023 is the lowest since Q1 2019.

Chris Hodgkinson, managing director at House Buyer Bureau, said: “The individual cost of a fall through has actually increased and it’s also fair to say that while the total number of fall throughs is on the slide, current market conditions are ripe for an increased threat of a sale collapsing.”