Property chains are falling over because people are not selling their houses in time or getting enough from the sale of their property to meet offer conditions, says the boss of a mortgage broking firm.
Mark Collins, chief executive of Mike Pero Mortgages, said the last time he saw property chains falling over was in 2008/09, in the wake of the global financial crisis.
Property chains occur when a person makes their offer conditional on the sale of their property or on the condition of getting a certain amount for selling their home.
This can result in three or four deals being dependent on the preceding sales coming through.
Collins said he knew of a recent attempted apartment sale where the vendor received four offers but they all fell over because the potential buyers could not sell their own houses or get as much for them as expected.