Housing: Sales

Ministry of Housing, Communities and Local Government written question – answered on 16th April 2019.

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Photo of Matthew Offord Matthew Offord Conservative, Hendon

To ask the Secretary of State for Housing, Communities and Local Government, what assessment his Department has made of the financial cost to vendors of residential property transactions failing to complete the legal purchasing process, in the latest period for which data is available.

Photo of Rishi Sunak Rishi Sunak Parliamentary Under-Secretary (Housing, Communities and Local Government)

The Government does not collect data on the costs to vendors of residential property transactions which fall through. In a 2017 Business, Energy and Industrial Strategy survey, the average cost for a failed transaction for those respondents who only sold a property was £582, for those sellers who also bought a property it was £740 and for sellers who never successfully sold it was £650.

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