In partnership with strategic insight agency Opinium, Propertymark surveyed its estate agent members from across the UK to reveal that failed sales are a problem for 42% of businesses, and a substantial problem for a further 24%.
The vast majority of agents (82%) said the loss of revenue has the biggest impact on their business, followed by the waste of human resources at 61%.
Over the last year, an average of 17 sales have not completed per estate agent branch.
Propertymark believes this figure could rise, as more than 325,000 households will miss the stamp duty deadline if it is not extended.
Failed property transactions also result in average losses of £1,571 for the consumer.
Mark Hayward, chief policy adviser, Propertymark said: “We have continually called on government to rethink the timings of the stamp duty deadline and the recent speculation of an extension will be good news for the sector.
“However, extending the holiday until June will create another cliff edge and purely push back the increase in the number of failed sales as we approach the new deadline.
“We need government to consider a tapered end to the holiday so that buyers aren’t forced to pull out at the last minute and the property market can continue to thrive.”
