Failed home deals in UK rise with bank limits

[LONDON] More Britons are pulling the plug on home purchases amid signs that the market's 16-month rally is coming to an end after banks tightened mortgage standards.

In August, failed deals rose to 26.4 per cent from 24.4 per cent a year earlier, driven by potential buyers getting cold feet and walking away, said Donna Houguez, a market analyst for residential property investor and data provider Quick Move Now.

In July, failed purchases were marked by willing buyers who were prevented from closing deals because they couldn't secure a big enough mortgage, she said.

"We saw a sharp increase in the number of buyers who made a generous offer in order to secure …