You're days from exchange. Searches are back, the mortgage offer is in, and a date is pencilled in. Then the call comes. Can a buyer really pull out this late? And is it normal?
Yes, right up to the moment of exchange
In England and Wales, a property sale only becomes legally binding when contracts are exchanged. Before that moment, even on the morning of exchange, the buyer can withdraw without any legal penalty.
Exchange itself is quick. The two solicitors usually exchange by phone, confirm the contracts match, and agree that they're now binding. Until that call happens, your buyer is free to leave.
Is it normal for buyers to pull out at the last minute?
Sadly, yes. Roughly one in four agreed sales fails to complete. TwentyCi's data put the UK fall-through rate at 23.7% in the first quarter of 2026, and weekly market trackers through mid-2026 showed rates between about 23% and 24.4%, close to a ten-year average of around 24.5%. In inner London it was higher, at more than one in four.
The government's own figures, published with its June 2026 reform plans, are starker still: around one in three sales falls through before exchange, and the average purchase takes about 120 days.
So it isn't bad luck or something wrong with you. It's one of the most common problems in the housing market, and there are well-tried ways back.
Why buyers pull out so late
Most of the risk sits in the final stretch, because that's when the big checks happen:
- The buyer's own sale collapses. If they're in a chain, their buyer pulling out can take your sale down too.
- The mortgage offer is withdrawn or changes. A new job, a missed payment or a revised valuation can all do it. See what to do when your buyer's mortgage is declined.
- The survey or legal work turns something up. Damp, a lease problem, missing building regulations sign-off or a boundary issue. See when a buyer pulls out after the survey.
- Cold feet. Exchange is the point of no return, and some buyers panic when asked to transfer their deposit.
- A late price cut that you refused. This is gazundering: a reduction demanded just before exchange, with withdrawal as the threat.
Warning signs to watch for
- The buyer's solicitor goes quiet or keeps asking for more time
- The buyer won't commit to an exchange date
- Their own sale is "nearly there" but hasn't exchanged
- New questions appear very late about issues already answered
- Talk of "just a small adjustment" on price
If you spot these, ask your agent what's going on and start thinking about a back-up plan.
How to protect yourself before exchange
- Check the buyer properly at the start. Proof of deposit, a mortgage agreement in principle, and the position of any sale they depend on.
- Disclose known problems early, so the survey doesn't produce surprises.
- Keep the paperwork moving. Answer enquiries quickly so doubts don't have time to grow.
- Agree a target exchange date across the chain and keep everyone to it.
- Have a plan B. Knowing you could bring in a vetted cash buyer gives you leverage if someone tries a late price cut.
Is this changing?
The government's June 2026 reforms propose binding conditional contracts that would commit buyers and sellers much earlier, with penalties for walking away without good reason. They need new legislation and are expected over the course of this Parliament, so they won't help a sale happening now.
If it's already happened
Read our 48-hour plan for when a buyer pulls out, and our guide to what happens legally when a buyer pulls out before exchange.
How Ready Set Sold helps
A late collapse is the most dangerous kind, because your own purchase is usually close to exchange too. We work fast to replace the buyer:
- We're your estate agent, acting for you under a signed agreement.
- Our panel buyers are cash buyers with proof of funds and ID checks done before they view.
- No late price cuts unless their survey finds something genuinely new.
- Free for you. The buyer pays our sourcing fee on completion.
Frequently asked questions
Can a buyer pull out on the day of exchange?
Yes. Until the solicitors have formally exchanged contracts, the buyer can still withdraw without penalty.
What percentage of house sales fall through in the UK?
Around 23% to 25% in recent data. TwentyCi recorded 23.7% in the first quarter of 2026.
At what stage do most house sales fall through?
Most collapse between the survey and exchange, when the mortgage valuation, survey and legal checks happen.
What happens if a buyer pulls out after exchange?
That's very different. They would normally lose their deposit, often 10% of the price, and could be liable for your further losses. See whether you can sue a buyer.
Does a mortgage offer mean the buyer is committed?
No. It shows they can borrow, but they're not committed until exchange, and lenders can sometimes withdraw offers.
This guide is general information, not legal advice.
Sources: TwentyCi Q1 2026 fall-through rates (Property Industry Eye); Property Industry Eye weekly market data, July 2026; TLT: home buying and selling reform roadmap (June 2026).