New figures from Quick Move Now show that 31.3% of property sales fell through before completion in the first three months of this year.

The data suggests that there is continued buyer caution. Of the sales that fell through in the first quarter, two-thirds were caused by the buyer changing their mind, pulling out after the survey, or unsuccessfully attempting to renegotiate a lower purchase price after the sale had been agreed.

Danny Luke at Quick Move Now explained: “Although our figures officially attribute a fifth of failed property sales to difficulty securing a mortgage, our research suggests that volatility within the mortgage industry is having a far greater impact on the quantity and success of property sales.

“Interest rate changes are continuing to have a big impact on buyer confidence. According to recent data, mortgage products are now typically available for just 15 days before being pulled. This is putting buyers under huge pressure to make quick decisions.

“Speculation that interest rates will fall has also led to caution amongst buyers. No one wants to ‘overpay’ now, to then find that they could have got a better deal if they’d held out another six months. Buyers are dipping their toes cautiously, but it doesn’t take much for them to be scared off.”