This stat is the average amount of money lost by a home movers sale collapsing. On average this happens 3 out of 10 sales that have been agreed in the UK. In the month of November 2022 over 40% of property sales collapsed.

In a tenancy, new homes purchase or even a car purchase the buyer reserves the property (or car) with a deposit. A commitment to proceed and a commitment for the seller to take the property off the market. In Scotland an agreement happens almost instantly too. However, in England a buyer or seller can withdraw from any sale all the way through the transaction up to the point of exchange.

Gazeal is a law society company that Avocado Property are approved partners of. What do they do; and how will this improve property transactions for sellers and buyers? Gazeal create and action a legal commitment reservation for property sales at the point of ‘offer agreed’. This means a small sum of money changes hands at the outset and should a seller or buyer withdraw from the sale outside of the agreed terms, then compensation is award to the other party.

The positive impact that this is having on the England property market is an improvement on the completion ratio from an average of 70% to 96% if using a residential reservation agreement.

In this short video, Bryan, the co-founder and CEO of Gazeal, explains how their innovative service works. Including how Gazeal helps sellers prepare essential legal information about their property upfront, which is then shared with potential buyers before making an offer. This transparency empowers buyers to make informed decisions and streamlines the process for all parties involved, including estate agents, mortgage companies, and conveyancers.

For more information please contact your local avocado partner.

Find your local avocado partner here.

For more information on Gazeal