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Failed property transactions in the United Kingdom (UK) have buyers frustrated and Channel Four’s property presenter, Phil Spencer, has launched a Web game that lets buyers vent their anger and potentially win much-needed cash. Angry Buyers invites buyers to fire mortgage managers, property lawyers and other real estate “professionals” out of a cannon at buildings for the chance to win paid rent or mortgage costs for six months. Spencer hopes the game will help ease buyers’ frustrations as well as draw attention to the number of failed transactions – 531,000 – that occurred in the UK in the final months of 2011. For more on this continue reading the following article from Property Wire.

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers In-Deed.net, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due to a lack of available mortgage finance it is no surprise buyers are angry. Angry Buyers is a new online game where players can let off steam by firing estate agents and property lawyers out of a cannon for the chance to win their rent or mortgage paid for six months,’ said Spencer.

Research from In-Deed shows that from September to November last year there was a dramatic spike in failed property transactions and suggests that more buyers than ever give up trying through sheer frustration. Some 531,000 sales fell through in these three months compared with 394,000 for the three months from December 2010 to February 2011.

The firm pointed out that in the last six months of 2011 it became more likely that a transaction would fail than succeed and half of buyers lose money when the move falls through, costing them an average of £5,500. As a result the number of buyers who give up after the first try more than doubled across the year.
 
Difficulties securing mortgage finance is also a key factor, seriously aggravated by declining service standards among property professionals, according to the firm’s research.

Almost a quarter of buyers, some 24%, reported that the vendor couldn’t secure a mortgage to move on, while one in ten, 11%, said that they had the same problem themselves.

Legal issues were the culprit in one in eight cases, 12%, with many reports of incompetence, delays and mistakes by solicitors, 13% and 5% reported anger with the legal profession.

Estate agents were also the target of buyers’ anger with nearly a fifth, 18%, saying that they were upset with the buying agent involved.
 
‘With mortgage finance harder than ever to secure and poor service standards rife in estate agency and conveyancing, it’s no surprise that home buying is such a frustrating process. You can make it a lot less stressful by using a reputable online conveyancing service,’ said In-Deed chairman and founder of Rightmove, Harry Hill.

This article was republished with permission from Property Wire.