Nearly half of all property sales fall through before they are completed in some of central London most exclusive neighbourhoods, research shows today.
Deals are most likely to collapse in the SW1V 1 postcode in Belgravia, which includes streets around Eccleston Square, where flats cost an average of just over £1 million.
In the 12 months to the start of August 2019, 48 per cent of sales in the area fell through, according to data compiled by online estate agent Nested.com.
The second most fragile market was in SW1X 8, also in Belgravia, which includes some of Britain’s most expensive addresses around Belgrave Square. It has a 43 per cent fall-through rate.
Across the capital as a whole 21 per cent of sales fell through, with more than a quarter of those collapsing within a fortnight of the offer. In the worst case seen during the year, the sale of a house in Putney fell apart after 345 days of it first being agreed.
At the other end of the scale, north London has some of the lowest fall-through rates across the capital, with the N4 4 postcode in Crouch Hill and the N19 5 area of Upper Holloway and Archway losing just 11 per cent of sales.
Nested.com’s spokesman Ben Bailey said: “Our research shows just how fragile London’s property market currently is, with an average of one in five sales ending in collapse.
“The problem is more acute in pricier parts of town like Belgravia and Knightsbridge. The uncertainty around Brexit and the high prices in these areas are proving a toxic combination.
“However, more affordable housing stock in Finsbury Park, Holloway and Archway means sales are less likely to fall through.”
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