What are the costs of selling a home?
What are the costs of selling a home?
For those who have little experience in selling a house, learning about the additional costs that are often associated with the process can turn the situation into a cost-prohibitive nightmare. But what are the costs of selling a home?
What costs are involved with selling a home?
There are three main costs that most vendors will find themselves being responsible for before a sale can take place.
Of course, depending on the circumstances there are likely to be other charges that are entirely dependent upon your situation but nearly all sellers will find themselves enlisting the services of the following:
An estate agent will be the first port of call for many sellers, acting as a hub of information in an effort to guide you through the house-selling process2. While estate agents tend not to be thought of very highly by many – due to the publicity surrounding the immoral behaviour of a small percentage of agents who try to make a quick buck – the majority of agents are trustworthy individuals who specialise in helping venders sell their home fast in their chosen area3.
While there are numerous national agencies who offer ‘region-specific’ representatives who are marketed as experts, it can often be very hard to prove the credentials of these individuals- whereas most local independent agents have managed to stay in business over the years due to a strong reputation and repeated recommendations within the local community2.
Estate agents are used by over 95% of sellers2 and are – more often than not – paid by the seller as a percentage of the selling fee, usually between 0.75% and 2.5% (plus VAT), but usually around 1.5% (plus VAT) 1. So, for a £150,000 house, the fee would be £2,250.
This system works well for agents and sellers alike as the less valuable a house is, the cheaper the estate agent fee. This approach is made all the more intriguing thanks to the prevalence of agents today who will only charge a vender if an actual sale is achieved1.
Of course, no buyer in their right mind would consider buying a house unless they had access to the full legal details of the house. This is why buyers will always find themselves contacting a solicitor or conveyancer, who are able to carry out searches for legal documentation that will help them to buy with confidence4.
As a seller, however, you will also need to pay legal fees to a legal representative to make sure that there the sale is carried out in the correct manner5. Conveyancing, however, is an extremely competitive sector and there have, in recent years, been a rising number of complaints from consumers regarding both the level of honesty and quality of service provided by less reputable firms1.
An independent property expert is likely to advise you to contact an independent solicitor or conveyancer directly, not to solely rely on the advice of a lender or estate agents5. While it is a grey area from a legal perspective, there are many examples of companies providing kickbacks to one another in an effort to corner the market6.
Once hired, a solicitor or conveyancer will guide you through the following documentation once you have accepted an offer on your home:
- The TA6 form that will detail all an information that could affect the value of the property in the future including contact details, boundaries, disputes, complaints, proposed developments and existing utility access7.
- The preparation of information related to the status of the title-deed – i.e. whether it is freehold or leasehold. If your home is leasehold, however, be prepared to pay a higher fee due to the extra administrative work. This information is included in either a TA7 or TA9 form7.
- The TA10 form will detail what is and what isn’t included in a sale. This can include fixed appliances such as ovens and fridges7.
- The TA13 form details everything related to the finalisation of the transaction including a declaration that the buyer will not inherit any claims for liability, and when the contracts will be signed, and the keys handed over7.
As mentioned earlier, it is often a good idea to hire and pay for independent conveyancer fees for this service, likely to be in the region of £500 – £1000 (inclusive of VAT) 1.
One of the most important figures to identify while attempting to sell a house is the most suitable asking price. While many estate agents will be able to provide you a ballpark estimate, this figure can be heavily affected by features that may only be obvious to a chartered surveyor.
Ignoring the advice of a surveyor and prioritising your estate agent’s estimate is never a good idea as estate agents may overstate the value of your home in order to gain your business, making your home harder to sell and costing your more in the long run.
A chartered surveyor uses various methods of arrive upon an asking price that is reasonable given the current market conditions. It is somewhat unsurprising therefore that there are occasions when a seller is upset that their home has not increased in value as they expected8.
The methods employed by a surveyor will include, but are not limited to:
- Evaluating nearby sold house prices by comparing the house with similar properties in the same area that have recently sold9.
- A structural report that will relay any information that could affect the value of the home. These can include the presence of dampness, structural movement and subsidence, as well as the condition of the roof and its supporting structure9.
- The study of maintenance and upkeep that has been invested in the property9.
- The value of, and quality of an extension9.
It is also important to state that a surveyor is not responsible for unidentified faults that are inaccessible. A quality surveyor of experience, however, is likely to mention possible issues that could be present based on the other information they have gathered.
Luckily for a seller, the cost of a valuation is much less than the costs of a Homebuyers Report – which is likely to be commissioned by a potential buyer1.
While certain independent surveyors will provide a fixed fee valuation, most jobs will be quoted for based on the value of the property – so expect to pay anything between £150 for a smaller home, up to £1,500 for a larger equivalent1.
Who pays stamp duty when selling a house?
Thankfully, stamp duty is not a cost that is attributed to the seller. Stamp duty is effectively a tax on the preparation of documents related to a house sale and is only relevant for a buyer who is buying a house worth more that £125,00010.
Is there any tax to pay when selling a home?
The necessity of a tax payment is entirely down to the situation of the individual who is selling.
The only tax that may need paying – other than VAT for employed services – is Capital Gains tax, and is a tax imposed on the rise in value of your house during your time of ownership11. This tax is not payable if the following applies to you:
- The house being sold is the only home you own, and it has been your main residence since your purchased it11.
- It has not been split and let out (this does not include a lodger, or roommate) 11.
- It has not been used solely as business premises11.
- The entire grounds (including all buildings) are less than 5,000m2 in area11.
- It was bought solely to be flipped for financial gains in the short-term and not a residence11.
If these conditions do not apply to you, then you can enjoy Private Residence Relief and there is no charge11.
What are the other costs involved with selling a home?
Rather annoyingly – as many with experience of selling will be aware – there can be smaller costs that the seller is liable for, and these can often add up:
Energy Performance Certificate fees
An Energy Performance Certificate is a small survey that focuses on the environmental impact of your home. Brought into law on 1st August 200712, an EPC is carried out by an individual known as a Domestic Energy Assessor who uses software to give a house a score out of 100 based on its construction type, heating systems, loft and wall insulation, secondary heating appliances and glazing standards12.
When these certificates were introduced, a survey was likely to cost in the region of £120 (plus VAT), but as many estate agents have an individual on staff with the qualifications to perform the survey, the cost can often be as low as £30 to £40, and a generous agent will likely waive the fee. It is also worth noting that if an EPC has been performed in the preceding ten years, and there have been no structural changes that would affect its environmental impact for better or worse, then an EPC is not required12.
A seller can often be forgiven for forgetting to include the cost of removals into the house-selling equation as the focus required to obtain a sale makes the need to physically move your belongings a distant second priority.
Luckily, removal companies are a dime a dozen and tend to be experts at moving large items at high speeds with no damage. While you may occasionally hear about an individual hiring a van for the day and employing a few friends to help them out – for the sake of avoiding stress, most people will hire specialists.
Of course, the cost associated with removals varies on the amount of time needed to shift all your possessions. If you travel light, you will find yourself paying a little as £250, but if you plan on bringing your extensive collection of 1800s oak furniture., however, you could find yourself paying as much as £4,000 to £5,0001 – or sometimes even more.
If you have an existing mortgage, the chances are high that your lender will hope to keep your custom by allowing you to switch your mortgage to your new house with minimal stress. If you have found a more competitive quote for a mortgage from another lender on your new house, on the other hand, you will most likely find yourselves having to pay your original lender a mortgage exit fee13. This charge can often be contested but is predominantly in the region of £50 – £3001 depending on the small print in your original mortgage contract.
General cleaning fees
You didn’t think someone would buy your house without a little tidy-up, did you? As with so many purchases, the first taste is in the eye, and a messy home can often deter even the most enthusiastic buyer.
Yes, you can hire a team of cleaners for the day – and no-one will judge you if you do – but if you’re willing to put in a little elbow-grease, this is one part of a house sale that you can save money on.
So, how much does it really cost to sell a house in the UK?
Ultimately, the process of a house sale can be more expensive than many of us are led to believe. It is for this reason that so many sellers are so stubborn to listen to an agent advise them to lower their asking price – every penny counts.
There are, of course, many ways to avoid these costs – such as selling a house directly yourself instead of enlisting the services of an agent, or even carrying out removals and cleaning services themselves. But for the sake of ease, many vendors will pay for these services merely to avoid the accompanying stress – and the stress of needing to sell, especially when time is of the essence can often be too much to bear.
If you do need to sell your home in a short time frame, however, it is important to know the alternative ways available to you, and one of the fastest growing options for those who do not have the time to engage in the traditional house selling process is via the use of house buying companies such as National Homebuyers.
House-buying companies do not need to rely on lenders like an average buyer, and use their capital to purchase your home for cash directly, with many transactions completed within two weeks from the first point of contact, meaning that there is no waiting around for viewings, no charges for valuations or estate agents, and more importantly – a fast house sale.
House-buying companies are also a great option for those who simply can not sell their home due to construction or location-based issues, helping those who have struggled to find a buyer in the past.
Would you prefer to avoid the costs associated with selling a home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.
1 Brazg, G. (2018). Complete Guide: The Cost of Selling a House. Available: https://www.theadvisory.co.uk/house-selling/cost-of-selling-a-house/. Last accessed 10th Nov 2019.
2 Woollsey, N. (2018). How to choose an estate agent. Available: https://moneyfacts.co.uk/mortgages/guides/how-to-choose-an-estate-agent/. Last accessed 10th Nov 2019.
3 Cheek, N. (2011). Are estate agents really that bad? Available: https://conversation.which.co.uk/money/estate-agents-bad-trust/. Last accessed 10th Nov 2019.
4 What Mortgage. (2018). Top five tips for choosing your conveyancer. Available: https://www.whatmortgage.co.uk/feature/top-five-tips-choosing-conveyancer/. Last accessed 10th Nov 2019.
5 Anon. (2015). Conveyancing process explained for sellers. Available: https://hoa.org.uk/advice/guides-for-homeowners/i-am-selling/conveyancing-made-simple-for-sellers/. Last accessed 10th Nov 2019.
6 Kirkman, W. (2018). Is your property lawyer getting a kickback? New rules force conveyancers to disclose referral fees. Available: https://www.thisismoney.co.uk/money/mortgageshome/article-6218909/Solicitors-referred-estate-agents-arent-telling-clients-paid-recommended.html. Last accessed 10th Nov 2019.
7 Cheung, C. (2019). Conveyancing. Available: https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/conveyancing-ag3rw2q052kz. Last accessed 10th Nov 2019.
8 RICS. (2019). The myth of ‘down valuation’ – does it truly exist?. Available: https://www.ricsfirms.com/glossary/the-myth-of-down-valuation-does-it-truly-exist/. Last accessed 10th Nov 2019.
9 McNulty, F. (2018). Legal Q&A: How does a surveyor value a property? Available: https://www.homesandproperty.co.uk/property-news/legal-qa/how-does-a-surveyor-value-a-property-a122566.html. Last accessed 10th Nov 2019.
10 Admin. (2019). Stamp Duty: The basics. Available: https://www.postoffice.co.uk/mortgages/stamp-duty. Last accessed 10th Nov 2019.
11 Government. (2019). Private Residence Relief – Capital Gains Tax when you sell your home. Available: https://www.gov.uk/tax-sell-home. Last accessed 10th Nov 2019.
12 Government. (2019). Buying or selling your home – Energy Performance Certificates. Available: https://www.gov.uk/buy-sell-your-home/energy-performance-certificates. Last accessed 10th Nov 2019
13 Maundrell, H. (2018). Can you reclaim your mortgage exit fees? Available: https://www.money.co.uk/guides/can-you-reclaim-your-mortgage-exit-fees.htm. Last accessed 10th Nov 2019.
How To Sell A House In A Slow Market
How To Sell A House In A Slow Market
Selling a house often involves bowing to the power of the influences that affect the property market. There are, however, certain things that you can do to learn how to sell a house in a slow market.
How does a slow market affect house sales?
The housing market is a strange entity. It can be affected by multiple factors for both better or worse and the results can often be dramatic – this is largely because the health of the housing market and sold house prices are forever at the mercy of consumer confidence.
A slow market, by definition, does not necessarily mean that the economy is in the throes of a recession. While a recession is defined as two consecutive quarters of negative growth¹, the property market will often fluctuate month to month as a result of legislation being changed, interest rate changes and even the weather – and as the property market is buoyed by consumer confidence2, any fears experienced en masse by the prospective house buyers or sellers in the UK can easily cause a slowdown in the housing market.
For example, potential sellers are more likely to hold on to their homes if they read reports about the market beginning to stagnate, as this can have a devastating effect on the size of the purchase offers they receive. Moreover, if they fail to sell within a reasonable timeframe, once the market recovers, they may be forced to drop their asking price in order to counter the suspicions held by potential buyers that it hasn’t sold because it has underlying issues3.
Potential buyers are also less likely to be searching for a new home if they read that the market is stagnating as they know the selection will be poorer. However, there will be certain savvy buyers who will use a slower market to their advantage by providing sellers with low-ball offers, hoping that some of them will be desperate enough to sell4 – although this practice is becoming less common.
How does a slow property market affect the economy?
Of course, when the market is moving slower than it should, there are often wider consequences for the country’s economy as a whole:
- Businesses such as estate agents that depend on the positive buoyancy of the market can find themselves in a worrying financial position leading to branch closures5 and limiting the competition outside of big cities.
- The Bank of England can be forced to change interest rates, limiting the cost to consumers of the charges that banks pass on when they borrow from one another6, the consequences of which mean that…
- Banks may become unwilling to lend during these times of crisis7, hindering the economic flow of money.
- Depending on the length of time that the market is considered weak, house price growth can fall8.
As two thirds of all properties are owned (or mortgaged), and only one third are rented it is fair to say that a large amount of personal wealth is tied up in property ownership, and if homeowner’s assets fall in value, they are less likely to be spending their expendable income on other items and experiences such as meals out, concerts and various luxuries, causing a slowdown in hospitality and other manufacturing industry sectors2.
What steps can I take to sell my house in a slow market?
If you’re already trying to sell your home fast in difficult market conditions, it is important to establish whether or not the failure to sell is a result of the slow market itself – or whether there are other factors at play. This means bearing the following in mind:
- Be realistic with pricing – valuing a house is never based on guess work, but rather comparables from the same area while also taking into account any unique structural changes or décor. While people may believe that they have had work done on their home that adds value, the additions they have made may not be of interest to potential buyers, and a house is only worth what a buyer is willing to pay9.
- Choose the right agent – choosing an agent to help you sell your home is one of the most important steps in the traditional house-buying process. Many sellers find themselves being swayed by the competitive prices of agencies who cover the entire country10, realising too late that they would have had more luck with a local agent with more experience selling in their area9.
- Keep your home at showroom quality – while it can be a pain cleaning and tidying up as you go, keeping your home at showroom quality allows you to be ready for a viewing, no matter when the call comes. A clean and tidy house will also fetch a better price than a home that isn’t cared for9.
- Take great pictures – if you know that you will be selling your home in the near future, make sure that you are pro-active and take some photos of your home on a bright summers day with clean windows and a nicely presented yard or garden. If you need to sell your house in a slow market and it’s the middle of winter, your home won’t seem as inviting if buyers can’t see it’s potential.
- Be personable during viewings – when prospective buyers attend a viewing, it is only fair that they are given the space to voice both their objective and subjective opinions – and as the owner, you may not always like what you hear so it’s important to give them space to look around without interference. Make them feel welcome upon arrival, and when they do ask questions, respond politely and informatively11. In a similar fasahion to buying a car, if a seller comes across as polite, calm and intelligent, this gives you confidence that the car has been well maintained and cared for, and you are more likely to pull the trigger on a purchase – and the same is true for housing.
I Need to Sell My House Fast, What Are My Options?
There are some situations where regardless of the effort you invest, your house still refuses to sell via the traditional methods. So, what are your options if you need to sell your home fast during a slow market?
Auction Houses are another popular way of presenting your home to prospective sellers. Similar to estate agents, auctioneers will take a percentage of the profit – often between 2-3% – so it is in their best interests to sell for as higher price as possible.
However, due to the amount of work necessary for an auction house to market your home before the auction itself, even if your house fails to sell you will still be liable for their costs – often in the range of £1,200-£1,50012. However, there are many auctioneers across the country, allowing you to find a local business that knows your area well.
It is worth mentioning that auction houses are usually frequented by investors, looking to pick up a bargain for renovation purposes12, as well as buyers looking for homes that are non-standard and a bit quirky. For these reasons, standard homes can sell for as little as 40% of their full market value.
Online property portals such as Purplebricks or YOPA are able to sell your house via their websites at a fixed fee, as opposed to a percentage-based fee that an estate agent would normally require. However, as with many great offers, there are strings attached.
Many online estate agents require you to use their own services for valuations – and these services often require additional fees. There have also been numerous complaints upheld by the advertising watchdog in regard to unclear advertising. An example of this is when the fixed fee itself is payable whether or not your house manages to sell, and Purplebricks’ 2016 claim to save a seller an average of £4,158 in fees versus standard estate agents was heavily critiqued because the claim was based on commission figures that had been published five years previously13.
While there are trustworthy companies out there who are willing to help you sell your house, it’s important to remember that sometimes, the client is also the customer, and they always intend to make a profit. So make sure you read the small print before signing on the dotted line.
Thankfully, there is another way to sell your home without having to deal with additional commission fees, and this is through the use of house buying companies.
Companies such as National Homebuyers are capable of selling your home in as little as two weeks from the first point of contact – which is great for those who need to move house due to a sudden change in personal circumstances. National Homebuyers will buy any house for cash, regardless of condition or location, and always for a competitive price – even offering the seller additional financial support to cover any legal fees associated with the sale.
With an ever-increasing number of satisfied customers, why not make an enquiry and see how easy the house selling process can be?
Are you worried that the condition of the housing market could be affecting the sale of your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.
¹ BBC (Anon) (2008) Q&A: What is a recession? Available: http://news.bbc.co.uk/1/hi/business/7495340.stm. Last accessed 28th Oct. 2019.
2 Anon. (2018). How does the housing market affect the economy?. Available: https://www.bankofengland.co.uk/knowledgebank/how-does-the-housing-market-affect-the-economy. Last accessed 28th Oct 2019.
3 Anon. (2017). Making an offer – and haggling over the price. Available: https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/making-an-offer-and-haggling-over-the-price/. Last accessed 28th Oct 2019.
4 Smith, K A. (2018). Should fear of the next recession keep you from buying a home?. Available: https://www.bankrate.com/mortgages/buying-a-home-before-recession/. Last accessed 28th Oct 2019.
5 Kollewe, J. (2019). UK estate agents at their gloomiest for 10 years, says Rics. Available: https://www.theguardian.com/business/2019/feb/14/uk-estate-agents-house-prices-are-at-their-gloomiest-for-10-years-says-rics. Last accessed 28th Oct 2019.
6 Anon. (2018). Interest rates and Bank Rate. Available: https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate. Last accessed 28th Oct 2019.
7 Richards, K. (2019). The Financial Crisis – Changes to Lending Policies. Available: https://www.cashfloat.co.uk/blog/money-borrowing/crisis-changes-lending-policy/. Last accessed 28th Oct 2019.
8 Canocchi, C. (2019). House prices grind to a halt as Brexit chill extends beyond London and the South East to slow property markets across the UK. Available: https://www.thisismoney.co.uk/money/mortgageshome/article-7524071/Nationwide-House-prices-grind-halt-Brexit-chill-extends.html. Last accessed 28th Oct 2019.
9 Thomas, H. (2018). How to get your home sold in a slow property market: From painting the front door, to how to price it right… tips to make your move happen. Available: https://www.thisismoney.co.uk/money/mortgageshome/article-5542545/Selling-house-paint-door.html. Last accessed 28th Oct 2019.
10 Dare-Hall, Z. (2019). Looking to move but can’t sell your home? How to make a deal in this slow market . Available: https://www.telegraph.co.uk/property/uk/tweak-asking-price-offer-sweetener-sell-home-slow-market/. Last accessed 28th Oct 2019.
11 Bennett, G. (2019). How to sell your home in a slow market. Available: https://www.thetimes.co.uk/article/how-to-sell-your-home-in-a-slow-market-t9839wn93. Last accessed 28th Oct 2019.
12 Cheung, C. (2019). Property auctions. Available: https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/property-auctions-athvb3j7lmd4#headline_8. Last accessed 28th Oct 2019.
13 Dean, S. (2017). Purplebricks apologises for repeating banned claims after share price falls 7pc. Available: https://www.telegraph.co.uk/business/2017/08/03/purplebricks-apologises-repeating-banned-claims-share-price/. Last accessed 28th Oct 2019.
When is the best time to sell a house?
When is the best time to sell a house?
Selling a home has long been known to be one of the most stressful experiences you can go through. However, with a little bit of research, it is possible to increase the saleability of your home and make life a little easier.
What time of year do homes sell quickly?
If you’re deciding whether to sell your home and would like to know the best time to sell, a quick chat with anyone who works in the property industry will reveal that there two periods each year that are considered the best time to sell. But why is this?
Those who are lucky enough to live in countries with a warm climate and dependably long days often don’t realise how good they have it. In the UK, the colder weather and varying hours of sunlight are a huge hurdle for those who are trying to present their home in the best way possible1.
Similar to attempting a sale at an exhibition, your house is a product as well as an asset, and to engage a consumer – or in this case, a potential buyer – it’s always important to get the lighting right and portray your home as a product worth buying. The problem is that British winters appear to go out of their way to shroud your home in darkness 18 hours a day – making any effort you invested in increasing its aesthetic power feel like wasted time1.
With longer hours, the number of viewings you are able to fit into a single day increases, and the more willing potential buyers will be to attend them2.
As a result, many within the industry prefer to choose their optimal selling times based on the season.
Is there an optimum season for selling?
Spring is widely considered to be the best time to sell a house. This is thanks to the mental boost many people experience as they head out of the colder months and towards the warm embrace of summer. This seasonal shift has, in the past, been known to act as a catalyst for buyers and sellers alike to spring into action – and the resulting increase in sales, and increase in house prices across the UK reflects this3.
While it is entirely possible to sell a home in winter, if you need to sell your home fast, you may be in for a disappointing result – this is not to say that you can’t sell your home fast but you may be forced to accept an offer below that which you expected4.
Many people – wrongly – believe that summer can be a great time to sell their home, which is understandable given the extra hours of daylight. However, summers are often an inconvenient time for buyers to look for a home thanks to the likely increase of spending on holidays and outdoor activities – and if they have children, dealing with a house move during a school holiday can often be too much stress to bear5.
While autumn is the best ‘runner-up’ with regard to seasonal selling, it still pales in comparison to spring in terms of the number of active potential buyers5.
Is there a best month to sell a house?
The worst month to sell a home is undoubtedly December due to the added complications that arrive with the festive period1. With shorter, darker days combined with school holidays and the extra expenditure on meals and presents – few buyers will be considering a purchase until the new year is in full swing6.
Obviously, you can place your house on the market during December but by time February rolls round, many potential buyers will find themselves asking why your home has been on the market for two months without a sale.
In a buyer’s mind, if a house has been on the market without a sale – then it’s not worth taking a chance on unless the sold house price is substantially lower than it was originally4.
The best months to sell a house, however, arrive as winter draws its last breath – and with so many things in life, it appears to be the early bird who catches the worm6.
Winter comes to an end towards the latter half of March, so those who make sure that their house is listed with an agent and displayed on a property portal such as RightMove are likely to enjoy higher levels of success than those who bide their time5.
In fact, there are industry professionals who believe that you should begin to advertise your home as early as late February, although the general consensus for the best month to sell your home is either March or April.
At this time of year, children are in school, the clocks have just gone forward and buyers are preparing to hit the market hard. And thanks to the number of properties available to them, purchases tend to happen faster than you might think, which is why it is vitally important to make sure your own home is listed.
In June there can often be a dip in market activity once the first wave of completed sales has occurred, rebounding somewhat for a brief period in July.
Of course, market conditions can fluctuate from year to year – but traditions do not – so if you want to have the greatest volume of potential buyers attending viewings, go with the crowd and stick to March or April.
Is there a best day to sell a house?
Interestingly, yes there is.
While a single day from any given month can not be pin-pointed as being ‘the best day to sell a house’, there is a lot of evidence to suggest that the day of the week you choose to put your house on the market can make a huge difference to the time it takes to sell.
In 2017, Which? Money analysed 12 months of data from the Land Registry and found that houses placed on the market at the beginning of the week were selling up to a month faster than those placed on the market at the weekend7.
In fact, properties that were listed on a Monday sold after an average of 176 days – whereas homes that were listed on a Sunday took an average of 213 days7. But why is this?
Many people try to make the most of their weekends, and therefore tend not to spend as much time in front of their phone, tablet or computer browsing properties as they would during the week1. This means that if you publish a listing over the weekend, once the masses start searching for properties after work on a Monday, your home is likely to become buried beneath the newer listings from if a user decides to sort by new.
But why is it important to sell your house fast?
In essence, the longer your house stays on the market, the less saleable it is, and the more likely you are to have to reduce your asking price in order to compete with the fresher listings that have appeared8.
When is the best time to sell your house?
Of course, while biding your time for the perfect moment to sell is great if you aren’t in a rush – life can often throw you a curveball, forcing you to sell as soon as possible.
In these situations, many individuals have found themselves benefiting from the services of house buying companies such as National Homebuyers.
National Homebuyers specialises in expediting the house buying process in order to help those who are unable to wait for a sale through the traditional house selling process.
The benefits of using a house buying company is that you will always receive a non-obligatory offer, regardless of location, situation or structural condition – helping you to bypass the established delays associated with valuations and Homebuyers Reports, allowing you to move on with your life9.
Selling a home is never an easy task to undertake, but it is important to remember that there is an immense amount of luck involved in marketing your house. It often depends on your property’s visibility in the marketplace via your agent and accompanying internet portals such as Rightmove, as well as being lucky enough to have the appropriate users in the market for a home such as yours at any one time.
If, however, you are not compelled to sell as a matter or urgency, following the advice in this blog should give you the best chance to sell in as shorter time frame as possible.
Need to sell right away? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.
1 Brazg, G. (2016). When Is The Best Time To Sell Your House?. Available: https://www.theadvisory.co.uk/house-selling/best-time-to-sell-house/. Last accessed 11th Oct 2019.
2 Butterworth, M. (2016). What is the best time of year to sell your home?. Available: https://www.dailymail.co.uk/property/article-3628998/When-best-time-sell-home.html. Last accessed 11th Oct 2019.
3 Clark, Ele. (2019). What will Brexit mean for house prices?. Available: https://www.which.co.uk/news/2019/10/what-will-brexit-mean-for-house-prices/. Last accessed 11th Oct 2019.
4 Osborne, H. (2012). Would a reduced house price deter you from buying?. Available: https://www.theguardian.com/money/2012/mar/14/reduced-house-price-deter-buying. Last accessed 11th Oct 2019.
5 Anon. (2016). When is the best time to sell my home? . Available: https://hoa.org.uk/advice/guides-for-homeowners/i-am-selling/when-is-the-best-time-to-sell-my-house/. Last accessed 11th Oct 2019.
6 Chandler, D. (2018). What’s the best time of year to sell a home?. Available: https://themortgagereports.com/44135/whats-the-best-time-of-year-to-sell-a-home. Last accessed 11th Oct 2019.
7 Calver, T. (2017). The best day of the week to put your house on the market. Available: https://www.which.co.uk/news/2017/03/the-best-day-of-the-week-to-put-your-house-on-the-market/. Last accessed 11th Oct 2019.
8 Fahy, L. (2019). 5 Reasons Your House Is Not Selling & What To Do About It. Available: https://moneytothemasses.com/owning-a-home/buying-or-selling-a-home/5-reasons-reasons-your-house-is-not-selling-what-to-do-about-it. Last accessed 11th Oct 2019.
9 Brazg, G. (2016). I Need to Sell My House Fast, What Are My Options?. Available: https://www.theadvisory.co.uk/sell-house-fast/. Last accessed 11th Oct 2019.
How to sell your house in winter?
While many property professionals prefer to advise their customers not to aim for a winter house sale, many vendors find that it is unavoidable for a variety of reasons. Luckily, the chances of selling a house in winter aren’t low as many people believe.
When is the best time of year to sell a house?
There are many people who like to pass on their opinion of the best time of year to sell a house based on their prior experience. Fortunately, we don’t have to rely on the subjective approach to the matter thanks to the vast amounts of data available from estate agents, lenders, banks and conveyancers.
Without a doubt, if you can afford to wait until it comes around, then March is always the best time of year to sell a house1.
Why? During March, the hours are beginning to get longer, allowing for more viewings and more natural light to help your home looks its best. Furthermore, with the onset of spring people are generally more jovial and if they wish to buy, they prefer to do it before summer arrives.
There are certain individuals who believe that selling a home in January is a great idea as it is the start of a new year and the Christmas holiday celebrations have been and gone. However, while certain types of valued property can sell early in the year such as one or two bedroomed flats or houses2 – often due to young people having ‘enjoyed’ one Xmas too many in the family home – but more often than not, you will have lower levels of success than in March.
Generally, you want to sell your home when the majority of buyers are looking, and they won’t be doing so when they’re busy – that means school and Christmas holidays are out. Buyers are also more likely to consider purchasing if they can attend a viewing in the evening after work while there is still daylight outside.
This is why many professionals will push their clients to sell at the beginning of spring, and if not aim for early autumn once the schools re-open3.
Why selling a house in the winter is smart
- The benefits of selling your home winter always start with the obvious answer – there is a huge lack of competition amongst sellers4. Many of those who aren’t in a rush will be hanging around for the March sales-window, without realising that the increased competition will always leave the sold property prices in favour of buyers.
- People will always need to buy a home, regardless of time of year. If an individual decides to permanently move to a new house as part of a career choice, they may believe that there’s a good deal to be made during the market’s quieter seasons.
- Solicitors, conveyancers and agents tend to be busier during the warmer seasons, as do those intending to sell. This often leads to house moves getting delayed due to lengthy chains. In winter, this is generally much less of a problem.
- With colder weather, people are more likely to spend time at home on the internet browsing properties – making newly added properies stand-out.
- Stay heated – during viewings, the contrast between the cold weather outside and the warm temperatures inside your home will make your property seem much cosier and welcoming than during the summer months5.
- People who are willing to come for a viewing when it’s the middle of winter tend to be a lot more serious about purchasing than the ‘serial-viewers´ in summer, who often visit homes on sale solely out of curiosity.
Will Your House Sell in the Winter?
The ancient Chinese general and philosopher Sun Tzu once said that “if you know your enemy well and know yourself, you need not fear the results of a hundred battles”. And this is very true for those who wish to beat their competitors to sell their house during winter first. So, yes, it’s definitely possible to do – but only if you exploit the benefits of being on the market when the pickings are slim.
Those who own cheaper houses such as one or two bed flats and house can certainly prosper as smaller homes tend to be bought by younger people who can’t face another holiday season at the family home, and so tend to shift quite quickly2. Larger houses can take longer, but that doesn’t mean it’s a lost cause to attempt to sell in winter.
Although miserable and cold, winter can benefit those sellers who are savvy enough to realise that in this cold period, many potential buyers would prefer not to be traipsing up and down the high street looking through estate agents’ windows in the rain.
Of course, what many people forget, is that you can ALWAYS sell your home in the winter if you think outside the box. For a large number of homeowners, the need to sell can be extremely time-sensitive – and for that reason, many owners are finding themselves discovering the benefits of selling to a home-buying company.
The benefits of home-buying companies such as National Homebuyers is that from first point of contact, the sale will often be completed in as little as two weeks, allowing the buyer to regain capital in a short space of time.
Another advantage is that home-buying companies are not put-off by certain details that your average buyer may be deterred by; such as distance from shops, unappealing paintwork and structural issues etc.
The benefits of selling in winter are far-reaching for vendors, especially when safe in the knowledge that the people who are thinking about buying a home will be spending the cold evenings browsing web portals such as Rightmove, eMoov and Purple Bricks, so maybe it’s worth considering how to make your home stand out from the other listings?
Tips for selling your home fast in winter
So, you want to ensure a fast winter house sale? Thanks to the ‘ever-wonderful’ weather in the UK, many property market professionals have shared some fantastic ideas that can help you tip the odds in your favour:
- By adding attractive outdoor lighting to your home for dark photos in winter, you can make the entrance seem much more inviting that the average house, helping it to stand out in photos. Many designers consider this ‘kerb appeal’ to be extremely important5 – especially in town houses – as it always adds an element of prestige.
- Why stop at external lighting? By brightening up your home with a variation of direct, indirect and candle sourced room lighting, you can make your home seem especially alluring to those looking to buy a new winter house6.
- Make sure you decorate for the season. Many sellers try to go for the sterile approach that works so well in summer. Due to joint consciousness of the human condition, however, we seek out comfort and cosiness when it is cold outside7, so try adding touches such as a cosy sofa throw or an attractive rug in the bathroom? Remember though – don’t let your personality be reflected in these simple ideas.
- Ensure that your garden is kept tidy – even though it is unlikely to be in use during winter, it should still look attractive when it is viewed from inside the house.
- Odours can often be easier to notice when you try to sell your home in the winter. This is because moisture builds up inside the home from coats, shoes, and of course – pets. You can easily use a dehumidifier to dry the air, but these can be costly. An easier way to cover up the odours is to use the old trick of fabric softener or furniture polish on heated radiators8. Thanks to how drift-heating works, within an hour your home will be showroom fresh.
- Take the time to sand and varnish external window frames and sills, while also cleaning the windows – a dirty façade can often be emphasised by accident in a photo depending on the way it is processed.
- Ensure that any photos on your listings are free from clutter – nobody wants to move into a disaster zone.
- Take photos of your home during the summer for use in the winter – it’s always important to show how wonderful your home can look all year round.
Are you looking to sell your home during the winter? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.
1Turrill, K. (2017). Selling your home? This is the best MONTH to put your property on the market. Available: https://www.express.co.uk/life-style/property/794435/selling-your-home-house-tips. Last accessed 24 Sept 2019.
2Brazg, G. (2016). When Is The Best Time To Sell Your House? Available: https://www.theadvisory.co.uk/house-selling/best-time-to-sell-house/. Last accessed 24 Sept 2019.
3Norwood, G. (2010). How to sell your house in the autumn market. Available: https://www.telegraph.co.uk/finance/property/buying-selling-moving/7964544/How-to-sell-your-house-in-the-autumn-market.html. Last accessed 24 Sept 2019.
4Butterworth, M. (2016). Want to sell your home this winter? Follow these seven tips to win over buyers and get it sold. Available: https://www.dailymail.co.uk/property/article-3960370/Seven-tips-sell-home-winter.html. Last accessed 24 Sept 2019.
5Anon. (2017). How to sell your home in winter. Available: https://hoa.org.uk/2017/11/how-to-sell-your-home-in-winter/. Last accessed 24 Sept 2019.
6Robson, I. (2017). Selling your house this winter? 9 tips to tempt buyers to make an offer. Available: https://www.chroniclelive.co.uk/news/property-news/selling-your-house-winter-9-13973477. Last accessed 24 Sept 2019.
7Harris, B. (2015). 10 Ways To Create A Cozy Home For Winter. Available: https://www.forbes.com/sites/houzz/2015/12/10/10-ways-to-create-a-cozy-home-for-winter/. Last accessed 24 Sept 2019.
8Brennan, S. (2016). Store bedding in a pillowcase, clean radiators with fabric softener and wet wipe the carpet: Women reveal their VERY clever life hacks for busy mothers. Available: https://www.dailymail.co.uk/femail/article-3790960/Women-reveal-clever-life-hacks-busy-mothers.html. Last accessed 24 Sept 2019.
What Does a Recession Mean for House Prices?
With rumours growing over recent months surrounding the possibility of another severe recession taking place sometime in the near future, many homeowners are asking how this could affect the value of their home.
What is a recession?
If you have lived through the eighties, nineties and noughties – it’s more than likely that you will have been experienced the consequences of a recession. But what exactly is a recession?
In the UK, a recession takes place when the economy experiences two consecutive months of negative growth¹. Negative growth is when the GDP – or gross domestic product – falls over a six-month phase¹.
Using this definition, it can be shown that over the last 70 years, there have been six clear recessions that have had a negative effect on the UK economy – 1974, 1975, 1980, 1981, 1991 and 2008².
A recession itself can be short-term, but its effects can certainly be felt for years after, especially in areas of moderate to severe deprivation. However, the way a recession affects certain industries often depends on the time during which it occurs.
During the Great Depression in the 1930s, for example, it was recent introduction of the gold standard that caused the most suffering, putting a strain on many financial institutions, and ultimately leading to the UK leaving the gold standard in 1931³.
In the 1970s, the political fallout of the Yom Kippur War led to an embargo on oil products from wealthy Arab nations, almost quadrupling the cost of fuel overnight and leading to many companies in industries that were reliant on a steady flow of the resource to collapse within weeks.⁴
The latest recession that took place in the UK was the 2008 ‘Great Recession’ as a result of the sub-prime mortgage crisis by banks on both sides of the Atlantic and is considered the worst financial crisis since the Second World War. During this time, the unemployment rose by a shocking 8.3%, and manufacturing output fell by 7% – the worst statistics since 1994⁵.
It was during this time, however, that many financial banks and lenders found themselves needing to be bailed out by the government, leaving those who had borrowed money from these lenders for purchases such as housing mortgages in dire straits6.
How does a recession affect property?
The effect that a recession has on property is often dependent on the rate of inflation leading up to the crisis itself.
In the decade leading up to the most the financial crisis, the value of sold house prices grew sharply creating a bubble that enticed many investors and homeowners to place themselves in position of unnecessary risk – buoyed by the confidence of the lenders who were willing to grant those without a sizeable deposit up to 95%-100% contracts7.
For those who bought their homes closer to the turn of the century, the profit they had made through sky-rocketing inflation counter-balanced the fall in house prices that occurred as a result of the crisis. Unfortunately, many who had only bought within the short period of time leading up to the recession – especially those who took high-risk mortgages – found themselves in negative equity with high interest repayments they could not afford.
Is a recession a good time to sell a house?
Whether or not selling a house during a recession is a good idea is very dependent on your situation. If you live in a wealthier area such London, then it is more than likely that the value will recover quite quickly once the recession is over. If, however, you live in an area that is less in-demand by buyers, the likelihood is that you could be waiting more than a decade for values to return to normal.
For example, as late as September 2018, while average properties are now 17% above where they were pre-crisis, regional differences paint a different picture. In the capital prices were over 40% higher than they were before the financial crisis, but in Northern Ireland house values were still 40% lower than they were before the recession8. For many people, they would rather lose money on their house than wait another 15 years to sell at a profit.
There will always be certain buildings that demand a premium price and are likely to weather the storm of a financial crises, but these tend to be either listed, or include unique selling points that attract wealthy buyers.
How to sell a house during a recession?
If you need to sell a home fast at a time when the vast majority of the population are struggling to cover their monthly costs – and by proxy cannot save for a deposit that would be accepted by a lender – finding a buyer can be a very difficult task. This is especially true when taking into account that the number of mortgages being approved in 2018 were still 40% lower in volume than before the 2008 crisis.8
Luckily, however, there are alternatives that many potential sellers tend to overlook.
By examining the rate of values as they fall, it’s not hard to see that waiting can often reduce your potential profit further – particularly if you live in a low-income area. In situations such as these, it is advised to sell as soon as possible, as once the recession is over there is no guarantee that your home’s value will recover in the short-term – even to the price that you manage to sell it for during a failing market.
There are, thankfully, companies who keep track of the property market and are willing to buy your house directly, for cash. The benefit of companies such as these is that they revolve around the idea of completing purchase in a much shorter space of time than a normal sale – which is great news if you are a seller and can not afford to wait around.
Furthermore, house-buying companies such as National Homebuyers will buy a house in any condition or situation, providing you with capital that can be used immediately, allowing you to capitalise on the purchasing opportunities available during a weak market, such as the possibility of buying a brand new home for a bargain-basement price from a house-building company who are desperate to shift their portfolio.
How will the housing market look in the next recession?
As of Q3 2019, fears have been growing rapidly regarding the possibility of another recession – partly fuelled by the fears of a stilted economy once the UK leaves the EU as planned9.
Even in a health economy, the ability of younger generations in the modern age to be able to afford their own home – even considering the large number of schemes put forward by the government over the last ten years – is a lost cause for the majority10.
Many analysts believe that the next recession will punish Millennials further11. While this may not seem to be an issue for many older homeowners who wish to sell, it is important to remember that the search for a willing buyer will be exponentially harder if the pool of potential buyers continues to decrease.
This means that many older homeowners who wish to downsize – trading their expensive larger houses for smaller, more affordable ones – may find the process extremely tricky, heavily affecting the status of their wealth into retirement.
It is, at this point, impossible to say how the housing market will look after the next recession. With so many variables in the air, even respected analysts are finding themselves at odds with one another. But as many economists have pointed out, the outlook would be a lot less bleak if the decision to leave the EU is reversed12.
Are you looking to sell your home due to worries about recession? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.
¹BBC (Anon) (2008) Q&A: What is a recession? Available: http://news.bbc.co.uk/1/hi/business/7495340.stm. Last accessed 10th Sept. 2019.
²Office for National Statistics. (2013). UK GDP since 1955. Available: https://www.theguardian.com/news/datablog/2009/nov/25/gdp-uk-1948-growth-economy. Last accessed 10th Sept 2019.
³Pettinger, T. (2017). The UK economy in the 1930s. Available: https://www.economicshelp.org/blog/7483/economics/the-uk-economy-in-the-1930s/. Last accessed 10th Sept. 2019.
⁴Smith, Charles D. (2006), Palestine and the Arab–Israeli Conflict, New York: Bedford, p329.
⁵Leaker, D. (2015). LFS: ILO unemployment rate: Great Britain: All: %: SA. Available: https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/unemployment/timeseries/ycno/lms. Last accessed 10th Sept 2019.
6Morrison, C. (2018). How the global financial crisis hit the UK housing market. Available: https://www.independent.co.uk/news/business/analysis-and-features/global-financial-crisis-lehman-brothers-property-house-prices-uk-housing-market-a8538176.html. Last accessed 10th Sept 2019.
7Chu, B. (2018). Financial crisis 2008: How Lehman Brothers helped cause ‘the worst financial crisis in history’. Available: https://www.independent.co.uk/news/business/analysis-and-features/financial-crisis-2008-why-lehman-brothers-what-happened-10-years-anniversary-a8531581.html. Last accessed 10th Sept 2019.
8Bruce, A. (2018). Britain’s lasting scars from the financial crisis. Available: https://uk.reuters.com/article/uk-britain-economy-crisis-graphic/britains-lastin-scars-from-the-financial-crisis-idUKKCN1LX0FY. Last accessed 10th Sept 2019.
9Sentance, A & Blanchflower, D. (2019). Recession looms for Britain – two experts on the economic outlook. Available: https://www.theguardian.com/business/2019/aug/28/recession-looms-for-brexit-britain-two-experts-on-the-economic-outlook. Last accessed 10th Sept 2019.
10Inman, P. (2015). Young people in UK increasingly giving up on owning a home – Halifax survey. Available: https://www.theguardian.com/money/2015/apr/07/young-people-uk-increasingly-giving-up-owning-home-halifax-survey. Last accessed 10th Sept. 2019.
11Lowrey, A. (2019). The Next Recession Will Destroy Millennials. Available: https://www.theatlantic.com/ideas/archive/2019/08/millennials-are-screwed-recession/596728/. Last accessed 10th Sept 2019.
12Clark, E. (2019). What will Brexit mean for house prices? Available: https://www.which.co.uk/news/2019/09/what-will-brexit-mean-for-house-prices/. Last accessed 10th Sept 2019.
How To Sell Your Home At Auction
There have never been more options open to the prospective property seller than there are now. From fast cash buyers to part-exchange and traditional estate agent sales, the choice is yours – so why do some favour the age-old process of property auctions, and what exactly does it involve?
Why Sell At Auction?
Offering a house for auction can provide the seller with some benefits not traditionally associated with other methods of selling. Those seeking a quick sale are drawn to home auctions for their immediacy: as soon as the gavel falls, the buyer must pay a percentage deposit, and is obliged to complete the remainder of the transaction quickly – usually within 28 days.
The competitive nature of bidding for a property at auction can also drive up the final price. As bidding continues and confidence increases, your property moves closer and closer to achieving its best possible price. And when the hammer falls, the price agreed is the price paid – no renegotiation can take place. This added certainty is another appealing reason to forgo the local area estate agents.
House auctions frequently attract different types of prospective buyers – property auctions are well known as a favourite hunting ground for those looking for an unusual project, or one which will require a substantial amount of work to be done. If you’re finding it difficult to attract interest with conventional buyers, property auctions could be the solution – pick the right auction house and your property might quickly be found by the elusive perfect buyer.
Can You Set A Minimum Price To Sell At?
When properties are placed in house auctions, all potential buyers will see ‘guide prices’, which – as the term suggests – offer rough guides to the value of the house auctions. This may not necessarily represent the final price, and could also be presented in the form of a price range.
However, as the seller, you will agree another figure – the ‘reserve price’ – confidentially, with the auction house, before the house auctions take place. The buyers will not be aware of this value, but if bidding does not meet or exceed it, your property will not sell. As a seller, you’ll need to strike a balance between a low reserve, which increases the likelihood of achieving a sale, and a high reserve, which guarantees a higher final price – if the bidders make it there. Note that in property auctions it is not usually possible to pick any value you like – often, auction houses require a reserve price that falls within a certain percentage of the guide price.
What Should You Do Before Auction?
As with any property sale, it’s in your interest as the seller to ensure that the house for auction appears as well-presented and attractive as possible. You can expect your auction house of choice to market your property – but just like selling with an estate agent, that doesn’t mean that you can’t help spread the word yourself. After all, the more people who know about the sale, the more potential buyers there will be to push up the bidding and increase your chances of selling quickly.
Your first big decision ahead of selling your property at auction will be to pick the best auctioneer for you and your house. Just like estate agents, some auction houses will specialize in a type of property or a geographical area, so it is vital to do your research before committing. Fees and processes can vary from one to the next, so it pays to be thorough – do your research and follow guides available online.
When you have made a selection for your house auction, you’ll need to arrange a period of time to make the property available for viewings. Due to the nature of auction sales, this is usually a comparatively short time. It may be advisable to speak to agents in the local area to get an idea of what the property is worth, and with this knowledge, you can decide on the most appropriate reserve price ahead of the property auction itself.
NATIONAL HOMEBUYERS PROPERTY EXPERT says: “If you have the time, it may be beneficial to attend an auction for a property similar to your own in your local area. You’ll get a first-hand demonstration of the process your property will go through, which can help you to prepare for your own big day!”
How Much Does Selling At Auction Cost?
You’ll need to bear in mind that the auction house will charge a commission on the sale. This is likely to be in the region of 1-3%, plus VAT – considerably more than the typical estate agent fee which lies around 1.42%.
You’ll also need to pay solicitor’s fees for the preparation of a legal pack for the sale which includes documents such as the property information form, tenancy agreements, planning permission documentation and more. This usually costs something in the vicinity of £200.
Most, if not all auction houses will also charge an entry fee. This covers costs such as listing your property in the auction house’s catalogue, and the amount can fall total anything from a few hundred, to a few thousand pounds. Unlike the commission charge, which is only payable once the sale has been agreed, you may have to pay the entry fees again if the property doesn’t sell and you need to relist.
Some sellers are able to pass on these additional costs to the buyer by adding a clause into the sale contract – another benefit of selling by auction – but beware: buyers may be wise to this and it could cause them to bid a little lower to compensate.
Will Your House Sell At Auction?
With the exception of some fast property buyers, very few property sales methods can offer a 100% guarantee that your house will sell. Any property can linger on the market without tempting buyers for a variety of reasons: perhaps the asking price is too high, maybe the images in the marketing material don’t do it justice. It could even be the wrong time of year, or simply a property that is fundamentally difficult to mortgage for many other possible reasons.
So many factors affect the speed and likelihood of completing a successful sale that simply choosing to sell via property auctions is not a realistic way to guarantee a sale. While it’s true that an auction sale can suit certain properties much better than selling via an estate agent or other methods, when all is said and done, if buyers’ interest isn’t piqued, the property won’t sell. It’s down to the seller to prepare well and do their research – no matter the sales medium – to ensure that their house has the best possible chance from the outset. This can mean lowering expectations with regards to the final sale price, re-evaluating the way the house is presented, or even exploring other ways to sell.
Can An Auction Guarantee A Quick Sale?
On average, it took 102 days to sell a property in the UK in 2018 – six days longer than it took in 2017. With the possibility that this trend could continue, many are turning to other means of selling with a view to speeding up the process. One such option is listing the house for auction. As noted above, one of the key benefits to selling via property auction is the speed with which the process can be completed once a sale has been made. A far cry from the often lengthy, drawn-out ordeal of selling with a traditional estate agent, the winning bidder in a property auction will usually be required to place at least a 10% deposit on the property on the very day of the auction, with the remaining balance due within a month. For those fortunate enough to achieve a bid high enough to clear the listed reserve price, house auctions can prove very beneficial if a swift sale is desired.
Of course, that rapid completion procedure can only occur once a sale has been achieved, and merely opting for a property auction sale is not enough to guarantee this achievement. NATIONAL HOMEBUYERS PROPERTY EXPERT has this advice:
“When speed is truly of the essence, your traditional estate agent might simply take too long. House auctions can move along quickly in terms of completing an agreed sale – but only a fast cash buyer like National Homebuyers can guarantee to not only make you an offer, but to make every effort to do so within a timescale that suits you.”
What Are The Alternatives To A House Auction?
What options are there for selling your house if property auctions don’t quite fit the bill?
- If time is not a factor, traditional local or national estate agents. While they may charge various fees, their knowledge of the region and of the property market can be valuable – but be prepared to wait.
- Online estate agents can offer similar advantages to a high street agent, with generally lower rates – but are you missing out on the specific local area knowledge and marketing of a traditional high-street estate agent?
- If you need a good result quickly, consider using a fast cash buyer such as National Homebuyers.
Compared with house auctions, National Homebuyers can offer a quicker turnaround, a lot less hassle and are guaranteed to make you an offer, regardless of the condition or value of your property. If you’re considering selling your house via property auctions, why not give National Homebuyers a call first?
How Brexit Has Made Homeowners Turn to Quick House Sales
After three years of political back-and-forth, misinformation and numerous allegations of corruption, the UK is due to leave the EU on October 31. However, amid all the confusion and turmoil, it appears that homeowners are likely to be bearing the brunt of the economic damage for years to come.
What exactly is Brexit?
Brexit. A word that has only entered the lexicon in recent years, but whose consequences have propelled it to the forefront of the British collective conscious. But what exactly is Brexit?
Contrary to popular opinion, the anti-European sentiment held by many of those who voted to leave can trace its origins as far back as the years following the Second World War, as the more learned members of the British public found themselves becoming weary of the multinational financial, defences and trade organisations that had been set up to centralise power such as the European Union, North Atlantic Treaty Organization (NATO) and the International Monetary Fund (IMF)1.
For many Brits, this centralisation of power meant losing sovereignty and the ability for the UK to make its own rules.
The rise of such organisations was also paralleled by a rise in immigration over the latter half of the twentieth century as increased globalism saw many educated individuals seek employment in more developed countries than their own in the quest for a higher quality of life.
While most young people in Britain today enjoy a secular multicultural social scene, just fifty years prior, most of the British population had barely been exposed to immigrants of different races and cultures. Unsurprisingly, this provided all the ingredients for a rise in nationalist, bigoted styles of thought – especially in areas with low standards of education amongst the working classes. Furthermore, as the rise of immigration and the European Union coincided with one another, it was very easy for Brits to blame the latter for the former.
In reality, the rise of immigration was a direct result of increased political and business agreements between countries as well as cheaper travel options and the need for a larger workforce to help re-build the country and its economy once the war was over.2
By time the 1990s arrived, the British industrial and political landscape had changed massively. The closing of coal mines and the movement of jobs abroad that had previously provided work within the poorer areas of Britain saw a rise of anti-establishmentarianism become embedded in the minds of those who struggled in poverty.
As time passed, it became clear to many that the country had become London-centric, with many other areas left to continue their decline3. And as politicians and other wealthy investors centred their businesses around the capital, a new form of political figure began to emerge, happy to exploit those who failed to understand the relationship between the EU and the UK.
It was during this time that anti-EU politician and grass-roots campaign leader Nigel Farage began to see his profile gain inertia as he marketed himself to less affluent areas as ‘a people’s man’ who is less tied to the elite than the opposing politicians against whom he was competing.
Farage campaigned with others who shared his viewpoint -including the late Sir James Goldsmith – in an effort to direct public attention towards the growing issue of direct immigration within the Eurozone from less economically resilient countries who had recently joined the EU, while also drawing attention to the troubled economies of southern European countries such as Spain4.
During the early 2000s, the idea of leaving the EU began to really gain traction amongst those who felt disenfranchised by the European and British elites who they believed benefited from EU membership at the expense of those lower down on the social ladder.
This growing belief, coupled with multiple Parliamentary scandals, a paralysing economic depression and additional political pressure from the growing anti-EU sentiment within the various parties led to the fulfilment of a promise made by then-Prime Minister David Cameron to hold a referendum vote on EU membership 23 June 2016.
In the months leading up to the referendum, the public found themselves inundated with media campaigns and political rhetoric, with one in six Brits admitting that the divisive nature of the matter had created rifts between families and friends.5
When the results were announced, many were surprised to learn that the Leave campaign had been victorious – winning 52% of the counted votes. A large number of analysts believe that this was due to a lack of engagement with the referendum by pro-remain constituents, combined with a constant stream of misinformation by the Leave campaign that led to the historic decision.6
While the referendum was by no means legally-binding, the government felt obliged to begin the preparations to leave the European Union – much to the ire of the 48% who voted to remain.
Due to the political and economic fallout that grew in intensity over the next three years, as well as the failure by the Tory party to negotiate a trade deal with the EU before the deadline passed on March 31st, an extension for negotiations was granted until 31 October 2019.
In June 2019, Prime Minister Theresa May announced that she would be stepping down from her role, forcing a Tory leadership contest whose winner will be responsible for the continued Tory efforts to take the UK out of European Union.
How has Brexit affected the economy?
Since 2016, the UK economy has seen its growth rate stall. By 2018, first quarter reports by Reuters showed that the economy was between 1-1.5 per cent smaller than it would have been if the Brexit vote had failed. Although many analysts cite an estimated GDP fall of 2.5 per cent – placing it second to last in the G7 economy rankings, just above Italy7.
The UK has, however, enjoyed a huge drop in the rate of unemployment, hitting its lowest level since the 1970s. Unfortunately, those within the work and pensions sector admit that this has been heavily influenced by the increase of ‘zero-hour’ contracts whereby an individual can ‘technically’ be counted as employed, but without a contract that stipulates a minimum number of working hours per week8. This lack of dependable income has forced many Brits to seek second, or even third jobs to cover their monthly outgoings.
Wage growth has also slowed significantly as inflation grew way above the 2 per cent target set by the Bank of England7. This devaluation in currency cannot be entirely blamed on Brexit, as inflation has outgrown wages for decades, with younger generations finding it increasingly hard to build up their savings. However, the inflation rises have forced many households to extend their lines of credit from lenders merely to cover month-to-month expenses9. The economic impact of Brexit, nevertheless, has led the household sector into a net financial deficit for the first time since 19887
As many Brits are probably aware, much of the economic downfall has been centred in and around the capital. Since the days of Thatcher, the UK has positioned itself as a financial powerhouse, with London serving as a middleman between the US and European trade. Unfortunately, many of the multi-national companies, banks, and potential investors perceive Brexit to be a huge mistake that may affect their bottom line if the UK leaves the EU. This has led to numerous organisations re-structuring and moving their operations from London into the Republic of Ireland as well as mainland Europe to avoid the possibility of unwelcome tariffs.
With a lack of employment opportunities within these organisations, the capital has become a less attractive proposition for younger people who have recently graduated, while also forcing many established homeowners in London to find employment elsewhere.
Many companies – both national and international – have also moved their headquarters out of the capital, choosing to move north where land-rent is much cheaper. This increase of investment into cities that had previously been considered ‘secondary’ to London began to turn the commercial property market upside-down as northern towns started to flourish at the expense of the South.
The capital is also finding itself starved of investment, with the Bank of England admitting that before the referendum took place, they expected the economy to grow by 13 per cent between 2016 and 2018. As a result of the leave vote, however, investment in the UK grew by only 2 per cent in total, including a fall of 0.2 per cent between 2017 and 20187.
The signs that Brexit may well spell further disaster are also worryingly clear, with UK stocks becoming a less attractive investment within the FTSE250 in the US, falling by 0.3 per cent (an increase of 12 per cent in Sterling) – a figure that is dwarfed by other developed economies who have seen investment rise by 26 per cent7.
How has Brexit affected house sales and the housing market?
The British house market is entirely sustained by consumer confidence in the economy. Thanks to the fall in GDP, Brits are generally earning less than they would have if the Brexit vote was for remain. Since the vote, house price rises have started to falter, forcing many potential sellers to consider waiting until after the dust has settled before making any plans.
While employment is at its highest level for over 40 years, the continued effects of rapid inflation; the proliferation of zero-hour contracts and the static but overly expensive house prices thanks to years of growth in value have left a large percentage of individuals from Generation X, the Millennial generation, and Generation Z with very little chance of ever owning a home of their own. This has led to an increase in rental properties, and consequently, and increase in rental fees as landlords exploit the situation for further profit10. This hike in rental fees also swallows much more of the income from those within these generations – preventing them from building up savings.
For homeowners in the capital, the effects of Brexit have been startling, with a £40bn drop in property value increases between 2018 and 2019 according to recent data released by London-based agent Savills11.
“Given the extent to which London is [currently] priced relative to the rest of the country,” said Lucian Cook, director of residential research at Savills in July 2019, “the extent to which it had pulled away from the rest — the Brexit vote may well have been the catalyst for a shift in the market.”
It isn’t all doom and gloom, however, as thanks to the closing of the north-south divide in property values thanks to the aforementioned re-distribution of investment from the south to the north, the total value of housing stock across the UK has still increased by £243bn since 201611.
Unfortunately for the UK government, this increase is mainly a result of property value increases across Scotland and Wales7 – countries who have both expressed an interest in leaving the United Kingdom in the event of a no-deal Brexit.
What options do homeowners have amid Brexit?
While a large proportion of homeowners can sit back and watch the Brexit saga play-out, there are, unfortunately, many who will have no choice but to sell while the market is stagnant.
Employees who have been made redundant in the capital, for example, have found themselves needing to move cities to find another job. And as much of their equity is tied into their house, they need to sell their house in order to buy another.
While some individuals choose to commute, the increase in prices for train fares has made this an increasingly undesirable option.
Why are homeowners trying to sell before the Brexit deadline?
Those who own a property that they have considered selling for several years are now finding themselves between a rock and a hard place. As of mid-2019, the UK property market lies in favour of buyers12. So why are they so desperate to sell before the Brexit deadline?
The answer, it seems, is very simple. Fear.
Homeowners have seen the decrease in market activity in the years since the Brexit vote, as well as the falling sold house prices that have so far been concentrated in the south of England. For many of these individuals, they have already acknowledged that they have lost profit on their homes, but the fear that their home could lose even more value if the UK leaves the EU on 31 October encourages them to play their hand early.
This situation is not helped by the amount of misinformation being spread by the less-reputable members of the leave campaign, who believe that even an independent analyst’s estimate that the UK will be “worse-off” once Brexit is finalised is all part of a propaganda campaign by the UK and EU elite they refer to as ‘Project Fear’.
In reality, there is no easy answer to the question ‘Should I sell my house before Brexit?” as, in truth, those within the industry can only make educated guesses that often need revising thanks to the repeated changes in government policies and legislation related to the October deadline.
Luckily, there are always ways to sell a house – even in a stagnant market. And if the value is presently higher than it will be in the event of a no-deal Brexit, many homeowners believe that it is worth it.
So, how can these homeowners sell?
- They can choose to sell the traditional way via a high-street agent who is likely to have common knowledge of the area but will take a percentage of the agreed sale price.
- They can enlist the help of online estate agents, who offer flat-rate fees to lure customers away from their competitors. Although certain companies such as Zoopla and Purplebricks have been caught numerous times transgressing the guidelines set out by the Advertising Standards Authority in relation to false marketing claims as well as failing to disclose additional fees to their customers
- They can try to sell the house themselves privately, although this approach rarely leads to a profit comparable to that negotiated by a professional agent.
It is important to draw attention to the fact that although these methods will – more than likely – guarantee a sale, it is ultimately the strength of the market that governs the value of their home. This means that if they wish to sell their house within a short-time frame, they will most likely have to accept a purchase offer much lower than they anticipated.
Is there a faster way to sell a house?
There are always options for a homeowner if they wish to sell their house fast – no matter the location, situation or quality of construction – and this is via the use of private house buying companies who have the resources to purchase a home outright for cash. This method has increased in popularity over the last ten years as the need to move to a new house in pursuit of higher earnings has become a priority for a growing number of households.
Other options include the use of an auction, where a property can be placed on a ticket and bid for by prospective owners. Auctions are often used by property developers and landlords to find bargains that they can profit from by either ‘flipping’ the house, or by placing tenants inside once it is renovated.
While some sellers report excellent experiences within the auction world – there are yet more who are unable to sell for their reserve price, forcing them to either accept a substantially lower amount than they hoped – or withdrawing their property from the auction, whilst still being obliged to pay the auctioneer’s fees.
How will the property market react once Brexit is passed?
As mentioned earlier, the condition of the housing market – as well as the UK economy – once the Brexit deadline passes is not an estimate many experts are prepared to make publicly with making a disclaimer. There have been claims that the UK could face its greatest economic recession since the Second World War if it were to leave the EU with, or without, a deal as negotiations to arrange trade deals with other countries appear to be weakening13.
One thing that all analysts all agree upon, however, is that if Article 50 were to be withdrawn and Brexit cancelled, the British Pound would likely rise in value significantly amongst the other developed nations. Echoing this sentiment are the many international corporations that are still in the process of drawing up plans to withdraw and re-locate from the UK, stating that they may be willing to reverse their decision to leave.
Are you looking to sell your home before the Brexit deadline? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.
Sources and references:
1Friedman, G. (2016). 3 Reasons Brits Voted For Brexit. Available: https://www.forbes.com/sites/johnmauldin/2016/07/05/3-reasons-brits-voted-for-brexit/. Last accessed 9 July 2019.
2Yeo, C. (2017). Freedom of movement didn’t start with the EU – it’s the norm for Britain. Available: https://www.newstatesman.com/politics/staggers/2017/05/freedom-movement-didnt-start-eu-its-norm-britain. Last accessed 10 July 2019.
3The Economist. 2012. The Great Divide. [ONLINE] Available at: https://www.economist.com/britain/2012/09/15/the-great-divide. [Accessed 9 July 2019].
4Carter, Neil; Evans, Mark; Alderman, Keith; Gorham, Simon (1998). “Europe, Goldsmith and the Referendum Party”. Parliamentary Affairs. 51 (3). pp. 470–485.
5Mischke, J. (2019). Brexit has made Brits ‘angrier’ and ‘deeply divided’: survey. Available: https://www.politico.eu/article/brexit-has-made-brits-angrier-and-deeply-divided-survey-referendum/. Last accessed 9th July 2019.
6Cassidy, J. (2016). Why the Remain Campaign Lost the Brexit Vote. Available: Why the Remain Campaign Lost the Brexit Vote. Last accessed 9 July 2019.
7Giles, C. Fray, K. (2018). The UK economy since the Brexit vote — in 6 charts. Available: https://www.ft.com/content/cf51e840-7147-11e7-93ff-99f383b09ff9. Last accessed 9 Jul 2019.
8Trotman, A. (2015). Zero-hours contracts ‘save UK from eurozone levels of unemployment’. Available: https://www.telegraph.co.uk/finance/jobs/11435789/Zero-hours-contracts-save-UK-from-eurozone-levels-of-unemployment.html. Last accessed 9 July 2019.
9Burroughs, C. (2019). Companies are fleeing the UK no matter what happens with Brexit. Here’s all the damage that’s already been done. Available: https://www.businessinsider.com/brexit-damaged-city-of-london-2018-11?r=US&IR=T. Last accessed 9 July 2019.
10White, A. (2019). Renting in London forecast: Brexit uncertainty set to push average rents up faster than house prices by 2023. Available: https://www.homesandproperty.co.uk/property-news/renting/renting-london-forecast-brexit-uncertainty-will-push-rents-up-faster-than-house-prices-by-2023-a126901.html. Last accessed 9 July 2019.
11Pickford, J. (2019). London property values down £40bn in past year. Available: https://www.ft.com/content/3f105808-9e62-11e9-b8ce-8b459ed04726. Last accessed 9th July 2019.
12Collinson, P. (2019). UK house prices likely to keep falling for another six months. Available: https://www.theguardian.com/money/2019/apr/11/uk-house-prices-likely-to-keep-falling-for-another-six-months. Last accessed 9 July 2019.
13Chu, B. (2018). Brexit: UK could suffer devastating recession and worst economic slump since Second World War with ‘disorderly’ exit, Bank of England warns. Available: https://www.independent.co.uk/news/business/news/brexit-no-deal-latest-bank-of-england-warning-recession-financial-crisis-a8656561.html. Last accessed 9 July 2019.
How Will Brexit Affect House Prices In The UK?
As the UK passes the original deadline for Brexit, many industries continue to be affected by the ongoing confusion regarding the state of the markets if the country leaves the European Union. But how will Brexit affect house prices in the UK?
How does Brexit affect the property market?
The property market is heavily tied-in with the state of consumer confidence, which can be observed through historical data gathered during the recessions over the last 40 years. In the most recent recession over a decade ago, average sold house prices across the country fell by 20 per cent over 16 months, while house purchase transactions fell from 1.65 million per year, to 730,000 in 2009.
For many analysts, this recession – or the Financial Crisis as it became known – was the worst economic downturn for the UK since the days of the Great Depression. However, housing values were propped-up in the years following by wealthy foreign investors taking advantage of cheap property in the capital.
Unfortunately, in the time since, the London property bubble has started to burst as more and more companies have moved their headquarters to the EU mainland to avoid trading issues if Brexit goes ahead. It is, therefore, more likely that the housing market will suffer a decline greater than that of the Financial Crisis in the event of a negotiated deal with Brussels, or no deal at all.
Will Brexit cause house prices to crash?
Large numbers of property experts believe that the property market, along with many commercial businesses will be the first to experience a huge downtown as the government attempts to collaborate with other nations in an attempt to secure trade deals.
As retail and service providing businesses will lose money due to increased trade tariffs, it is more than likely that they will freeze pay rises, lay off staff and close the number of outlets from which they operate. This is likely to lead to a higher number of people being out of work or earning less than expected, so the rate of consumer spending is also likely to drop – and this includes large purchases such as houses.
What impact will Brexit have on property prices?
Many homeowners have situations arise that requires them to sell their house regardless of the market condition due to starting a new career, or simply due to ill health. But if the demand for houses drops, then those who are looking to sell their house fast will have to accept much lower offers if they wish to complete the transaction. If this occurs en-masse, then it is very likely that house prices will crash.
While it is impossible to calculate the fall in house prices in the event of a deal due to Theresa May’s inability to reach a consensus with the EU’s negotiators, banks believe that if we leave the EU without a deal then they would expect to see a fall of 30%, placing large swathes of the population into negative equity, quite possibly leading to another recession even worse than the Financial Crisis.
If you’re worried about the effects of Brexit on your house sale, why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Estate agencies under fire for turning a blind eye to crime
Despite a strong belief that the estate agency industry is heavily regulated, the lack of oversight by many unregistered agents has forced the government to hand out fines to tackle the growing problem of money laundering.
While estate agents are hardly regarded as the most trustworthy of professionals by consumers and industry experts alike, large numbers of vendors who are looking to sell their home fast are often more than happy to hire an agency – with little research of their own – in the hopes of securing high sold house prices.
Unlike many financial businesses which require a prolonged vetting process designed to rout out applicants who could be considered morally flexible, anyone can set up an estate agency business with little more than a registration with HMRC and a redress scheme – potentially allowing anyone to become an estate agenct.
While this is not a massive issue in itself, these loose set of rules allow criminals to launder money gained through wrongdoing via real estate investment. An obvious example of this is the mass-purchasing of central London residences by Russian Oligarchs in an attempt to safeguard their finances.
The government introduced regulations and fines many years ago in order to curb the exploitation of agencies who fail to probe suspicious clients, and to prevent housing values being falsely inflated. And as a result of fifty spot-checks carried out by HMRC this year, so far there have been a worrying number of agencies hit with financial penalties for failing to register with, or for not adhering to the HMRC money-laundering regulatory scheme. The most high-profile of which has been Countrywide, who were last month hit with a fine of £215,000.
“Criminals who seek to use this country as a place to launder money should be in no doubt that they have nowhere to hide,” said Ben Wallace, Minister for National Security and Economic Crime.
Estate agents are a crucial line of defence against them and that’s why they’re under a legal – and moral – obligation to file a report when they spot something amiss. It’s wrong to think of money laundering as a victimless crime. Those with dirty cash to clean don’t just sit on it – they reinvest it in serious organised crime, from drug importation to child sexual exploitation, human trafficking and even terrorism.”
So how does this affect the average consumer? For buyers, as long as they have no nefarious plans for illegal investment then they need not worry as the regulations are there to help those who stay on the right side of the law. For sellers on the other hand, a failure to deal with a reputable estate agency who are willing to protect their interests can lead to a number of complications further down the line. For example, sellers who discover that their home has been purchased through money laundering schemes may find themselves out-of-pocket as money seized by the authorities can leave the status of the sold property in limbo as legal issues are resolved – a process that can take years.
Is it any wonder then that companies such as National Homebuyers are finding themselves inundated with vendors looking for fast house sales via a reputable company who can complete on a purchase in as little as two weeks?
Prefer to avoid estate agents? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Sellers in shock as asking prices fall to new lows
As fears regarding Brexit continue to affect the housing market, sellers are finding themselves having to continually reduce their asking prices in order to entice buyers – leading to the weakest market growth since 2010.
Whether you need to sell your house fast, or are happy to wait until the right offer comes along, all vendors are desperate to get the highest price for their home. Unfortunately, things don’t always work out that way, as changes within the economy as well as differing levels of enthusiasm from buyers throughout the year can force a seller to reduce their asking price to ensure a sale.
Thanks to the public insecurity regarding the upcoming Brexit deadline, along with growing levels of poverty as a result of the austerity measures introduced by the Tory government over the last eight years, the housing market is struggling to maintain momentum – and it appears to be the vendors that are bearing the brunt of the situation.
According to property portal Rightmove, the asking price of a UK home dropped by 3.2% between October and December, and consequently, house prices for the entire of 2018 only rose by 0.7% – far below the 2% per annum rise the majority of surveyors and valuers would expect in a healthy economy.
Certain government officials have voiced their concerns regarding the falling housing values and the knock-on effects that could arise if more homeowners decide to stay-put, instead or sizing up or down.
For example, industries that rely on new homeowners for their profits – such as DIY retailers and curtain, carpet and furniture manufacturers – could face a slowdown that would be unprecedented.
The fall in sold house prices appears to be centred around the south and south-east, where housing has become unaffordable for all but the most affluent individuals in recent years. With the capital facing many potential setbacks in the upcoming months, however, as an increasing number of businesses threaten to relocate their headquarters elsewhere in Europe if no trade deal is in place by March 29th, those who have bought in the last 12 months in the worse affected areas may find themselves in negative equity as values slump.
“It’s usual for new-to-the-market sellers to price lower in the run-up to Christmas to tempt distracted buyers, so we should not read too much into the mere fact of two consecutive monthly falls,” said Miles Shipside, a Rightmove director and housing market analyst.
“However, these falls have been larger than usual, making this the largest fall over two months for six years, showing that there are more than just seasonal forces at play.”
It is, nevertheless, important to remember that if you do need to sell your house in as shorter time as possible, it is always worth contacting National Homebuyers who are willing to buy any house, regardless of market strength or condition.
Not getting the asking price you’re looking for? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to avoid repossession of your home
While many consider it a personal dream to own a home, the dream can quickly turn into a nightmare if you are unable to keep up with the repayments. In this article, we’re going to look at the repossession process, and how to avoid it.
How does a house repossession work?
The term ‘house repossession’ can strike fear into the heart of the bravest of homeowners. After spending years saving for a deposit due to high housing values, it is always undeniably heart-breaking to learn that you have to start again from nothing. However, house repossession laws are there to protect the interests of the mortgage lender as a result of your inability to cover the monthly fees you agreed to pay.
To be fair to lenders, they are often more than willing to give you several opportunities to clear your arrears over several months, and will only allow the courts to get involved if it becomes obvious that you have no intention of paying, or are unable to afford the repayments at any point in the near future.
What happens when your house is repossessed?
All lenders must follow a pre-determined set of rules to before initiating court action. In normal circumstances, a lender will contact you if you miss a payment in order to learn why you have done so. More often than not, if it is simply a case that you have lost your job, or have had an unexpected payment leave your bank account high and dry, they will happily adjust the amount you pay over the proceeding months until the arrears are cleared.
If, however, you have missed multiple payments, the lender may apply for a court order to commence repossession proceedings. If a judge considers their reasoning just, then the courts will schedule a hearing during which the aforementioned judge will hear both sides of the story and decide whether you can keep your home, or if the lender has sufficient reason to repossess your home.
During the hearing, it is entirely possible that you can stop the house repossession. This is, however, up to the discretion of the judge.
How to prevent the repossession of your home?
You are always entitled to discuss the situation with a legal advisor prior to the court date in an effort to prevent repossession, and there are three possible outcomes with which the judge may help you in accordance with house repossession laws:
- They could rule in your favour, allowing you to continue living in your home without risk of further prosecution.
- The case could be adjourned, providing you with more time to prepare before returning to court.
- The judge may issue a suspended possession order which allows you to stay in your home – provided you adhere to the conditions set forth within the order.
Can house repossessions be stopped?
Many people who are facing repossession will take the opportunity to sell their home as fast as possible in order to make the necessary repayments, and still recover a portion of the deposit that they originally paid the lender in order the buy the home. One of the ways to accomplish this that is growing in popularity is to utilise the services of a house-buying company such as National Homebuyers.
Since National Homebuyers are able to complete a sale in as little as two weeks from first point of contact, you can rest assured that you will be able to sell the home and repay the lender before being removed by a bailiff.
Other methods used to avoid a house repossession are as follows:
- Renting the property out to tenants can be a godsend, as rental payments are almost always more than the monthly mortgage repayments you originally agreed upon. This means that you can move into a separate rented property yourself and cover those costs with your wages, and use all the money earnt from the tenants in the property you own to pay your mortgage, as well as begin to pay back your arrears.
- If you have mortgage repayment insurance, and the reason for which you are unable to make the repayments are covered by the terms and conditions – for example illness, injury or loss of a job through no fault of your own – then your insurance provider will be able to continue making mortgage repayments on your behalf for however long the policy allows.
- Consult the citizen’s advice bureau as to whether you qualify for aid from the government as a result of your situation.
- Simply discuss your situation with the lender before a judge is involved. For many lenders, it is much simpler to work out a repayment plan than to employ house repossession laws and risk losing a case, as well as ending up spending more money in legal fees. Furthermore, in accordance with lending law, a lender must treat you fairly and provide you with ample opportunities to make the necessary repayments.
What happens after a house repossession?
If worst comes to worst, and you do face a house repossession, the following will happen:
- You will be given a set amount of time to vacate the property, and if you do not leave within this time then the courts will send a bailiff to forcibly remove you.
- The lender will take possession of your home, and list it for sale.
- The lender must sell the property in a reasonable amount of time, otherwise they may be seen as trying to capitalise on the situation by taking advantage of rising sold house prices. If you feel that they are doing so, then you are within your rights to complain to the Ombudsman.
- The price at which the property is sold will not necessarily be as much as you would have received yourself if you were to sell it, but the price that the property is sold for will be used to cover the following costs:
- Your outstanding mortgage.
- Any repair or maintenance fees for damage that could prevent a sale.
- The legal costs they incurred from taking you to court.
- The costs involved in the sale of the property such as estate agent fees, solicitor fees, or conveyancing fees.
Looking to sell your home before it is repossessed? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
The secrets behind how to sell a property successfully
Selling a house is never a stress-free experience but being prepared can help you to complete a sale as efficiently as possible.
While many homeowners love the idea of moving to a nice new property, the move itself is often hindered by the sale of their current home. So how do you ensure that the house-selling process goes as smoothly as possible?
How to sell your house
There are several methods that allow you to sell a house:
- High street estate agents are the most common method used by sellers but as many can attest, the likelihood of a fast house sale is entirely dependent on the experience and professionalism of the chosen agent. High street agents are also known to be quite expensive, often with many additional fees.
- Online estate agents are growing in popularity due to their fixed rate pricing and their ability to reach a wider audience of potential buyers. However, there have been many cases in recent years where the Advertising Standards Authority (ASA) have found that companies such as Purplebricks, Housesimple, Hatched, and eMoov have misled customers, as they have often applied additional charges during the selling a house process that they initially fail to mention.
- If you believe that you have the ability to sell your home privately, then you can avoid the fees often associated with estate agents. Unfortunately, many who choose this route find that the stress involved is unsustainable, and eventually decide to refer the sale to a professional.
- If you need to sell your house fast, you can contact house-buying companies such as National Homebuyers who will value your home by providing a no-obligation quote, allowing you to decide whether to proceed or not. The benefit of using a company such as National Homebuyers is that sales are often completed in as little as two weeks, regardless of the location or condition of the property.
What do you need to know to sell your house?
When you sell your home, it is always a good idea to familiarise yourself with the house selling process:
- Make sure you only deal with reputable agents or companies who have a proven track-record of house sales in your area.
- Find out the sold house prices for homes similar to your own in nearby locations as a guide when deciding upon your asking price.
- Research customer reviews for local solicitors before making your choice. Many individuals have had a house sale held up, or even fallen through as a result of paperwork delays.
- Remember that when you are selling your house, it must be immaculate in order to gain interest from prospective buyers. This means tidying up, a little renovation, a lot of cleaning, and a willingness to keep it at showroom quality throughout the entire house selling process.
- If you decide to use National Homebuyers to sell your home, we will be available to provide independent, honest advice every step of the way – helping you to avoid the pitfalls and legal issues most commonly associated with a house sale.
What documents do you need to sell a house?
The documents needed to sell a house are as follows:
- Proof of identity
- Details of your current mortgage.
- The Title Deed to the property, a copy of which is likely to held by your mortgage provider or solicitor.
- An Energy Performance Certificate which states the efficiency rating for the house based on its CO2 impact and insulative properties.
- The Fittings and Contents Form (TA10) which details exactly what items will be included in the sale of the property.
- The Property Information Form (TA6) which includes an in-depth examination of every detail of the house, including service, utilities, insurance costs, boundaries, neighbour disputes and much more.
- Shared freehold / leasehold documents that state whether the property retains a share of the freehold, or whether it is leasehold.
- A Management Information Pack which provides details of any service or leasehold charges that need to be paid by the owner.
- An Acceptance of Offer Form once you have agreed a price with the buyer.
What are the costs of selling a house?
There are numerous costs to legally sell a home, many of which can shock vendors. There are, however, always numerous options available:
- Estate agent fees vary, but tend to be around 1.3% of the total sold house price. This can be avoided if you choose to sell your home privately.
- An Energy Performance Certificate is necessary if it has been more than ten years since the last certificate was issued, or if you have made changes to the property that could affect its energy rating. The average cost for an EPC is between £50 to £120 depending on the Domestic Energy Assessor used.
- Conveyancing fees will always apply as they need to be processed by either a solicitor or licensed conveyancer. These fees cover the legal aspects of the house sale and can range from £500 to £1500, depending on the value of the property.
- Removal fees will also be necessary unless you are happy to hire a van and are lucky enough to have a few friends to help. If you hire a removal firm, however, expect to pay anywhere between £400 to £1500.
Of course, there are ways to avoid a large portion of the fees associated with selling a house, and this is by using National Homebuyers.
When National Homebuyers purchase a house, there is only a small service fee necessary, and this is fully refunded once the sale is complete. National Homebuyers will even cover up to £1000 of your conveyancing fees, helping you save money, and sell your home with minimum stress.
Looking for a quick way to sell your house? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Crisis As New Mortgage Deposits Unaffordable For First Time Buyers
As rental fees continue to rise, the additional costs to tenants is forcing those who may once have been prospective buyers to put their lives on hold as they struggle to find the money for a mortgage deposit.
The issues facing those living in rented accommodation across the UK have been well documented in recent years. But as austerity measures continue for the majority of Brits – despite the promises made in the recent budget – it’s clear that there is no end in sight for the misery felt by millions stuck in the rental trap.
Moreover, there also appears to be a growing divide between different regions of the country in regard to the amount of rent paid by tenants according to a recent study by Your Move.
While certain areas such as London, Wales, and the north east saw a slight fall in rental costs over the last 12 months, the average rent paid by tenants across England and Wales still rose by 2.6% versus the same time last year.
The data released also showed that while the demand by prospective tenants for rental properties has sharply increased, the number of properties available to rent has fallen.
This may be due to the fact individuals are choosing to stay in situ for longer instead of moving house, but analysts believe the more likely explanation is that the changes made to both capital gains tax and stamp duty by the Tory government over the last three years have caused large numbers of landlords to exit the property business and sell their assets in order to take advantage of the continually rising sold house prices.
“To put tenants back in the driving seat, we need more homes available to rent,” said David Cox, chief executive of ARLA Propertymark.
“And the only way this will be achieved is if the Government makes the market more attractive for buy-to-let investors.”
According to the Royal Institution of Chartered Surveyors, rents are due to increase over the next five years by three per cent a year, while housing values are expected to rise by two per cent a year.
Of course, these higher rental costs have a knock-on effect that can affect those who wish to sell their house fast, as renters who are who trying to buy their own home are finding it harder and harder to save the necessary deposit, leaving a smaller pool of buyers and therefore less competition for the availability homes – often leading to lower offers. However, those who need to sell fast can always contact National Homebuyers, who are always happy to offer competitive quotes for any house, regardless of situation or location.
Are you unable to sell? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
The Top Ten Worst Places To Sell a Home In The UK
No matter the quality or condition of a home, if it is located in an area that offers little in terms of services or personal safety then the vendor will always find themselves consistently lowering their asking price in desperation to complete a sale.
If you’re browsing through listings on an online portal such as Rightmove, you will occasionally see a beautiful property for a staggeringly low price. Opening the listing, you remain optimistic but cautious as to why such a wonderful example of a home can be so cheap despite its large open rooms and well maintained exterior, so after a period of reflection you decide to contact the agent to arrange a viewing.
As you approach the house, it slowly dawns on you why the vendor is having such a hard time selling. For starters, there doesn’t appear to be any local amenities or shops within a 2-3 mile radius – so if the new owner wishes to pick up a few essentials, it would be necessary to catch a bus or drive. Secondly, the neighbourhood appears to have high levels of crime – a deal-breaker for most of us. And once you finally go inside, you hear the dreaded words “I’m afraid we don’t have broadband available in this part of town”.
In the UK, there are many places that buyers would prefer to avoid, and as a result National Homebuyers have been inundated by vendors who need to sell their house fast. Luckily, National Homebuyers will buy any home regardless of location with competitive quotes and industry leading service – but where are the worst places to sell a home in the UK?
This year, Home.co.uk compared data from sales across the nation, presenting a list of the areas where a house sale can turn into a nightmare that never ends, along with the average time it can take to sell:
1. Rotherham –279 days
2. Knightsbridge – 277 days
3. Sunderland – 277 days
4. Mayfair – 272 days
5. North Shields – 268 days
6. Marylebone – 268 days
7. Soho – 266 days
8. Charing Cross – 265 days
9. South Shields – 264 days
10. Strand – 262 days
Perhaps the most shocking thing regarding the list is the number of London boroughs. Many of these boroughs were in great demand just five years ago, but thanks to rising sold house prices, higher taxes and low wage levels, sellers who refuse to lower their asking price are finding themselves on the market for nine months or more.
Another interesting point is how few northerly towns are included in the list versus similar previous surveys. Analysts believe that the relocation of big companies such as the BBC to large northern cities with lower land values has had a positive effect on neighbouring towns as commuters vie for the best available properties.
With limited trade and falling levels of available industrial work, it is unsurprising to learn that other than the six areas near the capital, three out of the four remaining places on the list are occupied by towns from the north-east.
However, first prize goes to the large South Yorkshire town of Rotherham where houses take, on average, 279 days to sell. With high levels of crimes and the proliferation of ‘grooming’ gangs, combined with high rates of binge drinking and drug abuse within its population, Rotherham often finds itself named on humorous websites as one of the ‘worst places to live in the UK’.
While these lists do change as time passes with the rise and fall of local economies, it is clear that the economic downturn and public insecurity concerning Brexit has had far-reaching consequences for vendors up and down the country – even in the capital.
Are you unable to sell? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
The Secret To The Best Time To Sell Your Home
Finding the best time to sell a property is not always easy in the UK thanks to our inconsistent weather and the complexities associated with the house-selling process. Luckily, in this blog we’re going to discuss the best time to sell your house, and how to use this information to ensure a high value sale.
When do most houses go on the market in the UK?
Traditionally, the majority of houses across the nation are placed on the market when the weather is bright and the temperatures are warmer. This allows vendors to showcase the exterior façade of their home with the plentiful amounts of available natural light, while also helping the property feel warm and welcoming. However, if you are hoping to sell your home fast, you need to choose a time of the year when large amounts of potential buyers are scouting the market for their next big move.
When is the right time to sell a property?
Throughout the year there are many events that can limit the likelihood of your home selling in a short-time scale, subsequently forcing you to reduce your asking price. In the summer, many young families are often busy with their children while the schools are closed, and trying to look after children and organise a house move is often a recipe for disaster. During the winter, the short days and cold temperatures limit the enthusiasm of buyers, and only a very small number of them would be willing to move house during Christmas time.
In the autumn, conversely, children are back in school and buyers who are desperate to move before the cold weather sets in are more likely to make a serious offer with the intention of purchasing. For the majority of estate agents, however, the busiest time of the year is always spring. This is because the days are longer, the weather begins to brighten and the increased competition between potential buyers increases the prospect of you receiving your original asking price – or even higher.
Which month is the best to sell a house?
According to industry analysts, the best months to place your house on the market are between February and June. By the time February arrives, the Christmas and New Year festivities are over and thanks to the ending of the tax year in April, it’s a great time for buyers who are self-employed to finalise their proof-of-earnings for their mortgage application.
The best month to sell your house in terms of sales figures is May, but it is often a good idea to beat the crowd and list your property with an agent a little sooner.
When is the best time to put a house on the market?
The best time to sell your house is not a question that is easily answered. While many individuals have the luxury of being able to wait to place their home on the market, there is always a large number of sellers who cannot delay their sale due to a new job, or simply because they need to move closer to family due to their failing health. Luckily, even when the market has been slow, sellers have been able to contact National Homebuyers to help them to gain high sold house prices with competitive quotes and an ability to complete a sale in as little as two weeks.
Looking to sell your home out of season? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
The insider secrets that can lower the value of your home
In this blog, we’re going to look at the more unusual factors that influence the saleability of your house, and what you can do to ensure you get the best price possible.
If you’re looking to sell your house fast, it can be surprising how even the smallest things affect the value of your home, and consequently, the likelihood of a prospective buyer making a reasonable offer.
If you live on a street of identical houses, you may feel a bit disconcerted by the range of sold property prices – even if they all have the same floorplan. However, if you take a closer look at the available photographs, the difference in value can easily be explained by the owner’s personal taste.
When you are presenting your home, it’s important to decorate it in a way that allows a prospective buyer to visualise themselves living there. This is often achieved by using basic colours such as cream or lavender wall paint and carpets – acting as a blank canvas for the buyer’s imagination. If you choose to incorporate odd decorative elements into your home, it may appear charming to yourself, but there is always a strong chance that it will deter previously interested parties.
Be nice to your neighbours
We all know that the personality of our neighbours is outside of our control, but for the sake of keeping your property value high it is always worth, when possible, to treat them with respect. There is always a chance that both your estate agents and prospective buyers will choose to talk with your neighbours to learn more about what it is like to live there – and a disgruntled neighbour can easily discourage a potential buyer and force you to lower your asking price.
It’s good to be odd
As strange as it sounds, the value of a home can be affected by the number on the door. Research by Zoopla found that odd-numbered houses can reach, on average, £538 more than their even-numbered counterparts.
While there is very little you can do with the designated number of your house, you can always choose to name it, and register that name with the Land Registry. Of course, the number will still remain in the address, but a pleasant title for the property can often encourage buyers to ignore the numerical curse.
Go for natural privacy
If you’re lucky enough to have a front garden, or a rear garden that is overlooked by other homes, you may want to invest in some trees. Much research has been conducted into the effect of trees and hedges on a street, and property values can be as much as five per cent lower if there aren’t any. The benefits of trees and hedges are obvious – the contrasting colours, the improved air quality and noise reduction from roads – but it is the privacy those plants provide that entices buyers and increases property values. After all, it’s always nice to be able to sunbathe privately in your own garden during the few warm days we get per year.
Campaign for development
While many people would prefer companies not to build supermarkets, stadiums, and golf courses near their homes – they may change their tune if they knew the mere presence of those developments can send your home’s value shooting through the roof. Having a supermarket nearby can raise the value of a property by as much as a whopping £40,000 (depending on the quality of the brand), and having a golf course within a reasonable distance of your domicile can increase the value of your home by a shocking 56 per cent. So if large companies begin to question residents regarding their support for large developments such as these, it may be worth letting those who live nearby know about the benefits.
Unfortunately, there are always some homes that are impossible to sell in a short time-frame. This can be because of structural issues, bad neighbours, or simply due to a lack of local amenities. Luckily, National Homebuyers are always willing to buy any home, regardless of condition or location, and are constantly inundated by clients who need to sell their homes fast for the sake of a new job, or simply to be closer to family.
Looking for a quick sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to sell a property online
Not happy with your local agent? In this blog, we’re going to look at the best ways to sell your home online.
Where to sell a property online
As technology progresses, the traditional method of buying and selling property via a high street estate agent is slowly disappearing. In the last five years alone, almost 2,500 estate agents have permanently shut their doors as online rivals continue to thrive, offering flat rate fees and the ability to market listings nationally without the need for a brick and mortar storefront.
There are currently three main ways to sell property online. The first is through one of many online estate agents such as Purplebricks or Emoov. These agents employ regional specialists around the country who negotiate with potential buyers once they signal their interest in a property via the website.
The second main way is to use a traditional agent who will list the house on an online portal such as Rightmove, a website that has exploded in popularity since its inception almost 20 years ago.
The third method is often preferred by those who wish to sell their property online fast, and that is via a house buying company such as National Homebuyers, who will purchase any house, regardless of location or condition, without the delays that are often associated with estate agents.
Selling a property online vs other methods
The key benefit of selling a property online is the number of potential buyers you can reach. In the days of old, the only people who would see your home for sale are those who happened to wander past your estate agent’s window. Nowadays, however, your home can be viewed 24 hours a day by anyone with an internet connection.
Of course, rapid growth often encourages controversy – and this is especially true with some of the online estate agents. Both Purplebricks and Emoov have faced lawsuits from clients over hidden costs, and they have been on the receiving end of several warnings from the advertising watchdog as a result.
Tips for selling a property online
If you want to sell your house online, there are some things you can do to encourage buyers to notice your listing:
- Research your chosen method or agent carefully, including visiting forums where past clients discuss their experiences. If a company has a reputation for not getting the vendor within a reasonable range of their asking price, it may be worth looking elsewhere.
- Be prepared for the necessary photography by cleaning the house thoroughly and reducing clutter – buyers find it harder to imagine living in a house if it looks messy.
- If possible, buy a premium listing to make your home stand out.
- Keep your home in show-room condition, you never know when a potential buyer will call on short-notice to arrange a viewing.
- Ensure that once your listing is online, you set aside some time to check it thoroughly for errors and spelling mistakes – especially if the company have missed a marketable feature of your home.
How to sell a property online quickly
One issue with online agents is the speed with which a sale can be completed, as listings can often become lost in the sheer number of houses for sale. And as certain vendors use the ability to promote their listings for a cost, those who are unable to afford a premium listing for their home can often find themselves waiting a long time for an interested party to call – often leading to lower sold house prices.
Luckily, if a vendor needs to sell their house fast, they can always enlist the help of a house buying company who are able to purchase a home in as little as two weeks from the first point of contact. The benefits of companies such as National Homebuyers is that receiving your quote is absolutely free, and many clients are surprised how much they can get for their home.
With a slowed market, many individuals have found their life has been put on hold as they wait for a buyer to make an offer, preventing them from moving closer to family or to a new area for a new job – and in these instances, a house buying company is always the best option.
Looking to sell your home online fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Older individuals are now choosing to rent in their retirement
A rising number of retired Brits are finding that due to the increasing price of property across the UK, it makes more sense for them to rent luxury retirement apartments instead of buying them.
When the media discusses the idea of ‘Generation Rent’, it often conjures up images of millennials and members of ‘Generation Z’ becoming trapped in rented accommodation due to the inability to find the money to place a deposit on a house of their own.
However, in recent years a new trend has emerged in the world of rental properties, and that is the increasing number of older individuals choosing to rent instead of buying a place to retire.
Many baby boomers were lucky enough to have spent their working life at a time within the 20th century where wage levels and sold house prices increased at a similar rate. As a result, the investments they made and savings they gathered earlier in life have, for the majority, afforded them a comfortable retirement without having to rely on a state pension.
This level of financial comfort, however, is still not enough for them to afford their dream homes near the sea – so they are choosing to lease rental apartments long-term as an alternative.
While this may seem a little odd considering that most younger individuals can’t afford any home, let alone a dream house on the coast, there appear to be a number of advantages for those who choose a rental retirement.
Firstly, many of the new ‘hotel quality’ luxury apartments offer their clients 24-hour security, along with communal areas that offer restaurants, club rooms, salons and gyms – facilities most of us could only dream of. Even more impressive is the fact that all utilities, maintenance fees, and the on-site concierge service are all included in the monthly rental cost.
There is, unfortunately, a down side as a result of this trend for those looking to sell their house fast. The rising number of baby boomers who are choosing to rent instead of buy, are slowly but surely, reducing the number of prospective buyers in the market with the necessary financial reserves to buy – the knock-on effect of which is that vendors’ homes are losing value and are relying on only the younger generations to buy their homes. But as we are all aware, many younger people are struggling to keep their proverbial heads above the water to merely sustain an average quality of life.
So, what can these vendors do if they wish to sell? An increasing number of sellers are discovering that they do not necessarily have to rely on a private buyer to move on with their lives, and can instead call on the services of National Homebuyers, who will happily provide a competitive quote for their home, along with the promise of a quick completion.
Can’t find a buyer? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Is this the end for high street estate agents?
Estate agents appear to be the latest victim of the modern high street as consumers move to online competitors.
The face of the UK high street has undergone a dramatic change over the last 15 years as a result of increased internet-based competition and lofty overheads. In many town centres, it’s hard to ignore the increased visibility of coffee, vape and charity shops while big names such as Woolworths, BHS, and Maplin are nowhere to be seen.
Unbeknownst to many, there is another sector that has suffered greatly as wage levels continue to stagnate and sold house prices continue to rise, and that is the local high street estate agent.
While big hitters such as Emoov and Purplebricks have been snapping up market share thanks to their lower overheads and their ability to market their listings nationally, localised private agencies are facing the executioners block at a frightening pace.
This news is backed up by new research from prominent estate agency DJ Alexander Ltd. Who have found that in just the last five years, 2,446 agents have closed their doors amid falling profits.
Thanks to the internet, the need for a brick and mortar store front to reach customers is no longer necessary, and those agencies who have failed to move with the times are finding that more and more prospective house-buyers prefer to search for listings from the comfort of their own homes without sauntering from agent to agent on a gloomy weekday morning.
“The internet has undercut much of the High Street in the retail and other sectors over the last five years and this is likely to continue,” said David Alexander, managing director of the Edinburgh and Glasgow-based agents.
“The generational and cultural change is enormous. For most people under 40 the idea of wandering from shop to shop in city centres is alien to them and they conduct many of their purchases on their phones, tablets, or computers.
However, as more and more vendors choose to list their homes with a concentrated number of online companies, they often find that the battle for visibility against other sellers makes it increasingly hard to sell their home fast at an appropriate value.
It must be no wonder, then, that more and more people are choosing to sell with National Homebuyers, a house-buying company who are always happy to buy any home, at competitive prices with a quick turnaround on completion.
Looking for a quick and easy sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Can a landlord sell a house during a lease?
The sale of a rented home can easily become a confusing affair, so it’s always important to understand the legal rights of both the tenant and landlord.
So, you’ve just found out that your landlord wants to sell the house you’re renting. While there’s no reason to panic, it’s always useful to know the status of your rights as a tenant during the sale.
Can the landlord sell the house I’m renting?
As a privately-owned property, a landlord is entitled to sell their house, as long as they complete the process in the correct legal manner. They may wish to sell the house fast due to an increase in sold house prices in the surrounding area, or simply because they do not wish to be a landlord anymore.
Can a house be sold with tenants in situ?
If a landlord is selling a house that is mid-way through a fixed term lease, then they are within their rights to do so. While a tenant may be anxious regarding a new landlord, they are not entitled to have any input into the sales process as they do not hold any equity in the property. The tenant does, however, have a number of rights in regard to their tenancy agreement.
What are my rights if my landlord decides to sell?
If a landlord is selling a house, the tenant has rights enshrined in law to protect them. Once a property has been leased out to a tenant for a fixed term, that legal interest must persist for the full agreed length, regardless of the property’s owner. This means that when the incoming landlord takes ownership of the house, it is against the law for them to evict the tenant while the lease period is still active.
Furthermore, the tenant is still entitled to his/her privacy in accordance with the Landlord and Tenant Act 1985. This means that unless there is an emergency, the tenant is fully permitted to refuse entry to anyone related to the sale – including the prospective buyer. The tenant is even allowed to refuse entry to the landlord themselves, even if a 24 hour notice is provided.
If a new landlord takes ownership of a leased property, then he is obliged to perform all the duties set forth in the tenancy agreement signed by his predecessor, including repairs and maintenance within a reasonable time of notification.
Moreover, if the new landlord fails to comply with these regulatory minimum standards, then they are in breach of contract and the tenant can not only withhold rental payments, but also report the landlord to the courts for prosecution.
A tenant cannot legally be evicted until the fixed term has ended – unless they have breached the tenancy agreement. While rare, there are stories of landlords using section 8 and 21 legal loopholes to force tenants out of their homes during a fixed term lease, so it is important for anyone who lives in a rental property to gain a comprehensive understanding of the lease before they sign it.
How much notice does your landlord need to give when selling a house?
Under Section 3 of the Landlord and Tenant Act 1985, the new landlord is required to notify the tenant that the property has changed hands. However, the tenants are not entitled to know when the property has been offered up for sale, the value of the house, or even whether the property has been sold until two months after the sale is completed. The prior landlord may inform the tenant as a courtesy that they intend to sell the house, but they are not obliged to do so.
Looking to sell your rental home fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
When is the best time to sell your house in the UK?
Selling a house in today’s market can be a nightmare – but knowing the best time to sell can save you a lot of hassle.
If you need to move house for the sake of work, or simply to be closer to family, you’re probably crossing your fingers and hoping to sell your home fast. Unfortunately, many vendors find themselves a little disheartened when their property ends up sitting on the market for months on end – especially if they’ve taken the time to make their house presentable and already had several viewings with no offers.
What many of these sellers don’t realise, however, is that the property market has high and low activity seasons, and if you want to sell fast, it’s worth paying attention.
Is it a good time to sell my house?
If you’re thinking of placing your home for sale in the next few weeks, you may want to consider holding off for a while as we’re about to enter the summer months – but why is this such a bad thing?
Put simply, the majority of Brits enjoy going on holiday in either July or August to ensure they get a nice sunny break from their everyday life. And consequently, are less likely to have the necessary funds for a mortgage deposit after splashing out for flights, accommodation and food. Plus, they’re unlikely to want to deal with the stress of a house sale while they’re supposed to be relaxing abroad.
Similarly, parents with young children are likely to find themselves swamped as schools close for the summer – and trying to look for a new place to live while finding things to keep their hyper-active infants busy is no mean feat. So, when is the best time to sell your house in the UK?
What’s the best month to sell your house in the UK?
When people begin the process of selling their home, they often ask themselves “how much are properties in my area?” in order to gauge the amount of profit they could make once the sale has gone through. What they often don’t realise is that the prices they research may have been deeply affected by the time they were originally placed on the market.
A house that has been placed for sale in summer, may fail to sell in the short-term due to a quiet market place – and the longer a house is on sale, the more suspicious buyers will be regarding its appeal. It is therefore quite possible that the house will have, at some point, been reduced in price before it was finally purchased.
So, when is the best time of year to sell a house? Traditionally, summer should be avoided for the reasons stated above. However, winter should also be avoided. During the winter time, the days are short and dark – making it hard for potential buyers to appreciate the effort you’ve made to make your home look inviting. For parents, the weeks leading up to the Christmas holidays are often an extremely busy time. And due to the festivities and gift purchases, their bank accounts are more likely to be running dry than in spring or autumn.
The best months to sell your house in the UK are always the same each year. If you wish to sell fast in the first half of the year, aim to put your house on sale at the end of March just in time for spring. At this time of year, the kids are in school, the days are starting to get longer and more importantly, there will be more buyers actively looking to purchase.
If, however, you were unable to get the house ready for spring, try holding off until mid-September. By this time, all the kids will have returned to school, there’s still enough warmth to encourage buyers to get out and look for a new home, and there’s enough time for them to complete on a sale and get settled before the countdown to Christmas starts.
When do most houses go on the market in the UK?
The busiest time for the UK housing market is always in spring. Maybe it’s the renewed enthusiasm that people enjoy as the temperatures climb, or maybe it’s just because of advice from a friend or colleague, but when buyers start looking for a new home – you want your house to be ready for viewings.
Another reason that spring tends to be the busiest time for house purchases is the competition. A buyer is more likely to successfully haggle the asking price of a house down if they have several options available to them, and buyers are usually worried that if they don’t accept an offer, they may end up waiting for months for another.
Luckily, if you have to sell a home and can’t afford to wait until spring or autumn, you can always use the services of house buying companies, who are willing to make generous offers all year round – even if you’ve had trouble selling in the past.
Hoping to sell during the quieter months? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to sell a house online
In times gone by, the methods by which an individual could sell their home were extremely limited. However, thanks to the rise of the internet and e-commerce, vendors have a multitude of options available to them.
Thanks to numerous headlines regarding the underhanded business practices of a small number of individuals, the reputation of high street estate agents in the eyes of the public has suffered somewhat over the last decade, inspiring vendors to look for other ways to market their homes. In this blog, we’re going to take a brief look at how to sell a house online, and how the majority of online house sales work.
Where to sell a house online
If you’re thinking of selling your house online, you’ll be happy to know that there are a wide range of opportunities just waiting to be taken advantage of – some of which are more attractive than others.
- Online estate agents
In recent years, there has been a steady rise in the number of online agents willing to offer cut-price, or flat-rate deals to vendors who wish to sell their homes. The benefit of large national companies such as these is that their online visibility ensures that any attempt to subvert the client will often be noticed immediately by industry watchdogs or customer forums.
While they are, by and large, a fantastic value alternative to the traditional route of high street agents, there have been times where their conduct has been called into question. Examples of these incidents involve most of the prominent brands such as Purplebricks, eMoov, and Hatched – with many of the allegations linked to inaccurate marketing and hidden fees.
On the bright side, the increased competition, combined with the aim of maintaining their brand reputation in the online world means that it is in their best interest to perform in a manner befitting that of a reliable estate agent.
- House-buying companies
In today’s society, life seems to move at an unprecedented pace, and as a result, being tied down to a single location can often have a detrimental effect on one’s career or life goals.
While those who wish to sell – but are in no particular rush to do so – are able to patiently list their house on an online estate agent’s website, others may find themselves needing a fast house sale in a short time frame. In these situations, there are few better options than a house-buying company.
The advantage of a house-buying company is the ability to complete on a sale in as little as two weeks from the day an enquiry is first made. And thanks to the increased competition in this sector of house sales, the quote a vendor receives is often extremely competitive.
Also, while online estate agents are happy to make your listing visible, it is ultimately up to the buyers themselves to decide whether or not your home is worth their time. And as buying a house is more of an emotional than objective decision, if your home doesn’t tick all the boxes on their wish list, you may find your home sitting on the market for a while before you get any enquires – and even then, you may have to lower your asking price to get anywhere.
House-buying companies, on the other hand, are willing to buy any house – regardless of condition or location, which means that a vendor can enter negotiations confident that a sale will be achieved.
- Social media
Another approach that is gaining momentum is the use of social media to garner attention for a house that is for sale. By providing pictures and an accompanying description on sites such as Facebook or Instagram, a vendor can reach a large number of people – without having to spend a penny.
Of course, this method can be quite hit-and-miss depending on who sees the posts, but if you find one or two individuals who express an interest in your home, you may save yourself thousands in agency fees.
How easy is it to sell a house online?
- Online estate agents
With a growing number of companies selling you their services, it can often be hard to choose the agency with which you wish to proceed. To ensure that you pick the right one for you, you can always follow the advice of consumer advice companies such as Which? as well as view forums of customer reviews from those who have had experience with the companies beforehand.
Of course, it is important to bear in mind that no company is going to enjoy 100% stellar reviews from previous customers. There are going to be many occasions where the agent has followed procedure to the letter and done their hardest to achieve high sold house prices for their clients, but the odd customer will still not be satisfied. So, take all information with a pinch of salt.
Luckily, once your have picked your agent of choice, the rest of the process is extremely easy – although it may be worth reading some of the tips below to ensure that your home entices potential buyers.
- House-buying companies
Using a house-buying company is most likely the easiest route of all. With a single phone call, a vendor can get the ball rolling, and if they are happy with the quote they receive – then the house can be sold in a very short amount of time. If they aren’t happy with the quote, then they are under no obligation to continue with the deal – so for the customer, it’s a win-win.
This option is especially useful for vendors who are unable to sell for reasons such as their home being located in an undesirable area, or because of structural issues that would otherwise take thousands of pounds to fix – thousands of pounds that the seller does not necessarily have available. It’s also useful for those who need to sell fast but can’t afford to wait the length of time requested by an online estate agency to find a buyer.
- Social media
In reality, the ability to sell a house via social media comes down to computer literacy, and whether or not the vendor has a keen eye for marketing and promotion. Those who have a large number of contacts on sites like Facebook, or a large number of followers on sites such as Instagram or Twitter may find it easier than others – but that doesn’t mean you can’t try.
By using search engine optimisation along with good sales experience – not to mention an excellent grasp of the English language – any one with the drive and desire to succeed stands a good chance of selling their home via social media.
Top tips for selling a house online
No matter which method you choose to sell your home, there are always some universal pieces of advice that can help encourage a buyer to make a reasonable offer. So, if you’re thinking of selling your home through any of the methods above, make sure you follow these simple rules.
- De-clutter and clean
No matter how nice your home is, nobody will give a messy, unclean house a second thought. While it may be a pain to keep your house at showroom levels of cleanliness, it’s worth it if you manage to sell your home fast.
- Go plain
While your friends may think that your quirky tastes are a wonderful part of your personality, they can easily get in the way of a successful house sale. A buyer wants to be able to see themselves living in a house they browse, and the best way to help them achieve this is by removing as much of your influence from it as possible. This means ensuring the walls are painted a plain colour such as cream or white, and any odd furniture is either removed or covered appropriately.
- Choose the right time to sell
Try to put your home on the market during either spring or autumn. In summer, buyers tend to be busy with their children; going on holiday; and engaging in other activities, and in the winter, Christmas spending and the shorter days discourage many from their search. During spring and autumn however, the market often flourishes, and as a result, there will be many more potential buyers looking at making a purchase.
- Make your photos count
Your home may be beautiful, but unless your photos reflect this, then anyone browsing for a new home is likely to ignore your listing – so do yourself a favour and hire a photographer who knows what they’re doing.
- Premium listings
If you’re using an online agent, spending a little extra on a premium listing can help your home stand out from the crowd. However, you still need to make sure your house is appropriately priced or the extra web traffic will go to waste.
- Make yourself available as often as possible
It isn’t easy, but ensuring that either you or your partner are available to show any interested parties around your home is a huge part of finding a buyer. It may be a pain, but when it comes to selling, the buyer’s schedule is much more important than your own.
Looking online for a quick sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Vendors cutting asking prices to encourage sales
With agencies across the country encouraging sellers to make repeated cuts to their asking prices in the hopes of achieving a sale, a growing number of vendors are choosing less traditional routes to find a buyer.
Selling a house is long and complicated process for any owner – but there is always an underlying feeling that it will somehow all be worth it once the sale is complete and you can revel in additional profit you have made thanks to your larger equity stake and the accompanying inflation.
Imagine, then, the distress felt by a growing number of vendors in the current economic climate who are being advised by their agents to drop their asking price if they wish to achieve a fast house sale.
Back in November 2017, the online property portal Rightmove revealed that more than a third of home owners in the process of selling their home had been forced to lower their asking price – the greatest number of cuts since 2012.
As the average cut appeared to be just under one per cent, it was easy to dismiss this as a negligible difference. However, Rightmove also revealed that vendors who had already reduced their prices were often being urged to make further cuts, and while a single per cent drop in price may seem insignificant given the average prices of houses across the UK, depending on the value of the house, that single per cent could end up costing a less-wealthy seller a larger than anticipated amount of money.
It is somewhat unsurprising to hear, then, that many vendors are choosing to investigate other possible means by which they can sell their homes, hoping to gain an advantage over some of the more depressing sold house prices of similar properties.
Some vendors are choosing to forgo the option of an estate agent at all – after all, with a hesitant market, a large number of agents are seeing their profits plummeting, and their motivation to encourage a seller to cut their asking price may not necessarily be for benefit of their client, but to ensure that they themselves can balance the books at the end of the month.
Other options include the use of social media and word-of-mouth to garner interest from potential buyers, as well as advertising on property portals directly – cutting out the middle man. Others, however, are choosing a more dependable path, such as the use of house buying companies.
Companies such as National Homebuyers aim to complete sales in an incredibly short timeframe, often in as little as two weeks. And thanks to the lack of an estate agent and their accompanying fees, these purchases will often be completed without additional expenditure on the part of the seller, allowing them to sell their home – regardless of condition or location – and move on with their lives.
Of course, some vendors will prefer to take the traditional route of high street agents, but more honourable established London based agencies encourage buyers to ignore their own agent’s calls for repeated smaller cuts in favour of a single larger cut to drum up interest in their home.
“It’s vital they don’t discount their home in dribs and drabs,” said Lucy Pendleton, of the London estate agent James Pendleton.
“By dropping the asking price in increments all you succeed in doing is making your property look stale and unwanted, with none of the surge in viewings that a keen discount can bring.”
Prefer to avoid estate agents? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to sell a house fast
Selling a house is an experience that many homeowners consider a necessary evil if they wish to upsize or downsize. Whether the stress comes from trying to find a decent agent, staying optimistic about viewings, or simply waiting for a buyer to make an offer – the house selling process is not one for the faint of heart. And when there is a limited time frame within which a sale must be made, anxiety levels can often shoot through the roof. However, the ability to sell a house fast is an important skill to learn for those hoping to move house for a new job, or simply to be closer to loved ones.
How to sell a house fast in a slow market
There are often times throughout the year where the property market appears to be in the midst of a massive slowdown. As a result, many vendors around the country find themselves reducing their house prices in order to remain competitive – but are they panicking unnecessarily?
In short, the answer is yes. Similar to stock markets, the world of property is heavily underpinned by consumer confidence, so even in the quietest months it doesn’t take much for the market to gain enough inertia for activity to increase rapidly. One of the best ways to ensure that you can sell a house fast in a slow market is to increase the visibility of your home to potential buyers – this means ensuring that you do not enter an agreement for any single agent to be the sole contract holder for the sale. Admittedly, you may end up paying a slightly higher commission by using multiple agents, but if you need to sell your house quickly, it is often necessary to make concessions.
Another great tip to drum-up a bit of interest in your home is to take advantage of mediums such as social media – after all, you never know whether a friend, or a friend of a friend maybe on the lookout for a new home. Plus, if you sell the home yourself, you can always pocket the commission that you would normally pay to an agent.
Sometimes, however, you need to sell your house fast, and no matter what you try, the market continues to be stagnant. In these circumstances, you can try using house buying companies who will buy any home, regardless of market conditions or location to help you move on with your life.
Tips on how to sell your house quickly
Even if the market is in full swing, selling a house quickly can still be a very stressful experience. Luckily, there are a few things you can do to increase the likelihood of a quick sale:
- Find an agent who has experience in both your area, and also your style of home. When it comes to selling a house, experience matters.
- Make yourself available as often as possible for any potential viewings. While this is easier said than done, the more time you can make for those looking at purchasing, the faster a sale can be achieved.
- Offer your agent an incentive in regard to commission levels. Be clear that if a sale can be achieved in a specified time frame, the greater their earnings will be.
- Try researching some sold property prices in your area to ensure that you aren’t asking too much, and if it is within your budget, maybe undercut the competition.
- If you have the time, try making a list of all local amenities and their respective distances from your home. Many sellers will judge certain areas harshly without ever visiting them, so give them a great reason to consider yours.
- Get in touch with your conveyancer early. Quite often, the greatest delays do not come from a lack of potential buyers, but from the movement of paperwork between the relevant parties.
- If you have a choice, avoid buyers who are stuck in a chain and go for those who are able to move in straight away. And if they’re cash buyers, even better.
Choose the best time to sell your home
While there are always a large number of househunters on the prowl at any given time throughout the year, there is a marked difference in market activity between the seasons.
Traditionally the worst times to sell are always during summer and winter. A large number of potential homeowners will have children of varying ages – and as many parents can attest, the summer and winter holidays are often stressful enough without having to factor in the purchase of a new home. Moreover, during the summer months when the weather is nice, people try to avoid stress by going on holiday – a lofty expense in itself; while around the Christmas period, the cost of travelling and presents can often leave your bank account drained.
If you can afford to wait, experts will always advise a vendor to place their home on the market in either spring or autumn.
In spring, the longer days not only encourage buyers to look around for a new home, but the additional light also helps to make a house seem more aesthetically pleasing and bright than in winter. Additionally, if you have a garden, the warmer temperatures and sunshine will help your flowers bloom – a welcome sight for any potential purchaser.
In autumn, buyers with children will have a bit more time on their hands once all the schools are open again. Furthermore, those who missed the spring bubble will be keen to buy and settle in before the temperatures begin to plunge again.
Prepare your house for a quick sale
Despite all the effort you put into making your home visible to potential buyers, if it doesn’t look desirable, the chances of achieving a sale in a short time frame are very slim. So why not do everything you can to make your home as attractive as possible? It may seem obvious, but a large number of houses don’t sell simply because the owners haven’t bothered to make it look appealing to a potential buyer.
- Go minimal – buyers are always more enthusiastic about a property if they can see themselves living there. This means removing a large amount of your personality from the décor, and replacing it with a clear, canvas upon which they can project theirs – so try neutral colours on your walls and floors.
- Keep all laundry and clutter out of the way, and ensure that all doorways are clear from obstructions.
- Consider re-varnishing and treating any external wooden areas such as sills, doors, and cladding to prevent your home from looking ‘old’.
- Keep it perpetually clean – it may be tough, but you don’t want to have to turn-away viewings because you had a week where you let your house turn into a bombsite.
- If you’re selling during the winter months, make sure you keep the heating on throughout the day – even if you’ve already moved out.
- Keep the windows open prior to a visit, and invest in some air fresheners or odour absorbers to place around the home to remove any unwanted smells.
- If you have kids, make sure that their toys are confined to their room during viewings – while they may be adorable, certain buyers may not find their presence as welcoming as you had hoped.
- Keep your curtains open – a house will always look more inviting when viewed with copious amounts of natural light.
Ultimately, learning how to sell a house fast isn’t easy – but it’s always worth doing everything within your power to encourage your home to stand out from the crowd, and remind yourself that upon completing the sale, it will have all been worth it.
Looking for a fast house sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
High street agents losing out to online rivals
As the business world continues to move away from traditional shopfronts, high street agents are slowly realising that the future may not be as promising as once hoped.
For decades, high street estate agents have enjoyed a bountiful supply of potential home buyers coming through their doors on a daily basis, but their dominance over both the local and national property market could be nearing its end unless they act fast.
In the days prior to the internet, any individual looking to buy had little choice but to liaise with their local agent in order to find the perfect home for themselves. And for many years, these agents enjoyed a handsome commission on all sold house prices. However, with an increasing number of online rivals offering the same service – often with lower fees – is it any wonder that more and more traditional agents are beginning to feel the squeeze?
Of course, for certain older members of society, there remains the belief that an established local high street agent possesses a level of knowledge regarding the area that is worth the additional price. For younger, more tech savvy individuals, however, there is little a local agent can offer them in terms of knowledge that they cannot attain themselves via a quick Google search – and with stagnating wage increases and continually rising house prices, the appeal of an online alternative with cheaper fees is hard to resist.
In recent years, industry analysts have been quick to note the fall in business experienced by high street agents. Even market leaders such as Foxtons and Countrywide have seen the value of their shares plummet by over a quarter in the past year alone.
It unsurprising to learn, then, that many larger companies have been examining the possibility of merging their assets in an effort to remain on top. However, with online rivals such as Purple Bricks, Yopa and eMoov posting record profits year on year, many experts are wondering whether the former giants of high street sales have left their plans for recovery a little too late, and investors appear to be more than aware of this shift in fortunes according to Varde Partners’ Tim Mooney, who claims that high street commissions are simply “a joke”.
“There’s an analogy to travel agents — nobody books their holidays in a high-street travel agent’s anymore, it’s online,” he added.
For younger people, this is not so much of an issue, having grown-up in a digital world where any information can be accessed from a handheld device in a matter of seconds. For older, more traditional sellers, however, the switch to digital mediums may feel a little overwhelming.
Luckily, older vendors who need to sell their house fast, but would prefer to avoid online agents will always have the option of talking to house buying companies such as National Homebuyers who will happily discuss all available options that are open to them. And with the ability to complete a sale on a house within two weeks, regardless of situation or location, they can rest assured that the stress normally associated with selling a home can be easily avoided.
Prefer to avoid online estate agents? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How much are estate agent fees?
If you’re looking to sell your house fast, there’s a good chance that you’ll be on the lookout for an online or high-street estate agent. However, with so many agents around the UK, it can often be hard to find one that you can trust to sell your house successfully with an offer as close to your original asking price as possible.
The quality of an agent can often be hard to judge. Many agents seem to request a ridiculous fee as payment, while others appear to undercut the competition significantly, but how can you – the client – know whether or not they are worth the requested payment percentage based on current sold house prices?
How much should I pay the estate agent?
With few exceptions, estate agent fees are always calculated on a percentage basis from the final sale figure for the property they are representing. As a vendor, you should not be expected to make any additional payments for any service related to the sale of your home. Of course, certain agents will offer – for an additional cost – to promote your listing above other similar listings on online portals such as Rightmove – but remember, it is in the agent’s best interests to sell your house in a short time period for as much as possible, and so most reputable agents will cover the cost of premium listings themselves.
So how much commission does an estate agent make? Across the UK, the average fee is around 1.3% of the final sale figure. Like many things in life, you get what you pay for, and consequently it’s worth being a little suspicious of estate agents whose fees are undercutting their competitors drastically – any agent worth their salt would never de-value their brand in such a way. Conversely, it’s also worth being suspicious of agents who overcharge their clients significantly unless it is clear why they do so, and whether their track-record in sales is productive enough to warrant the extra cost.
What are an estate agent’s fees?
An estate agent’s job is to promote your home to potential buyers who are looking to buy in the area. These may be local families who are planning to upsize, retired individuals who are looking to downsize, or even people from hundreds of miles away that need to move to the area for a job. Ensuring that your property is viewable by all potential buyers is no easy task – hence the sizeable fee. Using various mediums such as online portals, word-of-mouth, local and national advertising, an effective agent will be able to target those who are open to the possibility of purchasing. The fee that an agent charges also covers the man-hours involved by staff, operational overheads, valuation costs, and promotional materials for your home such as professional photographs and well-written descriptions.
However, it is important to remember that although an agent will provide you with a percentage quote, this does not mean that you can’t negotiate. Thanks to the competition amongst agents, there are certain situations that allow you to haggle:
- If an agent requests to be the sole contract holder for the sale, this can limit the number of potential buyers who will see your home and allows you to negotiate a lower commission – often as low as 0.8-1%
- If your property costs much more than the average home in the area (research these values in advance), it should be relatively easy to push down your agent’s fees as the sale of an expensive home does not necessarily require more work than a house of a much lower value. And as an agent’s commission is percentage based, they are still likely to collect a great paycheck at the end.
- Since 2016, the Property Ombudsman has instructed all estate agents to include VAT in any quote they offer to a client – so if an agent tries to charge you an additional amount once the sale has gone through, ensure that you contact your solicitor for legal advice, as well as report them to the necessary authority. Luckily, these underhanded tactics are rare.
How to sell a house without an estate agent
Luckily, if you’re a vendor who would prefer to avoid the hassle of dealing with agents, there are other options. If you can spare the time, you can always try to sell the house yourself – although as many others can attest, this route can be absolutely exhausting. Other options include the use of house buying companies such as National Homebuyers, who will happily buy any house, regardless of location or situation for a competitive fee – perfect for those who need to move house in a limited time-frame in order to move on with their lives.
Looking for a fast house sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Thousands to lose mortgage support benefit from April 2018
As a result of continued efforts by the government to reduce the national debt, many are finding that it is those living in low-income households who are bearing the brunt of the austerity measures.
Since 1948, those who own a house but struggle to keep up with their mortgage payments have always had a lifeline – the Support for Mortgage Interest scheme. Introduced to prevent thousands of low-income households from losing their homes, the SMI has been a godsend for many older people who, today, still rely on it to ensure that they can keep a roof over their heads.
Thanks to favourable interest terms and a strong economy during the 1960s and 1970s, many buyers took the option of an interest-only mortgage rather than a repayment-based equivalent due to the minimal monthly repayments. But what once appeared to be a sensible idea is, today, beginning to look like a bad decision.
The Tories, in an effort to reduce the national debt, have decided that from April 2018, this benefit will be axed – replaced by the opportunity to take out a ‘loan’ from the government that must be paid back upon sale or relinquishment of ownership.
Consequently, many experts have pointed out that those who need the SMI scheme are hardly in a position to afford a further repayment plan on top of their own mortgage – a mortgage they are already having trouble finding the funds for.
Across the UK, there are currently 124,000 individuals who rely on the benefit, with over half of those in retirement age. This situation is partially due to the fact that pension credit is one of the qualifying criteria for the scheme. However, it isn’t just the retired population who are going to be affected, as many people on income support, as well as those on jobseeker’s allowance will also find their safety net removed in four months’ time.
The government have stated that the current status quo is unsustainable, and that because the repayments will not need to be made until the properties in question are sold or passed on to another individual, it will not have a great effect on those who need the loan in the short-term. Unfortunately, many industry experts are worried that thanks to the addition of interest rates to these ‘loans’, the government will be profiting from those who are most at risk of losing their homes.
“The government needs to make sure people have the help and advice they need to decide whether or not to take out a second mortgage to pay for this,” claimed a spokesperson from mutual insurer Royal London.
“But instead, thousands of people are getting letters that miss crucial details such as the interest rate on the mortgage.”
This situation, combined with the government’s plan to remove the ability of those on the Universal Credit scheme from using their benefits as proof of earnings when applying for a mortgage on a home of any value, it appears that those from low-income backgrounds may be forced into renting for life, which will ultimately reduce the number of people who can afford to buy a home from an owner who needs to sell their house fast.
No offers on your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Can you sell a house with asbestos in the UK?
Across the country, there are a number of older properties that still contain the toxic material, and its presence can often deter potential buyers for good reason. So how do you sell a house that contains asbestos?
Asbestos is a silicate mineral has been mined for over four thousand years around the world. With a wide range of uses, it was often hailed as a ‘wonder material’ by many prominent historical figures throughout the Roman Empire and Persia.
Why is asbestos dangerous and is it illegal to sell a house with asbestos?
Categorised into six separate classifications, it’s easy to see why asbestos was heavily used in UK property construction during the 20th century – it was resistant to fire, did not conduct electricity, and was an excellent heat insulator – but most importantly, it was mined locally and therefore extremely cost effective.
While the different available forms of asbestos vary in their potential to harm those who come into contact with it, they are all linked to a condition known as asbestosis. During its manufacturing process and implementation in many types of construction, the dust that was produced contained sharp asbestos particles that often found their way into the lungs of workers, cutting and scarring the delicate tissue inside and frequently causing tuberculosis and fibrosis. In the US alone, the handling of asbestos has led to the deaths of approximately 100,000 people since records began.
In the modern era, large-scale mining in the UK started in the late 19th century, but despite the first asbestos-related death occurring in 1906, it took until 1985 for the first partial ban to be passed through parliament.
While it isn’t illegal to sell a house with asbestos, for homeowners in the process of selling a house containing the material, the number of steps required to find a buyer can be a nightmare. But what measures need to be undertaken in order to sell a house fast?
Asbestos disclosure when selling a house in the UK
Since the repeal of the Property Misdescriptions Act in 2013, all sellers are obliged to disclose the presence of asbestos during a sale. Of course, owners are not expected to detect the presence of asbestos in their home by themselves, but more than likely this information will have been uncovered by a chartered surveyor before they moved in.
In a large majority of cases, a seller will also be using a surveyor to determine the value of their home prior to placing it on the market, and their estate agent of choice will likely query the presence of asbestos based on the age and construction type of the property. Generally, any home built before 1978 could contain the toxic material, and a failure to detect the presence of asbestos in these instances could open up both the surveyor and agent to prosecution.
However, in many cases a surveyor would only be liable if asbestos was detectable by reasonable means – i.e. a surveyor cannot be expected to detect its presence through a solid wall or other unreachable areas.
How can I sell a house with asbestos?
If a surveyor’s valuation or agent’s report have determined that there is asbestos in your house, then further inspection is needed by a qualified professional who will be able to establish whether or not it could endanger the lives of those living within the property. It is important to note that asbestos does not pose a threat if it is in good condition – it is only when the material has been damaged or disturbed that its removal may be warranted.
If the material is in good condition then the law merely requires the seller to disclose the information to potential buyers and it is up to the latter to decide whether or not it is worth pursuing a purchase. If the asbestos, however, is found to pose a hazard to health then the situation can become a little more complicated.
Asbestos removal can be expensive, with average prices reaching £75 + VAT per sq. m – so even a small 6m x 5m ceiling can reach £2200 + VAT. For a seller, it comes down to a choice between having the material removed themselves at great cost, or placing the house on the market at a reduced rate to encourage a sale – although the number of potential buyers is likely to be limited due to health concerns.
House buying companies, however, are always happy to offer competitive prices to owners regardless of the presence of asbestos. Those looking to move house in a short time-frame often find this to be a preferable method, with sales completed in as little as two weeks.
Finding it hard to sell? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Vendors cutting prices to encourage sales
As insecurity regarding the outcome of the UK’s planned exit from EU continues, vendors are slashing their prices to increase the likelihood of a sale.
Vendors across the country are slashing their asking prices in an effort to sell their homes fast, as fears grow that once Article 50 has been finalised, the value of their home may be even lower.
For London-based properties, the discounts have been stark. In prosperous areas such as Kingston and Richmond, vendors have cut their asking prices by an average of £84,244. While these reductions are smaller in size than those recorded after the financial crisis over a decade ago, they remain over 6% higher than those recorded prior to the EU referendum.
The online property portal Zoopla claims that around half of all properties in wealthy areas around London and Surrey have had their asking prices reduced under the advice of their agents in order to remain competitive. While this is good news for buyers who have the available funds to buy these discounted properties, it is bad news for both sellers and the property industry as a whole.
For an industry built on consumer confidence, such huge reductions in value are likely to put-off any homeowners considering selling their home in the short-term and instead encourage them to either place their home on the rental market, or stay-put until the market has recovered post-Brexit – assuming that it does.
The average reduction across the UK currently stands at £25,562, but with wage increases failing to meet expectations, those looking to buy their first homes are still unlikely to be able to take advantage. And while house values in general are still on the rise – albeit at a much slower rate than before – many analysts and economists are understandably weary regarding the robustness of the UK’s economy by the end of 2018.
“We see house prices rising a modest 2-3% in 2018,” said Howard Archer, chief economic adviser to the forecasting group, the EY Item Club.
“The fundamentals for house buyers are likely to remain challenging over the coming months with consumers’ purchasing power continuing to be squeezed by inflation running higher than earnings growth. Additionally, housing market activity is likely to be hampered by fragile consumer confidence and a limited willingness to engage in major transactions.”
For many owners who need to sell, the current outlook appears to be a no-win situation without an element of luck – especially taking into account the interest rate hike in November that appears to have further dissuaded potential buyers. However, by using a company such as National Homebuyers, vendors can sell their homes for competitive prices before their values fall further.
Are you worried about selling your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Selling a hoarder’s home
While many people enjoy tuning into reality television shows that expose the nightmarish conditions within which many hoarders live, the reality behind the ratings push is often much more morbid.
Many of us know, or have known an individual who lives in a hoarder house, and are more than aware that the problem has its roots in mental illness. For older people who lived through the Second World War, the lack of available provisions and luxury items at the time led to a shift in mentality where the idea of discarding unwanted or unnecessary items could come back to haunt them if they ever faced the same situation. For others, it is an offshoot of obsessive compulsive disorder (OCD) and depression – believing that an item they no longer need could be either useful in the future, or has a sentimental value that elevates its status above that of a simple ‘object’.
As hoarding itself is surprising prevalent across the country – albeit at different levels of severity – it often affects not just the hoarder, but their friends and family also. Moreover, hoarders themselves are more likely to suffer from depression, social anxiety, and various other disorders that heavily impact their mental and physical health. And sadly, as a result of these ailments they are far more likely to die earlier, leaving their nearest and dearest with the unpleasant task of selling a loved one’s hoarder home.
On the other hand, a hoarder may simply be trying to move so that they can fight the illness and make a fresh start, and in these situations, they are hoping to sell their house fast before they have a change of heart.
Obviously, a hoarder home is often unsellable as it stands, and so a number of steps must be taken to make the property seem appealing to those who are in the market to buy. But how do you go about selling a hoarder’s house?
Cleaning a hoarder’s house
An important realisation to make early on in the process is to be aware that you need more than one person to see the task through to completion. Not only is it dangerous to clean a hoarder home by yourself in case of an accident, but also because of the sheer scale of the task. While there are many companies who are happy to be sub-contracted to carry out the cleaning, they are unlikely to have known the hoarder on a personal level, and as a result they may find it hard to differentiate between the accumulated items that bare no value, and those items that are genuinely important or carry a true sentimental value to the ex-resident. By overseeing the project, you can ensure that important memories are kept safe by employing people you trust to help.
In order to put a hoarder house up for sale, it must first be habitable and safe. So, if you find yourself tasked with a hoarding clean up, there are some important rules to be followed.
1) Make the necessary safety arrangements
Due to the sheer number of objects, a hoarder house will have been hard to keep clean. It is, therefore, of paramount importance to wear the right protective clothing in case you run into any issues that could directly affect your health.
- Ensure that you have face masks to protect your team from dust, fibreglass insulation, rotten food, or dead rodents.
- Wear industrial-grade protective gloves to prevent cuts, or from having your skin exposed to dangerous materials.
- Wear appropriate waterproof overalls to prevent you from carrying any hazardous substances away from the house in the fibres of your clothing.
- Have a first-aid kit on site, as well as someone who is trained as a first-responder.
2) Hire skips for disposal
It is surprising just how many items can fit inside a home. In many cases, a small two-bedroom house can hold up to several skips worth of refuse, so be sure not to underestimate the situation.
3) Gather your cleaning supplies
Some of the key supplies needed throughout the clean-up will include: heavy-duty leak-proof refuse sacks; receptacles for items you aim to keep; both light and heavy-duty cleaning agents; disposable sponges, mops and cloths; a vacuum cleaner; and commercial carpet-cleaning equipment.
4) Empty the house
For anyone looking at buying a hoarder house, it’s much easier to see the property’s potential if they can see the layout in all its glory – so get your team to start with a single room, separating out items that need to be kept from those that can be disposed of, and start filling the skips. Once the first room is complete, move onto the next.
5) Start cleaning
Using the cleaning supplies, start sponging down walls, windows and windowsills before utilising industrial strength cleaners in rooms such as bathrooms and kitchens to remove any residual bacteria. There are likely to be many things in the house that are unsalvageable such as soiled carpets and curtains, as well as dis-coloured and damaged wallpaper – so prepare yourself for several days of elbow-grease.
It is also important to find the source of any unpleasant smells – if a hoarder has had pets, you may find that certain floorboards are soaked with urine, and they will need to be replaced.
6) Start restoring
Once cleaned, your can start making the home look habitable again. Go for neutral-colours when painting the walls and ceilings, and ensure that any out-dated equipment such as old ovens and microwaves are removed and replaced. It’s also a good idea to check the heating systems, as boilers in a hoarder’s house are unlikely to have been serviced in recent years.
Selling a hoarder’s house
Once you are ready to sell, the majority of the hard work will be behind you. Look for a local agent with prior experience with hoarder homes, but ideally, hire the photographer yourself. A true professional will always know the right angles from which to snap a shot, and through the use of a wide-angle lens make the home itself seem much more spacious.
For those who would prefer to avoid the traditional route of selling a house, you can also try hosting open days where in a preferred time slot, anyone who wants to look inside can come and show their interest.
Alternatively, you can contact National Homebuyers who will offer you a competitive price for the home, with the benefit of a fast sale within two weeks regardless of situation or location. And remember, if you would rather avoid the task of cleaning the house yourself, house buying companies will gladly offer to do the hard work for you once it is purchased.
Are you desperate to sell a hoarder home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to sell a house that needs work done
For those who need to sell their house fast but don’t have the time to renovate, finding a buyer willing to pay a decent sum is hard work – so how do you maximise your profit?
Many individuals purchase a home with the hopes that, over time, they can renovate it. However, by the time they need to sell, they find that they have either never had the time to commit to making the necessary repairs, or simply lacked the motivation to do so.
The house, if sold, may provide a better return than the price it was purchased for, but the likelihood is that it will fall well-short of the asking price the vendors were hoping for.
Luckily, if you are selling a house that needs repairs, there are steps that you can take to ensure you attract the right kind of buyer who sees the potential in your home, despite the obvious drawbacks.
So, what are the important repairs to make when selling a house?
Deciding which features are worth spending money on is always a bit of a gamble, but the best way to get the most out of your sale is by putting yourself in the shoes of a potential buyer, and identify issues from the outside-in.
If you were to look upon your home for the first time, what would be immediately obvious? For many houses, the front elevation can be easily improved by re-varnishing wooden window and door frames – as well as ensuring that the windows themselves are kept clean. It’s also worth looking at the possibility of purchasing a new front door if your present one is beginning to look a bit shabby.
For many city houses, a build-up of carbon from road traffic can also make a home look tired and undesirable. So why not hire a pressure washer to dispel the decades of unsightly pollution and make your external walls look brand new?
Other peripheral features that are easy to tidy up include gardens and yards. By using weed-killer on paths and flower beds as well as re-gravelling your driveway and re-seeding your lawn, you can easily show that the house itself is well cared for, providing a great reason for buyers to enquire further.
Inside the home, there may of course, be a number of obvious issues that need attention such as damage to walls and doors – much of which can be taken care of with a liberal application of filler – but what about the less obvious details?
Many sellers choose to replace flooring in preparation for a sale, but it is worth noting that the majority of buyers will be replacing the floor themselves at some point, no matter how pleased you are with the present style. So why not save yourself money and time and hire a carpet cleaning machine which can easily remove years of dirt and discolouration.
So, what else should you consider when selling a house that needs repair? Regardless of your preference for colour and style, remember that you need a buyer to see the potential in your home, so make sure that all walls are painted in neutral colours such as cream, white, or lavender. While a paint job may take up a few weekends, the increased saleability of the property will make it all worthwhile by the time you finalise a deal.
What about a house that needs major repairs?
The roof may be starting to sag – but is it leaking? The foundations are not in the best condition – but do they pose a threat to the house in terms of stability? For serious issues, there is little point trying to pretend they don’t exist.
Any self-respecting buyer or developer will undoubtedly employ a structural surveyor prior to purchase, and if these structural problems end up being exposed in a Homebuyer’s Report after you have tried to conceal them, any trust a buyer has invested in you will disappear.
If a potential buyer is aware of an issue before a sale, however, it is a lot easier for you to negotiate the cost of repair into the asking price itself. In situations such as these, honesty is king.
Of course, you can fix serious defects yourself prior to selling, but it is worth remembering that the amount you spend on the repairs may end up costing you more than the return you gain after a sale – so temper your hopes and expectations.
Selling a house that needs repairs done
Selling a house that needs repairs is all about knowing your target buyers, the majority will fall into the following categories:
- Flippers – who aim to buy low, renovate and sell high.
- Developers – who make their living by flipping, but on a larger scale.
- Landlords – who aim to restore the property for rental purposes.
- Bargain hunters – who hope to find themselves in a great district for schools, or simply wish to move into a well-respected neighbourhood but have so far been unable to afford a house in A1 condition.
All of these potential purchasers will be aware that the home will need some renovation, but their urge to buy – especially in the case of bargain hunters – will allow them to see past many of the flaws your house exhibits.
It is worth, however, being a little savvy if dealing with flippers, developers and landlords as these individuals are professionals, and will go out of their way to secure a price that maximises their profit, not yours. This can be remedied by having a valuation carried by an impartial third-party surveyor complete with an estimate of value once all repairs have been carried out. This ensures that you know where you stand with regard to the value of your home, and gives you further ammunition when dealing with particularly ‘hostile’ buyers.
Need to sell but no time to renovate? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Mortgage applications affected by Universal Credit scheme
The beleaguered Tory-led benefits scheme known as Universal Credit is again under fire as reports surface that claimants are unable to use their income from benefits as proof of earnings during the house-buying process.
When Tory MP Iain Duncan Smith pushed for a revamp of the country’s benefits system in 2011, many of those already receiving financial aid from the government feared that the motivation behind this potential legislation was a push for further austerity measures to combat the UK’s ever growing fiscal deficit.
Their fears were, however, allayed as the Universal Credit scheme encountered multiple roadblocks on its way to implementation, leading many to believe that the scheme itself may never see the light of day.
The idea itself was sound in theory. Instead of administering different forms of benefit through separate policies, they should be combined into a simple, easy-to-use online system which can be accessed by anyone who needs them. This system would also incorporate incentives to get those without a job back into employment and allow the government to redirect the excess funds back into the UK economy. Unfortunately, after several IT programmes failed to deliver the desired functionality at a loss of over £30m – almost 10% of the entire IT budget – as well as numerous management failures, the Universal Credit system fell behind schedule by almost five years.
In early 2017, the scheme was rolled out in a number of test areas, the feedback from which has, so far, been worryingly negative. The lack of an intuitive online portal has led many of those lacking in IT experience to lose out on vital benefits due to an inability to navigate the site itself – and new reports are emerging that the aforementioned scheme is carrying with it such a stigma, that it is beginning to affect the prospect of a successful mortgage application for a house of any value.
An investigation by the Guardian newspaper has found that various lenders are not willing to accept Universal Credit as proof of earnings during the submission process, leaving many potential house buyers in a state of limbo ahead of its planned full implementation over the next few years.
Many experts have echoed the sentiments of these claimants, stating that there have been enough issues from the relatively small pool of 600,000 citizens upon which Universal Credit is being tested to warrant a suspension of the scheme – and that any plans to widen its application would likely end in disaster.
While certain lenders are willing to incorporate the scheme’s ‘earnings’ into their application process, the path to achieving this is littered with obstacles that prevent it. Moreover, in many cases mortgage applicants have found, mid-process, that the amount they are able to secure has been halved upon the lenders discovering their Universal Credit status, thwarting their plans to become homeowners.
For those who already own a home in areas where Universal Credit is currently implemented, fears are growing that if they need to sell their house fast, the inability of potential buyers to secure the capital they need to purchase will lead to a stagnant market, forcing the seller to reduce their asking price if they wish to complete on a sale in the short-term. While venders do have the option of using house buying companies such as National Homebuyers, who are willing to make substantial cash offers on any home, regardless of location or situation, there are fears that the those living in poverty will end up being deprived of their one chance to buy a home.
Need a quick sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Why can’t I sell my house?
If you find yourself in the unenviable position of being unable to sell your home, fear not – as there are always steps you can take to maximise your chances of a successful sale.
Selling a house is often described by those who have been through the process as a complete and utter nightmare. However, many of these people do not view the actual ‘sale’ as the greatest source of stress – that special award goes to the strain of praying that the timing of your sale, the timing of your purchase, and completion of the relevant paperwork are all completed within a reasonable time frame.
For a surprisingly large number of vendors, a planned purchase often falls through as a result of a failure to sell their own house, with a prospective buyer letting them down at the last moment. If you’re in this position, you may be asking yourself “Why is my house not selling?” Luckily, in this blog we’ll be looking at some of the most commonly cited reasons.
Why won’t my house sell?
There are a wealth of motives for a buyer to pull out of a sale – however it is important to note that being able to address these issues is not always within your control.
Have you ever looked, and we mean really looked at your house? Have you ever stood back and put yourself in the shoes of a prospective buyer who’s trying to work out how much your house is worth to them? It’s often easy, as a homeowner, to ignore the lack of varnish on the window frames, or the bad paintwork on the lower half of the front door – but as a buyer, these things stick out like a sore thumb. For many individuals who are in the market to buy, cluttered window sills, a front yard or garden that is overrun by weeds, or even uneven paving can severely limit the likelihood of a viewing becoming a purchase.
Many homeowners mistakenly believe that buying a house guarantees a higher return upon its sale. The market itself can fluctuate in strength depending on the political landscape, area re-development or even time of year, and consequently, many owners end up asking themselves “why won’t my house sell?” even though they have placed their home on the market at a price 20% higher than a comparable property nearby. Most owners should expect to be low-balled with initial offers, and so a slightly higher asking price can be acceptable – but outlandish figures are guaranteed to deter buyers.
Those who have owned their homes for a long time may realise that local amenities and services that were once available nearby are no longer there. Alternatively, maybe the area within which the house is situated is no longer a great choice for locals due to a lack of nearby jobs. As mentioned earlier, the political landscape can transform the attractiveness of any given region in a relatively short length of time. As a result, the reasons that led to you originally buying the house may no longer be valid for potential buyers.
Anti-social behaviour and crime
Do you live in a deprived area where crime is on the rise? Have you, in the past, had to deal with difficult neighbours? While many buyers forget to check crime statistics, they will often check with their agent and other nearby residents regarding day-to-day experiences on your street and whether or not there are any reasons to avoid a purchase. And unfortunately, even the odd disgruntled neighbour will be enough to put them off.
So, what can I do if I’m struggling to sell my house?
Luckily, some of the aforementioned issues can be easily rectified with little effort. In terms of presentation, a pot of paint and varnish from the local DIY store are a great investment to really make your home stand out from the crowd. You could also invest in a new front door to gain a buyer’s attention, as well as use weed killer on your garden or yard. Many sellers even hire power-washers to remove the build up of carbon that often leaves the outer walls of their homes looking shabby and undesirable. In short, a little effort goes a long way to encourage a sale.
If you do need to sell your house fast, it may be worth taking a small hit financially to ensure a sale in reasonable time. You can, of course, leave your home on the market for months, but the longer it stays on the market the more questions prospective buyers will have – and in all likelihood, an agent will advise you to lower your asking price after a certain length of time regardless. Getting the asking price right is an important part of encouraging a quick sale, so consider employing a surveyor to carry out a quick valuation of the property.
Unfortunately, when it comes to location or crime, there is little that you, as a seller, can do to increase the likelihood of a sale. If there are nearby amenities or services that are not immediately obvious to those who are not local, it can be worth writing a pamphlet containing any relevant information for anyone who comes for a viewing. Even better, realise that many prospective buyers will have different priorities to you, and that your worries about the distance to local services may not be an issue to them.
If you are aware of an increasing level of crime in your area, you can always appeal to your local council to have a greater police presence in an effort to reduce the frequency of offences nearby. You can also apply to the council to have graffiti removed, as well as damage to public property such as pavements and road signs fixed. Many residents in undesirable areas even form Neighbourhood Watch schemes – investing in CCTV cameras and community spirit to keep wrongdoers away.
Of course, sometimes you can be left screaming “Why is my house not selling?!” after months of exasperation due to viewings that never lead to an offer. But this doesn’t mean that you can’t sell. Luckily, there are property buying companies such as National Homebuyers who will buy your home for cash regardless of location or situation – and with most sales completed from start to finish in as little as seven days, you can savour the chance to finally move on with your life.
Can’t sell your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or
request a call back
to find out how much you could get for your property.
Rental rates continue to rise as cheap housing remains unaffordable
As rising house prices continue to prevent younger, less wealthy buyers from purchasing, landlords have been capitalising on the situation by acquiring cheaper homes and enjoying consistently rising rental rates.
One of the greatest difficulties experienced by prospective buyers in rented accommodation is the ability to raise the necessary deposit for a mortgage. Unfortunately, thanks to the ever-increasing margin between rising house prices and low wage increases, the finances of many new buyers fail to measure up – and with rising rental fees, they often find themselves trapped in rented accommodation for much longer than expected.
The resulting state of affairs has left potential first-time buyers with no choice but to compete with wealthier landlords and those further up on the property ladder in an effort to secure a ready-built starter home.
During a sale, a vender always intends to make a profit on their house, and consequently there is very little first-time buyers can do to encourage them to accept a lower offer – even if they need to sell their house fast. To salve the situation, the government has made numerous promises to increase the number of new build estates with a pre-determined number of units to be sold as ‘affordable housing’. However, thanks to a weakened economy, the falling value of the pound sterling as well as a shortage of capital, the government have so far failed to live up to their word.
For investors, the rental market is a blessing in its current form. Despite the fact that more homes are available for purchase, the inability of first-time buyers to successfully apply for a mortgage allows landlords to snap up a large amount of available housing – housing which is then renovated before being let to those who had previously hoped to buy.
“Some experts believed the supply of rental properties would fall this year due to economic and political concerns,” said Allison Thompson, managing director at Leaders.
“But this has certainly proved not to be the case. In fact, supply is growing in all regions across the country and high tenant demand for all types of properties means rental prices are also on the up, providing landlords with a golden opportunity to benefit from more people looking for rented accommodation and a booming market that allows them to enjoy a significant return on investment.”
Sadly, government efforts to slow down the house price increases that are preventing a large percentage of the population from gaining a foothold on the property ladder have, so far, failed to provide any form of relief for those stuck in the rental trap, and landlords continue to turn a substantial profit.
However, it isn’t just first-time buyers that are losing out, as vendors across the country are finding it progressively harder to find a buyer for their house and, as a result, end up waiting for months for a reasonable offer that never materialises before lowering their asking price in order to encourage a sale.
Worried that your home won’t sell? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Retired sellers hoping to downsize unable to find younger buyers
As the cost of living for younger generations continues to grow, older homeowners who need to downsize are finding themselves unable to find a buyer with the necessary financial resources.
For many millennials, hearing the constant tirade from older generations about how they complain too much and “don’t know the meaning of a hard day’s work” helps to illustrate how little empathy many older people have regarding the cost of living for young people today.
In return, younger people often draw attention to the fact that many baby-boomers enjoyed a care-free existence in a thriving economy – voting for long-term investment gains that benefitted themselves as opposed to long-term stability for future generations. The British youth also feel the lack of sympathy they receive in regard to their inability to save money stems from the fact that many older individuals have never felt the negative impact of this societal shift in their own lives.
However, a growing number of those in retirement age are beginning to see the plight of the youth now that they are choosing to downsize their homes and are failing to find buyers who can afford them.
In many ways, the decrease in the number of UK homeowners is indicative of a country that fails to invest in the areas that need it most. After all, if an economy is powered by the expenditure of its population on goods and services – how is the economy supposed to grow if the majority of residents are only spending their hard-earned cash on rent?
Have things changed that much?
By the time they reached 45, 70% of all baby boomers were registered homeowners – whereas less than half of all millennials are likely to achieve the same. In fact, there has been a 7% drop in the total number of homeowners in the UK since 2003 alone.
With today’s living costs accounting for three times the proportion of earnings needed in the 1960s, and more than double the number of residents living in rented accommodation – the cost of which, incidentally, has risen by 15% in the last six years alone – is it so shocking that younger generations cannot afford the homes that the elderly wish to sell?
Sadly, the bad news doesn’t stop there. Today, the average cost of a deposit is over £32,000, and even if young couples with children are able to save the required amount of money to qualify for a mortgage, they are penalised for having children in the first place, as lenders believe that increasing childcare costs could hamper their ability to meet the required monthly repayments.
So what options are there for older individuals who cannot find a buyer for their home?
If an individual of retirement age needs to sell their house fast due to health issues or would simply prefer to be closer to family, they can consider renting their home out and use the income as a pension. Unfortunately, the majority of people who currently rent are doing so because they can’t afford a home themselves, and as a result, are less likely to be able to afford the rental fees for a large prestigious house.
They can stay put, and hope that in the future the economy will recover to a point that younger generations will have enough disposable income that they could make an offer – but given the current shape of the economy, this is unlikely to happen any time soon.
Luckily, there are house buying companies such as National Homebuyers who are willing to buy any house for cash at competitive prices, regardless of situation or location. And with a sale often completed within seven days, older homeowners are able to downsize without the stress often associated with the traditional selling process.
Hoping to downsize as soon as possible? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to sell your house without an estate agent
Selling a house can be a stressful experience. Even so, more and more sellers are choosing to decline the use of an agent in favour of more profitable options.
For the majority of people looking to sell their house fast, the use of an estate agent seems like a great idea. While agents do take a cut of the profits, many sellers prefer to avoid the stress of self-marketing and will happily pay to avoid the headaches.
However, with the advent of numerous online property portals; the increased ability to reach a wider audience of potential buyers through social media; and the ability to cut down on expenses – as a seller, you may find yourself wondering whether it’s possible to learn how to sell your house without an agent.
It is, however, important to realise that in most cases, managing your own sale requires a great deal of time and devotion, as well as being ‘available’ 24/7 to take calls regarding offers and general enquiries.
In this blog, we will be looking at the most popular methods you could employ when setting out to discover how to sell your house yourself.
Make your house sellable
As with all planned property transactions, a buyer is less likely to buy if they view a house that is unkempt and messy. When you use an estate agent, you can often gain pointers from their sales specialists with regard to making your house marketable. When you decide to shoulder the responsibility yourself however, you need to make the judgement calls on your own. Luckily, there are a huge number of internet-based resources that can help you bring your house up to showroom quality.
Once your house is in tip-top shape, consider employing the services of a professional photographer to take the marketing pictures. Photos taken by amateurs often stand out a mile in listings by making your home look ‘cheap’ and claustrophobic – whereas a professional, by comparison, can make your home look open, palatial and desirable.
How to sell your house yourself
No matter which method you choose, it’s always important to learn the value of your home. Set the asking price too low, and you risk losing a vast amount of your investment – set the asking price too high, and you risk deterring potential buyers and finding yourself waiting a long time for the possibility of a sale.
In these situations, it’s always a great idea to employ an RICS-accredited surveyor to carry out a valuation. With a much lower price than a homebuyer’s report, a valuation is an important step in finding out how to sell your house without an agent.
Choosing the right path
Many vendors choose to employ the services of auction houses in an effort to sell fast. However, it’s important to remember that most buyers at auctions are there because they’re looking for a bargain. While unusual homes and derelict houses at the lower end of the scale tend to make the seller (and auctioneer) a lot of money, an average standard house is liable to perform less well during the bidding process.
Even if you set your reserve price at the price point advised by your surveyor, many auctioneers will forgo the chance of including your home in their auction if they feel the price won’t entice enough potential buyers. It’s also worth remembering that auctioneers make a great deal of money in commission from both the seller and the buyer if the property sells – and even if your house does not sell during the auction, you would still liable for the attached administration fees.
Luckily, there are alternatives. Online property portals such as Purplebricks or Tepilo offer you the chance to sell your home through their websites at a fixed fee, rather than a percentage-based fee with an agent. However, as with many great offers, there are strings attached.
Many property portals require you to use their services for valuations – services that have, on many occasions, required additional fees. There have also been numerous complaints against Purplebricks that have been upheld by the advertising watchdog regarding misleading marketing claims. For example, the obscuration of the fact that the fixed fee itself is payable whether or not your house manages to sell, and their 2016 claim to save a vendor an average of £4,158 in fees versus standard estate agents, which was heavily criticised due to the fact that the claim was based on commission figures published five years previously.
Ultimately, any company that is willing to help you sell your house is doing so with the aim of making a profit – and so it is up to the client to read the small print before deciding to sign on the dotted line.
If you wish to find out how to sell your house yourself without having to deal with additional commission fees, there are better options, and these are house buying companies.
Companies such as National Homebuyers offer you the chance to sell your home in as little as seven days – great for those who need to move house fast due to a change in personal circumstances. With a small upfront fee that is refunded upon completion of the sale, National Homebuyers will buy any house for cash, regardless of condition or location for a competitive price – even offering the seller additional financial support to cover any legal fees associated with the sale.
With an ever-increasing number of satisfied customers, why not make an enquiry and see how easy the house selling process can be?
Prefer to avoid estate agents? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Lengthier mortgage terms on the rise for potential buyers
As properties become less affordable for prospective buyers, the number of applications for 35-year mortgages are increasing dramatically.
For many first-time buyers in today’s housing market, the ability to secure a mortgage by raising the necessary funds for a deposit is considered a major triumph. However, with ever-increasing prices, the crowning achievement of becoming a homeowner is slowly turning into a pyrrhic victory.
For decades, the longest mortgage term for the majority of buyers stood at 25 years, with many new owners opting for even shorter terms. For those in low paying jobs, however, certain banks began offering potential purchasers the option of a 35-year mortgage in an effort to encourage borrowing and further their profits.
As late as 2006, the percentage of mortgages with 35-year terms still stood at a minimal 13.8%. But by 2016, that number had sky-rocketed to a shocking 30% according to new figures released by the Financial Conduct Authority under the Freedom of Information Act,
Experts within the industry believe that this research reinforces the idea that home ownership is becoming an increasingly exclusive club. And even those who are able to buy are finding themselves at a marked financial disadvantage compared to those who bought a decade previously.
The issue is not just isolated to first-time buyers either. More than seven in ten mortgage brokers have disclosed that there has been a stark increase in demand for 35-year loans in recent years.
On average, the percentage of all mortgages with a 35-year term across the country reached 13.5% in 2016, an increase of 9.7% since 2006.
“The majority of brokers (62%) and lenders (68%) agree that longer term mortgages are an essential option for aspiring homeowners and would argue that this is a response to reality and remains responsible lending,” said Peter Williams, executive director of the Intermediary Mortgage Lenders Association.
“However, this in no way lets the government off the hook in needing to act swiftly to address the housing crisis.”
Due to a lack of new-build homes, high purchase prices and minimal wage growth, these figures suggest that the housing market could ultimately reach a point in the future where it is inaccessible to potential first-time buyers.
This is also bad news for any current homeowners who are looking to sell their house fast, as any reduction in the number of new buyers entering the market limits the likelihood of an efficient sale within a reasonable timeframe, and this subsequent lack of activity could conceivably lead to a weakened economy.
Need to sell? Fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to sell your house quickly
So, you’ve decided to sell. But what steps can you take to ensure that you find a buyer within a reasonable time-frame?
Moving home is hardly the most stress-free experience for the majority of us. Once the initial excitement of deciding to sell and move on has died down, we’re left with the task of ensuring that we gain offers similar to our asking price.
Once the property is on the market, the first week or so can be a little exciting as you wait for that first viewing to get booked. Once you get to the third or fourth week without hearing anything from your agent, however, the insecurities can begin to set in.
You may even begin to ask yourself if the agent is pulling their weight with regard to the sale – or maybe it’s the house itself? As time passes, the stress begins to occupy every waking moment as you edge ever further towards the day when you consider dropping the asking price to encourage buyers and ask yourself “Could I have done more earlier on to ensure that I sell my house fast?”
And for many vendors, the answer is a simple ‘yes’. Luckily, you don’t necessarily need a degree in marketing to help the odds play out in your favour.
In order to sell your house fast, it’s often worth harking back to the perspective you personally held when you bought your own home. For many people, despite the scale of the potential purchase, the decision to buy is often made within an hour of viewing a house – so what can you do to maximise your home’s desirability to a buyer?
Choose your season
For those who wish to know how to sell a house fast, it’s worth biding your time until the majority of buyers are looking. So, when is it best to place your home on the market?
During the winter, the shorter days and poor weather can make any house look a little dreary, and there are few vendors or buyers looking to sell over the Xmas period. During summer, a large number of parents are busy looking after their children while they’re off school, and many people are busy planning a getaway to sunny locations abroad.
Traditionally, the best times to sell are during either spring or autumn. The kids are in school, and there’s still enough sunlight to flaunt the attractive external aspects of your home and garden – but more importantly, these are the seasons during which the bulk of potential buyers are active.
Clean and declutter
No matter how you decorate your home while you live there, remember that when you are selling, you are advertising. Knowing how to sell your house quickly comes down to helping potential buyers feel comfortable with the thought of living there.
A house which is unkempt or full of clutter will barely gain a second’s thought from the majority of buyers – especially when they most likely have several other properties to view that week.
It is also worth remembering that applying a little elbow grease around the property can’t hurt either:
- Have the windows been cleaned recently?
- Could the front door benefit from a quick re-varnishing?
- Are there walls inside that could enjoy a fresh lick of paint to make them look their best?
- Have you weeded the garden and driveway for their arrival?
Nobody expects you to pull off a TV-style makeover, but a little effort goes a long way.
Use natural light
During viewings, make sure that you keep curtains drawn back, blinds rolled up, and that they are scheduled when the sun is out. Natural light helps a house feel more spacious and airy and you should use it to your advantage.
Maintain showroom quality
It’s not easy to keep your house looking perfect 24/7, even when you’re trying to sell – but it is important to try. Cleaning as you go is a great way to avoid being caught off-guard by a surprise viewing on short-notice – and learning how to deal with surprise appointments is a great way to learn how to sell a house fast.
Promote your neighbourhood
When we purchase a home, we usually have to factor in the additional benefits its location presents. Sometimes we buy because of its proximity to local amenities such as shops and leisure facilities, other times it’s because it happens to be in the same district as a renowned local school.
Whatever your reasons were for originally purchasing your house, make sure that you pass on this information to your agent, or through a welcome pack for potential buyers to read while they come for a viewing, reminding them that the services on your doorstep are part of what makes your home such as bargain.
Be prepared to say goodbye to certain appliances
Sometimes we love to indulge ourselves with a few fitted appliances in either our bathrooms or kitchens that really make living in our homes a joy. When we move, however, it can be quite tempting to bring that luxurious gas fire, expensive oven or fridge/freezer with us.
Nevertheless, if those appliances are a focal point of the décor in your home, most buyers would assume that they are included in the asking price – learning to let go of some of your favourite purchases is an important part of learning how to sell your house quickly.
Know when it’s time to reduce your price
You could have the perfect home, the perfect location, and the perfect time of year – but sometimes, luck just isn’t on your side. Knowing when to lower the price of your home is an important part of the house-selling process – and if approached with a strategic mindset, can really help encourage buyers.
Therefore, before you place your home on the market make a decision at which point you would consider lowering the price, and also by how much.
While we all aim to achieve our original asking price, it’s important to temper expectations with reality, and don’t forget, it’s better to lower the price earlier before the home has been on the market so long that buyers begin to question its saleability.
Gain additional planning permission
Does your home offer a number of opportunities for extending? If done correctly, adding an extension to a home is usually a sure-fire way to guarantee a greater return on your investment.
Sadly, many of us do not necessarily have the financial reserves for extending our homes – but the people who are considering buying your home, however, may have deeper pockets. Take advantage of this by gaining planning permission for any possible extensions and make sure that you notify any interested parties to make buying your home seem an even more attractive proposition.
Are there any tips and tricks that can be used to sell my house fast?”
Most people try to be as objective as possible during viewings – tallying the number of rooms needed, checking for ample storage space, as well as deciding whether or not the garden is big enough.
What many viewers don’t realise is that it’s often the subjective, subliminal side of their minds that help them settle on a potential purchase. So why not try the following?
- Don’t let an amateur take photographs of your home. The photos are the first thing a buyer will see at the agents, and great photos can make your small family home look palatial.
- Turn on the central heating 2-3 hours before they arrive – warmth can easily sway a buyer’s opinion in your favour.
- Spray a little furniture polish on the radiators while they’re heating up – the scent often evokes feelings of nostalgia and comfort.
- A bowl of fresh fruit, or a pot of freshly brewed coffee on display can easily encourage a buyer to see your house as a home.
- Clear drains using caustic soda to eliminate any smells from bathrooms and kitchens that may otherwise deter those looking to buy.
- Try to use a combination of secondary lighting such as floor lamps as opposed to a single fixed ceiling light to prevent the rooms from feeling too sterile.
- Add a few plants in and around communal areas. A bit of nature can add a little variation to your standard décor.
Of course, you can make all the effort in the world to make your home look beautiful, but it’s all for nothing unless you have a good agent – so ask around and make sure you find the right one for you.
If you do need to sell your house fast and would prefer not to deal with estate agents, however, remember that you can always use property buying companies who will buy any home, regardless of location or condition, at a competitive price.
Looking to sell your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Bank of mum and dad now covering rent payments
As the affordability of buying a house continues to decrease, new research has shown that younger people are now finding it just as hard to afford rental payments without parental aid.
For years now, parents have been helping their offspring to gain a foothold on the property ladder by helping to pay for the necessary deposit. As a result, the government has come under fire numerous times from both younger generations who would relish the opportunity to buy houses without additional help, and from older generations who find themselves having to work for longer in order to help their children afford the aforementioned down-payment.
However, while many within the property industry have been waiting for wages to go up in order for housing to become more affordable, new figures released by Legal & General have shown that the situation has become even worse – with parental donations now extending to covering their children’s rent.
For those who are still wondering whether they will ever be able to afford a home, the mere fact that it is 2017 and a large number of young people are having to borrow from their parents just to keep a roof over their head must feel nothing short of devastating.
This year alone, the bank of mum and dad have been responsible for £2.3 billion worth of rent payments across the UK, and when this is combined with £6.5 billion they are paying towards their children’s deposits and mortgage repayments, it certainly begs the question, how much worse can it get?
Even for young homeowners who are already on the property ladder, worries are being compounded by the possibility of negative equity if their worst fears are realised once Brexit is completed – making many question the intrinsic value of their house.
“The lack of affordable housing, low wage growth relative to inflation and burdens of student debt mean that many kids can’t even rent somewhere without significant contributions from their family,” said Dan Batterton, a fund manager at Legal & General.
“Parents want to help their kids get on in life, and the bank of mum and dad is a testament to their generosity.”
The greatest issue for the majority of the public is the knock-on effect from this research, as established homeowners who need to sell their house fast are finding that without a vast reduction in their asking prices, they are unable to sell in the desired short time-frame due to a lack of buyers.
With millennials paying on average over £44,000 more in rent by the age of 30 than those in the baby boomer generation, for those looking to escape the rent-trap the light at the end of the tunnel is getting dimmer by the day.
Failing to attract buyers? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Who pays the commission when you sell a house?
When property changes hands, it’s not always straightforward how the associated fees are calculated – and to whom they are paid. The situation is made even worse when you realise that different methods of selling a home demand different types of fees, so it can often feel like a figurative minefield.
No matter which process you choose when you decide to move house, the individuals who take care of the marketing, conveyancing and orchestration of the sale will require payment. Some of these fees will be paid by the buyer, while others are handled by the vendors.
In this blog, we will examine the most common methods used to sell, and find out who pays the commission when you actually sell a house.
An estate agent’s job is to make your home appear as saleable as possible. They are also responsible for ensuring that your home is viewed by the target market. Once a sale has been completed, payment for their services is due – but who pays the estate agent?
In nearly all cases, it is the responsibility of the buyer to pay for conveyancing, solicitor fees, Land Registry searches and valuation fees. The commission earnt by the estate agent, however, is paid by the seller. But exactly how much is an estate agent’s commission?
Although there are occasional variations from agent to agent, the standard fee would account for between 0.75% and 3.00% of the final sale price (plus VAT). Due to the difference in value between houses, a percentage-based fee ensures cheaper houses enjoy cheaper commission fees, and vice versa.
For auction houses, the situation tends to be a little more complex – so who pays the commission when you sell a house through an auctioneer?
Firms who run property auctions find their line of work to be a lot more lucrative than an estate agents’, as both the buyer and the seller have a commission fee to pay.
For buyers, the standard commission rate lies around 10% of the final selling price. For vendors, however, this fee can range from as little as 8%, all the way up to 30% – and it’s important to remember that VAT will also be added to these premiums.
With fierce levels of competition, many online companies such as Purplebricks or eMoov have often vied for business through the use of flat-rate commissions, no matter the size or location of the house in question. While this may be great news for those with more expensive homes, those vendors on the lower end of the scale may find the marketing a little less attractive. For these reasons, it’s often a great idea to find out how much your home is worth before choosing the best method for selling.
For many vendors, the need to sell fast is essential. This can be due to a change in home life circumstances, or simply due to a job in a new location. Luckily, most house-buying companies adapt the motto ‘we guarantee to buy any home’, and as a result, will be happy to offer competitive offers for your house regardless of location or circumstance – often with zero fees.
Prefer to avoid costly estate agency fees? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
First homes becoming a distant dream for younger generations
The recent English Housing Survey carried out by the UK government has painted a truly depressing picture for prospective house buyers across the country, as the true scale of rising property prices is revealed.
As younger generations slowly begin to increase their proportion of the UK population, we have begun to see more and more stories regarding the difficult task of securing a first home.
For the last 15 years, many older generations have been quick to designate young people as ‘lazy’ and ‘unwilling to put in the work’ for their inability to afford a property. However, as a growing number of millennials reach the age at which it was once customary to look for a house of their own, reality has started to rear its ugly head.
Once upon a time, buying a home as a single person in their early twenties on an average salary was almost considered a rite of passage. With high wages and low property values, an easily affordable two-bed ‘starter’ home helped first-time buyers to find their feet in an increasingly fast-paced world and help their wealth grow.
Flash-forward a generation, and that same single person on an average salary could not even conceive of such a purchase. In fact, the recent survey carried out on behalf of the government has found that most first-time buyers are in their mid-thirties, and 74% of those individuals have only managed to raise the necessary deposit if they are in a couple and are able to combine their incomes.
In the late 90s, there were on average 922,000 first-time purchases per year – today, that number lies around 675,000. Furthermore, the number of first-time buyers aged 16-24 has dropped by more than half. For older homeowners who need to sell their house fast, this is bad news, as fewer potential buyers are able to enter the market place.
Pulling the trigger?
Of course, with a country currently facing a long period of uncertainty due to the falling value of the pound along with an unclear path through the triggering of Article 50, many younger people are weary of purchasing a home in the next few years due to the off-chance that they will find themselves in negative equity if fears regarding the failing state of the economy continue to be realised.
For the average young person, unless they have managed to find themselves working in a field that pays high wages, the future remains bleak as it becomes clearer that upward social mobility is becoming increasingly unlikely, and taxes continue to be directed towards supporting the pensions of those generations who enjoyed the post-WW2 economic boom.
As always, the answer lies in the construction of more freehold new-build estates, and an economic revolution that provides the opportunity for higher wage growth, not just in the capital but across the whole of the UK.
“Today’s English Housing Survey is a stark reminder of our national housing crisis,” said Debbie Larner from the Chartered Institute of Housing.
“’Affordable housing is increasingly out of reach for millions of people all over the country.”
Can’t find a buyer? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Mortgage approvals fall to nine-month low
Mortgage approval figures have fallen for the ninth month in a row, as inflation, rising house prices and wage stagnation continue to blight the housing industry.
Many within the housing industry are at odds with one another with regards to the new figures released by the UK trade body UK Finance.
The report has detailed that as of June, gross mortgage borrowing has continued to rise – 6% higher than the same time in 2016 – but the number of mortgage approvals have slipped for the ninth month in a row.
With low interest rates, mortgage providers are currently offering excellent deals on fixed-rate deals, and these packages have been designed to tempt potential homebuyers into pulling the trigger while the market seems buoyant.
However, the stark difference between the increase in total mortgage borrowing and decrease in mortgage approvals have given experts much cause for concern.
Representatives from various lenders have been quick to thank the ‘resilient’ housing market for the increase in money borrowed. They are, however, failing to realise the dangers of a reduction in the number of transactions and what this could mean for the industry in the future.
The economic squeeze
With the outcome of Brexit hanging over the heads of the British population, combined with the high rates of inflation reducing the value of the pound, it seems that for now at least, UK consumers are choosing to bide their time when it comes to large purchases such as homes and cars.
“The fundamentals for house buyers are likely to remain weak over the coming months with consumers’ purchasing power continuing to be squeezed by inflation running higher than earnings growth,” said Howard Archer, chief economic advisor for EY Item Club.
“It is also very possible that the labour market will increasingly falter despite its current resilience.”
Moreover, it’s not just the total mortgage borrowing rates that have increased, as credit card borrowing has also increased by 5.5% over the past year.
These divisive figures make it clear from a macro perspective that a large proportion of the British public are being forced to borrow money for purchases that just ten years ago could be afforded through everyday savings.
But what about those who wish to sell their house fast?
In the near future at least, current homeowners are finding themselves having to stay-put unless the move is unavoidable.
With falling levels of mortgage approvals and ever-increasing house prices in a world where wages are failing to match up, those who need to sell may have to prepare themselves for a long wait as the pool of available buyers continues to dry up.
Need a quick house sale? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
When is the best time to sell a home?
As many property professionals can testify, the housing market can be volatile – but that doesn’t mean there aren’t steps you could take to maximise your chances of a quick house sale.
The period between the day you place your home on the market and the day you finally sell can be a nightmare. Sellers often find that the daily regime of keeping the property at ‘showroom’ levels of cleanliness can drive them mad – and that’s without the ritual of waiting by the phone after a viewing for that all-important call.
If you are looking to sell, surely then, it would make sense to try and reduce the length of that time period and sell your house fast. Luckily, those who have spent any length of time in the industry will soon learn when to sell a home with regards to seasons – and the differences can be staggering.
When’s the worst time to sell a property?
Despite the differences between us all, most members of society tend to have similar routines throughout the year – and as a result, it’s clear there are times when you should avoid trying to sell:
- Parents tend to be busiest during summer and Christmas thanks to the horror of having the kids at home 24/7, and they can’t imagine dealing with the stress of looking for a new home.
- Many workers aged 18-45 tend to go on holiday during the summer – and with the steadily rising prices, it’s unlikely they will have too much spare cash at that time of year even when they get back.
- During the darker months, a house can lose its ability to impress potential buyers, yet this is academic as most potential house buyers would prefer to avoid house-hunting whilst it’s cold out anyhow.
So, when is the best time to sell a home?
We know from the above reasons that it’s best to avoid both summer and winter – but what are the advantages of putting your home on the market during spring?
- The longer days allow more potential buyers to view your home in all its glory without rushing.
- The newly blossoming trees and flowering shrubbery in your garden can be a big pull for many buyers.
- Parents whose children are coming up to school age will always aim to move into their preferred school district ahead of time, and before the kids break up for summer.
- You can always guarantee that more people will be browsing the property market during spring.
Another great time to sell is autumn. It may not be spring, but the browns and reds on the trees always offer romanticised imagery for those people looking for a place to call home. By the time autumn comes around, the excitement of summer has faded, and there’s still plenty of time before Christmas so many buyers will be looking to make an offer and complete before the end of the year.
Why is it important to learn when to sell a property?
In a word, stagnation. If you place your home on the market in mid-November, you may still be looking for a buyer by the time February arrives – and this often makes buyers question why the house has been on the market for so long.
Does it have structural issues? Are the owners a nightmare to deal with? Is it overvalued? It doesn’t take much to scare off buyers, and nobody wants to buy a house that won’t sell.
Luckily, the seasonal differences in the housing market do not vary between regions, so you should be able to sell within 4-6 weeks during the stronger months – so there is little to no reason to take a chance at other times.
Is your house failing to sell? Even during the busy months? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How to sell a house at an auction
When a seller is faced with several different options to sell their house, they often find the prospect of using an auctioneers quiet tempting. But how do auction houses work? And are they worth your time and trouble?
How confident are you that your house is a purchaser’s dream? Do you like to gamble? Are you willing to risk your investment for a chance to strike it rich?
These are among the first questions anyone considering selling a house in an auction should ask themselves. We’ve all heard stories of property owners who took a chance that paid off in spades, and this often piques our interest – but bear in mind, those sellers whose make-it-rich-quick plans backfired spectacularly are unlikely to be overly vocal about it.
So how do you auction a house?
An auctioneer is simply another means of presenting your home to potential sellers, much like an estate agent or through private listings. Similar to estate agents, auctioneers will take a percentage of the profit – often between 2-3% – so it is in their best interests to sell for as high a price as possible.
However, the work necessary for an auctioneer to attempt to sell your house means that even if your home does not sell, you will still be liable for their costs, often in the range of £1,200-£1,500 plus VAT. There are many auctioneers across the country, so if you are planning on taking this route for a quick house sale, ensure you find a local business that knows your area well.
What are the benefits of auctioning a home?
To put it simply, speed. Once the hammer is down, the winning bid needs to pay a 10% deposit to secure the property. After the auction, the buyer must present the full amount of funds within 28 days – which helps to prevent gazumping – or the sale will fall through and the deposit will not be refunded.
What is the guide or reserve price at an auction?
For those who wish to know how to sell a house at auction, it’s important to not to be confused between the two. An auctioneer and seller will provide two separate prices to entice buyers:
- A guide price is provided to buyers through marketing and lets them know the price at which bidding for the property is most likely to start.
- A reserve price is the minimum price that they would accept in order to part with the property. Of course, if the reserve price is not met, the seller is still liable for the auctioneer’s fees.
What are the disadvantages of selling a house at auction?
The greatest worry facing a buyer at an auction is the failure to know the future. Those who do choose to use an auction house should fit into the following criteria to stand a chance of a successful outcome:
- Your house is hard to value – some houses are simply so unique that there are no comparables in the area. For this reason, estate agents could undervalue the property in an effort to encourage a sale. Buyers who frequent auctions are usually more likely to pay a higher price for distinctive, rare houses.
- Your house needs renovation – many buyers at auctions also tend to be investors and will pay good money for a property that they can quickly renovate before making a swift sale and pocketing the difference.
- Your house has sitting tenants – for those looking for a bargain that can immediately pay dividends in the form of rental payments, houses that already have sitting tenants save landlords from extra legwork.
Many sellers who start to research how to sell a normal-everyday house at auction soon discover a few depressing facts that often encourage them to reconsider:
- An everyday house is not an attractive prospect for most buyers – hence why standard homes often sell for as little as 40% of their market value.
- Auction houses are there for people with a lot of disposable cash who a looking for a bargain whose aim is to buy your house for as little as possible.
- While you can often pass all associated auction fees to the buyer in the small-print, more astute buyers will make note of this and ultimately drive down the price during bidding.
While auctions may be fast, there are better, safer, ways of achieving a quick house sale, such as house buying companies who offer competitive prices with excellent communication throughout the whole process, and if you don’t feel the offer is right for you, you can pull out of the deal without any further penalisation.
Need a quick sale but don’t want to use an auctioneer? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
First-time buyers’ hopes of purchasing a home are slipping away
Younger buyers are losing out on gaining a foothold on the property ladder due to a lack of protection from unsuccessful purchases and ever-rising costs associated with moving home – which, of course, is also bad news for sellers.
For many young people, owning a house can seem little more than a pipe dream, given the current state of the property market.
Looking back merely 20 years at how affordable housing could be for a first-time buyer would undoubtedly have today’s youth tearing their hair out in envy. It is, perhaps, no surprise to learn that those aged 18-34 now consider buying a home to be of greater importance than providing for the elderly, or even enjoying lower energy prices.
New research by the consumer body Which? has found that the current outdated home-buying process is greatly flawed, and even those who do have the necessary resources have awoken to the worrying fact that three in ten house purchases are falling through – often at great expense to the potential buyer.
As a result, Which? Has discovered that an in-depth assessment and update of the way homes are bought and sold will be a key factor for many voters who are on the fence with regards to which political party they will support in future elections.
The greatest issue for those hoping to buy in the UK unlike many other countries within the EU is the ability for the seller to withdraw their property from sale at any point until the final contracts are signed.
Saddled with the high costs of solicitor and agent fees, buyers lose an average of £2,200 whenever a sale falls through – and with no legal framework to protect their investment in the process, a botched sale can set plans to own a home back by years.
While this may like an isolated issue for younger people, the knock-on effects are often detrimental to the industry as a whole.
The property industry consistently needs new investment to remain buoyant, and so is heavily dependent on first-time buyers joining the national pool of homeowners, as those who already own will often need a prospective buyer to purchase their home in order to move themselves.
The issue is even more bothersome for those of working age who need to sell their house fast for a new job, or to upsize for their families – as the process can be dragged out for months with very little interest from potential purchasers.
The problem is also compounded by the increasing fees associated with moving house, with research by Post Office Money discovering that the total cost of moving fees has risen to as high as £9,500 – 25 per cent higher than a decade ago.
Need to sell fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How long does it take to complete a house sale after an accepted offer?
Whether you’re buying or selling, the length of time it can take to finalise a sale can vary wildly no matter who you are. So, what are the key influences for speed in the house-buying process?
Often, when you’re looking to buy or sell a house, it can feel as if you are out in the wilderness waiting for updates from conveyancers, estate agents and solicitors. We often hear about nightmare scenarios where buyers are waiting months for the paperwork to be finalised, but it’s important not to get discouraged – these things can take a while.
In reality, there are several factors that can influence the speed with which a sale can be completed, and we shall go into more detail regarding these below.
As simple as it sounds, if you’re trying to find out how long it takes to complete a house sale, then it may be worth looking at customer reviews for the services you’re using. The success of many solicitors and estate agents is thanks to their ability to communicate with one another regularly. For every agent or legal mind who is on the ball and makes it their focus to complete as soon as possible, there is another who is only interested in ‘making the sale’, and not necessarily aiding the buyer or seller thereafter.
Thanks to sites such as Trustpilot as well as local word-of-mouth, it can be very easy to compare customer experiences with different professionals and you should factor this into your decision.
Know your enemy
It is also a great idea to learn, where possible, as much as you can about the other party who you are either selling to, or buying from. There are many people who enter the sales process who end up withdrawing due to various reasons – leaving the other party at a financial disadvantage. There are also many sellers who are well known for messing others around in the past, and these people tend to be known to local estate agents for their lack of reliability – if this is the case, avoid the property like the plague.
Waiting on the mortgage
It is important to note that while you are in the midst of a house sale, different stages of the process take different amounts of time. Waiting for a mortgage approval can in some cases take up to eight weeks – but once approved, the rest of the sale can be a mad scramble and be completed in a little over a fortnight.
Chain and restrained?
Whether or not the house you’re looking to buy is in a chain is a key dynamic in determining how long it takes to complete a house sale. If you are in a desperate need to sell your house fast and move to a new abode in a shorter time-frame, then the term ‘no chain’ should be your primary focus when viewing listings. No chain means that the person whose property you wish to buy has either already moved out, or is ready to move house upon completion – and this is a sure-fire way to ensure a quick move.
When there is a chain, it is less simple to determine the timeframe for the completion. Some house sales can have a chain of 11-12 homes, and these have been known to take between 3-4 months to sort out as a dozen different agents and solicitors wait for the relevant paperwork to be exchanged.
In a perfect scenario, how long would it take to complete a house sale?
In a flawless transfer of ownership, where all parties provide one another with consistent updates and there is no chain of which to be mindful, a sale can take as little as six weeks for keys to change hands.
To give yourself the best chance of a fast house sale, learn from those who have been through the process before:
- Ensure you have valid proof of earnings available for lenders when the mortgage application is on the horizon.
- Ensure that the legal minds and agents you hire to help you complete the sale are well known for their customer service.
- Try to learn as much as possible about the people you are selling to, or buying from.
- Most importantly, learn to accept that things never go exactly to plan, and that you shouldn’t blame yourself or lose hope.
Resident Evil? How to Sell a Haunted House
Halloween is very nearly upon us. The pumpkins, fancy dress parties, and trick or treaters knocking on your door expecting sweets. Whether you believe in the concept of Halloween or not, this time of year always gets everyone talking about the supernatural, the possibilities ghosts, and haunted houses.
Do you think your home might be haunted? Perhaps your flat gets strangely cold at night? Maybe you do have a resident evil? You could have a Poltergeist, a lost soul, a Kobold, a Bhoot, a Churel or a Bogle living in your home with you? Is your house the one place in your neighbourhood all the threat or treaters avoid because of all the rumours relating to it being genuinely a creepy place.
For some homeowners, a resident ghost would be a delight. A property that is haunted could be seen as a virtue, not a curse. Being haunted gives a house an air of mystery, intrigue, and history of a place. Having a resident ghost is almost an expected part of such a package when buying a period property with and an attached history.
Selling a house with a spooky history
You might not be afraid of ghosts and ghouls or see your resident evil as a positive characteristic of your property, but the reality is it can be a real problem for homeowners when it comes to selling a house that has a spooky history.
Trying to sell property that is haunted and has a chequered past can result in a 20% drop in the price of the property itself and can be twice as difficult to sell compared to a normal property according to research conducted by Move with Us, a network of independent estate agents.
They discovered that 83% of estate agents felt that a home which a has a noticeable past can lose between 11-20% of its value as potential UK home buyers are scared off buying a home with a dodgy history. This includes properties built on top of a graveyard, a former crime scene or as we mentioned rumours the property is haunted.
Tips for selling a haunted house
So you want to sell your house, but it is haunted and you are worried it will put off potential buyers.
Here are a few tips we would suggest to help you sell your haunted house:
Call the Ghostbusters!
So there is something strange in your neighbourhood? Who you going to call….Ghostbusters?? Actually, before you go calling anyone, you should figure out if your house is really haunted.
Check your floorboards or doors which might be just squeaking, check your windows or doors for any drafts of air, check your pipes for any strange noises and fix any potential flickering lights. Another thing to do is to make sure you are getting enough sleep as sleep deprivation can cause delirium and hallucinations. Just try to think logically about anything throughout the house that could be creating any situation that could be wrongly interpreted as paranormal activity.
We are not questioning whether your house is haunted or not we are just suggesting you eliminate all rational possibilities first. If you are sure that your house is haunted then now its time to call the Ghostbusters.
Well maybe not, but I’m sure there are companies out there providing these sorts of services. The other option, if you are plagued by an unruly ghoul, is an exorcism. Every Anglican diocese in the UK has a specialist team of exorcists ready to vanquish evil spirits for you.
Know your legal obligations
Why not just don’t mention the fact that your house is haunted? Most people don’t believe in ghosts anyway, right, so why say anything? There are sceptics out there who believe that ghosts are just figments of the imagination, they do not actually exist? So again why mention the fact that the house is haunted?
Looking into the legal obligations here when it comes to selling a haunted house it appears that there is no direct law stating that paranormal or haunted presences must be mentioned.
However legally you cannot mislead or give false statements regarding the sale of your property. The Consumer Protection from Unfair Trading Regulations (which replaced the Property Misdescriptions Act 1991) states that there is a general duty to avoid making false or misleading statements.
This means that if a buyer enquires into whether there has been any paranormal activity or asks if you believe the house is haunted you would be obliged to say yes if you believe that it is. If you are aware of the house being haunted and you give the buyer misleading answer and they bought your house then you have knowingly misrepresented your property — though it might be difficult to prove you knew it was haunted in the first place.
Also, estate agents are required by the NAEA to declare ‘anything that has occurred at the property that would affect the transactional decision of the average buyer’. Even though this does not directly mention ghosts, they do need to disclose any suicides and murders that have taken place in the house at some point in history.
Not mentioning a house is haunted has not yet landed anyone in the UK in legal issues to date. However, in the USA they view this very differently. In a famous case of Stambovsky v Ackley in 1991, it was established that the owner had not mentioned the house he was selling was haunted and so the sale was duly rescinded – even though the house was one a ghost tour of the neighbourhood and its poltergeists were well known.
Make the property less spooky looking
It might seem pretty basic, but regardless of whether you have a resident evil or not ensure that your property is tidied up as a messy property could put off potential buyers. Make sure the rooms in your house are clutter-free because clutter makes a room lot smaller and makes it harder for a buyer to imagine living in your home. Make sure you pack away your collection of shrunken heads, bottled specimens, stuffed animals and/or creepy china dolls you may have.
The stigma attached to a haunted house is that it is dark and creepy. Try to avoid this stereotypical look by making your house as light and airy as possible by pulling back the curtains and removing any items that might block light such as vases or photo frames on window sills.
Also, as we mentioned earlier, try to fix and eliminate anything that could be misconstrued as paranormal activity like creaky floorboards, dripping taps, drafts of air and keep the property well heated avoiding the typical cold chill a creepy house would have.
Use a sell house fast company
So you want to sell your house, but it is haunted and you are worried that will scare off potential buyers? If this is the case, one option is to not put the property on the open market at all but to go straight to a sell your house fast company like National Homebuyers.
A quick house sale company can purchase your haunted home for cash in as little as 7 days regardless of what skeletons you have in your closet or what type of ghost resides in your property. These type of companies will buy any house, in any condition within the UK, in a time-scale that best suits you and your resident evil. The benefit of a company like National Homebuyers is that they use their own funds and don’t rely on mortgages or investors, meaning they can help you sell your house fast stress-free with no fear of any property chain breaking down due to a pesky ghost scaring off the buyer.
So if you have a house or property anywhere in the UK that isn’t selling because it’s haunted then why not contact National Homebuyers who will buy your house, ghosts and all, for cash fast.
Sell your haunted house
To get a spookily fast cash offer for your haunted home then why not apply online or request a call back from our friendly customer care team? Or, if you prefer, simply give us a call on 08000 443 911 and we will guide you through our we buy any house process.
Can’t sell your home? You can always play dress-up…
Estate agents are always looking to gain maximum exposure for their listed properties, but one agent in East Yorkshire has gone the extra mile – using a panda costume and a willing vendor.
Many estate agents employ professional photographers to paint their client’s homes in the best possible light – always trying to capture that ‘brochure’ feel in terms of perspective and lighting – but does it grab a potential UK home buyer’s attention? For one estate agent and their client, the answer is a resounding ‘no’… but they feel they have the answer to the age-old question: ‘How do I make my house stand out from the crowd?’ And that answer is absurdly brilliant and has captured the attention of the industry and social media alike.
When Lee Wilson first approached estate agent Richard Welpton regarding his wish to sell his recently remodelled five-bedroom home in East Yorkshire, he had no idea what he was getting into. Richard had been looking at ways to gain more interest from potential buyers browsing his properties on Rightmove and Zoopla, including encouraging vendors to appear in the photographs themselves to help bring advertisements to life – with very few taking him up on the offer.
Naturally, as well as investing in new ideas, he had also invested in a panda suit off eBay three years previously – with the hope of incorporating it into the photos – and after a long wait he finally had a vendor willing to play ball.
Donning the costume for the photo shoot, seller Lee Wilson can be seen performing various activities in each room of the house from working out in the conservatory, to eating at the kitchen table.
“I get very bored of seeing the same old pictures and videos. For me it’s a bit like Groundhog Day,” said Richard, a director of East Yorkshire-based Quick & Clarke estate agents.
“That idea didn’t catch on until Lee agreed to do it and we’re hoping that it makes the house stand out. We certainly had a lot of laughs shooting the video.”
Richard’s odd idea has been hailed as a stroke of genius by those within the industry and on social media as the property has gained a huge amount of interest, as well as being covered in news articles by national newspapers including the Daily Mail and the Telegraph.
“I just thought it was a novel way of showing the house – it’s just a little bit different,” said Lee. “They’ll always think, ‘I’ll just have another look at that house with the panda in it’.”
For those sellers looking for a quick house sale who don’t happen to have a panda costumer lying around, there is still hope – as there are plenty of property buying companies who will buy any house for cash with a friendly, efficient service and competitive offers.
Worried your photos aren’t appealing to buyers? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
UK Government plans to ban ‘Gazumping’
Gazumping in the UK housing market could become a thing of the past. The UK Government are considering banning “gazumping” by bringing forward the point at which the sale of a house becomes legal.
Gazumping occurs when a property seller accepts an offer on their property from one potential buyer, but then accepts a higher offer from someone else.
According to the Daily Telegraph, policymakers at the Department for Business Innovation and Skills (BIS) held a meeting with officials from the National Association of Estate Agents in which they laid out plans to put an end to the practice of gazumping in the UK.
The aim will be to protect thousands of home buyers by cracking down on those who pull out of buying or selling a house at the last minute.
The Government plans to introduce a system where the sale of a property becomes legally binding at the point where an offer is accepted by the property seller, preventing the buyer from being outbid at a later date. The new system also means neither party can withdraw without being liable for the losses of the other party. This type of system already exists in Scotland and in Europe.
This new system, if it was to be introduced, could prevent millions of house sales falling through because at the moment according to the Land Registry around 18% (which is 200,000 transactions) collapse every year. One of the main causes of this is the practice of gazumping.
Mark Hayward, managing director at the National Association of Estate Agents, said: “The English system for buying and selling property dates back to the 1920s and has not been updated for nearly 100 years. It is an archaic system which doesn’t allow for modern technology. It needs updating to allow for as much work to be done before the point of offer as possible.”
While these plans to ban ‘gazumping’ using a Scottish-style system will favour UK homebuyers, it could ultimately put off property sellers and prevent them from selling their homes.
UK exit from the EU could result in house prices dropping by 5%
Prime Minister David Cameron announced over the weekend that there will be a referendum in the UK to stay or leave the EU on 23 June 2016. Online estate agent eMoov has predicted that if the UK votes to leave the EU than house prices could potentially drop by 5% or more. They believe that it won’t necessarily be leaving the EU itself that could see house prices drop, but the air of uncertainty that will have a detrimental impact on the market.
Since the UK joined the EU in 1973, the average house price has increased by over 2,000%. However this new report by eMoov suggests that a “Brexit” (the term used to described the British exit from the EU) could mean that the average UK homeowner could see their property fall in value by more than £11,000.
In this survey eMoov polled over 1,000 UK homeowners and found 55% of those asked, believed leaving the EU would affect the value of their property. Just over a third (34%) think they could increase; while 21% think they could decrease.
Russell Quirk, Founder and CEO of eMoov.co.uk stated that
“An EU exit would cause a nervous ripple effect across the UK, with homeowners and potential buyers choosing to baton down the hatches and weather the potential uncertain economic storm, before committing to such a notable financial decision.”
He went on to say:
“Should the UK public vote to leave the EU, we believe it could have a detrimental knock on effect to the UK property market. We’ve been part of the EU for over 40 years now, so it’s understandable that such a momentous change will lead to uncertainty amongst the UK public, as to the resulting implications an exit will have on them. This air of uncertainty will lead to inaction amongst those looking to buy and sell and the resulting dwindle in demand, will always lead to a reduction in house prices.”
National Homebuyers – We Buy Any House
National Homebuyers will buy any house or property!
If you are looking to sell your house fast than we are here to help. Our team of property experts are always on hand to share their expertise with you and help you achieve your aim of selling your house fast in a time scale that suits you and not us. So if you want to sell your house fast than give us a call on 08000 443 911.
Get your no obligation instant cash offer now by using the Get Offer on the right hand side of this page.
How long does it take to sell your home? The best and worst UK cities revealed
Recent statistics have shown a huge gap in the time taken for houses to sell in the north versus the south, with homes in London’s adjacent towns and cities enjoying much faster sales than those located in more northern, ex-industrial locations.
Across the UK, there are many homeowners looking for a quick house sale. But unfortunately, while they have an element of control over the presentation of their homes, there’s precious little they can do to affect a potential buyer’s perspective on location. The proximity of quality services and amenities are a big draw for driving up the asking price of the average UK home – but the position of your home relative to larger cities is fast becoming the driving force behind a purchase, according to a recent survey.
The figures, released by Quick Move Now, have also emphasised the ever-widening north-south divide, with those living closer to London more likely to enjoy a swift house sale. Out of the top ten towns and cities, seven enjoy pride of place thanks to their reputation as excellent commuter towns.
From Brighton and Swindon to Reading and Rochester, the influence of the capital reigns supreme when London-based workers look for an alternative to city centre homes and their extortionate prices. Those looking for locations with good transport links to London can expect to pay over 40% less than those who reside within its periphery. As a result, a home in Reading – the best-performing city – can expect to sell in less than a fifth of the time it would take to sell in the worst-performing town, Wallasey.
Emphasising the north-south divide, the towns and cities with the lowest rankings are all located in either the north of England, Northern Island, Wales or Scotland, with northern industrial cities appearing to suffer the most.
Scunthorpe, with its diminished steel trade; Rochdale, with its historically significant wool trade; and Sunderland, previously one of the world’s largest shipbuilding towns – all represent the decline of previously successful domestic industries. This has undoubtedly had a knock-on effect for those families who chose to stay despite manufacturing and production being moved abroad. Even Keighley in West Yorkshire – the home of television shows such as A Touch Of Frost and Last Of The Summer Wine – is not free from the industrial downtown, languishing in eighth from bottom.
So what can you do if you live in one of these negatively-affected areas? Well, luckily most houses do sell eventually… but for many hoping to sell, time is a factor and they cannot afford to wait for a chain to clear. There are other options, however, such as property buying companies who will buy any home for cash and allow its owner to move ahead in life and buy a new house themselves without stress.
If you’d like to sell your house quickly, ask National Homebuyers for advice, as we guarantee to buy any home. Call 08000 443 911 or request a call back to find out how much you could get for your property.
The greatest selling points of your home may be beyond your control
A recent study by conveyancers My Home Move has shed light on the qualities most sought after by UK property buyers – and despite your greatest efforts, there’s very little you can do to change them.
We’ve all been there – maintaining your house to showroom quality at the off-chance you’ll get another viewing – after all, this time they might make an offer! However, research has shown that the most desired attributes have very little to do with what you as a seller do to your property.
Most British home buyers take a very subjective approach to purchasing a new home, with more than half claiming that the main motivation for their acquisition was that they fell in love with the house. So what exactly do they fall in love with? Well sadly, it isn’t that expensive remodelled kitchen and dining room you spent so much on a few years back, nor is it the limited edition wallpaper you bought to add a bit of class to the living room… it is, however, more related to qualities outside the boundary of your home.
It comes as no surprise that location was the most in-demand factor for 58% of those browsing the market, whether analysed from the perspective of its proximity to the potential buyer’s job or simply the number of local facilities or services in its vicinity and their accessibility. Coming a distant second was price, with 35% of those surveyed agreeing that fiscal responsibility made a huge difference in their approach to a purchase.
These considerations are, for the most part, outside of a seller’s control. The availability of local services or facilities can increase and decrease based on the strength of the economy, while development of roads and their management are in the hands of various government bodies. There’s also the risk of a neighbour’s behaviour impacting negatively on the value of your house, whether it be a neglectful attitude to their own home or unsightly extensions that make your house less desirable by proxy.
So what can you do? Luckily, the third greatest factor was the external façade of a home and its accompanying garden – so in the pursuit of a quick house sale and a quick move, it’s worth diverting more capital towards the state of your rose gardens and lawn as opposed to that expensive new lighting in the hallway.
Of course, negative factors inside the home such as damp and mould can heavily dissuade a buyer, but if these issues are dealt with before hitting the market, it is clear that the average buyer sees the interior of your home as a blank canvas. Ultimately, the greatest thing you can do for your house is to remember why you bought it in the first place, and use that knowledge to make your home a more attractive purchase.
If you’d like to sell your house quickly, ask National Homebuyers for advice, as we guarantee to buy any home. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Thought raising kids was tough? Property is harder, says research…
A recent poll carried out by Which? mortgage advisors has found the house buying-and-selling process to be more stressful than getting sacked, getting married, or even raising a child.
For those who’ve been through the property mill before, the latest poll results are surely not too surprising. For those yet to experience the joys and trials of either procuring or marketing their homes, the Which? advice service discovered a rather bleak outlook on how the average person copes mentally with the strains and pressures of the property market.
The consumer service questioned 2000 people who had been through the process during the last five years and found the only experience considered more traumatic than selling your house was divorce, with buying a house a close third.
Participants of the poll claimed there were several key factors that left a house seller/buyer in a constant state of unease:
- The chasing of estate agents and solicitors for regular updates
- The fear of a deal falling through at any moment and the additional fees it brings
- Having to keep the house in a constant state of cleanliness for short-notice viewings
- Enduring the cancellation of viewings (on average, a third of all viewings are cancelled)
- The fear of being gazumped at the last possible moment
These issues, combined with the constant disruption to everyday life, leave many feeling as if their lives have been put on hold for an extended period of time. Luckily, there are certain steps one can take to limit the stress suffered:
- Don’t hold back on the cost of a good solicitor/conveyancer – some may be cheap, but quality service and regular updates make the extra cost a no-brainer.
- Vet your buyers/sellers – the offers may sound great, the price might seem reasonable – but is the buyer coming out of a divorce? Are they desperate to sell? If so why? Potentially problematic buyers/sellers are common problems behind failed sales.
- Be organised – any paperwork, home improvements, or potential issues should be dealt with as early as possible. You don’t know how long these issues can take to rectify, and a last-minute delay at the end of a sale can convince a buyer or seller to go elsewhere.
- Where possible, avoid a chain – if a single sale flops, the schedule for completion can go out of the window.
Luckily, for those looking for a fast house sale, there are other ways to sell your home. One of these is to use a property purchasing company such as National Homebuyers, with a quick and easy process that helps a seller avoid additional maintenance fees, taxes and insurance while still enjoying first-class service.
If you’d like to sell your house quickly, ask National Homebuyers for advice, as we are UK property buyers who buy any properties. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How To Quickly Sell Your Home
Selling a home can be a time-consuming and stressful affair. Properties can languish on the market for months, sometimes years, with only occasional viewings and no offers. It can be particularly difficult for home-owners who are eager to move but must wait for their old home to sell, or those who are in financial difficulties.
Why Sell Your House Quick?
A homeowner may wish to quickly sell their home for many different reasons. If they are looking to move away from the area quickly, perhaps because of a job offer across the country, they might not have the money to buy a new property without selling the old one or they don’t have the time it takes to sell it. Some home-owners find themselves in the position of gaining a property through bereavement, and there are those who are in severe financial difficulties. Whatever the reason, selling a home can be one of the easiest and most effective ways of making considerable money.
Find A Quick Buy Property Company
Many quick buy housing companies have appeared in recent years, and they are perhaps the easiest and quickest way to sell a property. Usually all it takes is a quick phone call to start the hassle free process. The company does a market value estimate of the property and will offer a price based on this valuation. The owner typically has around 28 days to accept the offer and, if they are happy with it and wish to pursue the sale, they can be paid promptly in cash. The process is quick and secure and the estimates are free, with no obligation. Some sell house fast companies like National Homebuyers can pay you the cash within 7 days.
Take It To Auction
Property auctions have grown in popularity in recent years, and the properties that sell well at auction are at completely different ends of the housing market. Properties that are in need of repair and can be sold cheaply do well at auction as investors often see the potential of a ‘fixer upper’ which can be sold on at a greater price. However, properties that are highly sought after and in high demand do very well at auctions, too, as they can instigate fervent bidding wars. The downside to an auction is that, once the bidding starts, you have to sell your property for that price. You may have to sell it for considerably less than it’s market value.
Although you can expect to pay the auctioneers a fee of around 2.5% commission, the new owner has to pay you 10% of the price on the day, and the rest within 28 days.
For many people, going through an estate agent is not the quickest way to sell the property, even though you are more or less guaranteed to get the price that you want. However, an estate agent might be considered if you are willing to considerably undervalue the property. If you offer a property for less than the market value, you may find that potential bargain seekers or property developers will quickly put in an offer. This can be an effective way to sell a house that is in need of substantial repairs, although those with homes that are in good condition may find that they lose out. Estate agents will also take a fee, which is typically around 2%.
National Homebuyers – We Buy Any House
National Homebuyers UK property buyers who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat or bungalow we will buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve you aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer on the right hand side of this page and take the hassle out of selling your home!
How Long Will It Take To Sell Your Home?
One of the most common questions someone selling their home asks an estate agent is “how long will it take to sell my home?”
This type of question is an extremely hard one to answer in a market so full of variables. There are properties out there that sell within a few weeks and there are ones that sit on the market for years. In truth, there is sometimes no logical reason for the length of time it takes to sell a house. It could be a matter of sheer luck. A person could be just selling the right place at the right time.
According to figures released by Hometrack, a residential property market specialist, the average length of time it takes to sell a house nationwide is 6 weeks. However looking at these figures provided below, this national average time to sell a house hides the wide regional difference that exists throughout the UK.
For example homes in greater London and the South East actually sell a lot quicker averaging around only 4 weeks to sell. Compared to the North West where its can take on average of 10 weeks to sell a house.
|Region||How long it will take to sell|
|East Anglia||5 weeks|
|East Midlands||7 weeks|
|Greater London||4 weeks|
|North East||10 weeks|
|North West||8 weeks|
|South East||4 weeks|
|South West||6 weeks|
|West Midlands||8 weeks|
|Yorks & Humberside||9 weeks|
What Makes a House Sell Quickly?
It’s absolutely impossible to say realistically how long it will take to sell your home, however the figures reported by Hometrack can provide a rough idea as to long it will take to sell your house. However you need to keep in mind these figures are merely an estimation. There are a few factors that will potentially influence how long it takes to sell a house which are:
Pricing your property at the right value is absolutely crucial if you are looking to sell your house within a reasonable time frame. It’s simple logic that will suggest that an overpriced home will take longer to sell. Any home will sell more quickly if the price is low enough, and it will sit on the market if it is too high. So a smart strategy to help you sell your house faster is to price the property a little bit under market value. Lower priced homes tend to sell faster than higher priced ones simply because there are more buyers who fall within that lower price range.
Another big influence on how quickly a property will sell is its location which is one aspect of your home you don’t have control over. As we can see from the Hometrack figures different geographical areas seem to have different levels of attractiveness and demand. It is obvious that a property located in a highly desirable neighbourhood near excellent schools will sell faster than one that is a located within a high crime rate area or next to an environmental waste site.
The condition your home is in is also a major contributing factor to the time it will take to sell. Homes that are well decorated, uncluttered and sparkling clean will tend to sell faster because they will be more appealing to buyers. Property buyers need to imagine how they will live in the property they are considering to buy.
If a house has dramatic, personalised decorating, is a complete mess or the property buyer cannot see the actual house rooms due to clutter, they are less likely to buy. When choosing to buy a house a homebuyer will examine the property’s structural and internal condition. If there is major damage or deterioration to any elements of a house such as walls, ceilings, doors and carpets then the house will be less likely to sell than one in good condition.
Do you need a Quick Sale of your Home?
If you need a quicker house sale then you should consider taking the advice we have given above. If you have a house or property anywhere in the UK that isn’t selling as quickly as you would want it to then why not contact National Homebuyers who will be able to help you sell your house fast for cash within 30 days.
We will buy any house, in any condition within the UK in a time-scale that best suits you – from as little as 7 days to as long as is needed. Unlike other sell house fast companies, we use our own funds and don’t rely on mortgages or investors, meaning we can help you sell your house fast stress free with no fear of any property chain breaking.
5 tips for selling a home in winter
Selling a home in winter can be a bit challenging, but don’t worry as National Homebuyers have found this infographic which give 5 tips for selling a home in winter.
National Homebuyers – We Buy Any House
National Homebuyers are a UK based property buyer who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat or bungalow we will buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve you aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer on the right-hand side of this page and take the hassle out of selling your home!
Private House Sales UK: How Can I Achieve a Private House Sale?
Private house sales are becoming more and more popular for homeowners across the UK. Selling a house privately enables you to save a substantial amount of money by eliminating escalating estate agency fees. A private house sale also gives UK homeowners more control over the sale and negotiation process because they have direct contact with any potential buyers.
However, the process of selling your house privately without an estate agent may not be as straightforward as you think. It’s involves a lot of time and effort as you need to oversee the whole selling process and be happy to market your house to strangers. Selling your house privately in the UK is still essentially a gamble, but when done correctly, it can be a great way to sell your house and save a little money in the process. Discover more information about private house sales in the UK by getting in touch with National Homebuyers today.
Before deciding on selling your property, homeowners should keep in mind that estate agents are highly experienced in selling houses, they have a strong knowledge of market conditions and tried and tested negotiating skills. So before jumping into a private house sale to try to save money, homeowners should first weigh up the advantages and disadvantages of selling a home privately before making this decision.
If you still want to go ahead and sell your house privately then make sure you make the selling process as easy as possible for buyers to find out as much about your property as they can. In other words, make your house as sell-able as you can.
Below is some general advice for homeowners who want to achieve a private house sale:
1. Make the property presentable to buyers
Preparing your home is extremely important – it should be presentable to potential buyers. Just use a bit of common if you are thinking about selling your house privately. You’ll have much more success selling a property if you create an image of a lifestyle or an aspiration. If your house is messy, full of clutter and slightly dilapidated then it will be less appealing to buyers and will put them off.
To overcome this, one area of improvement is to get rid of any excess stuff that has accumulated in your house. Consider putting this stuff into storage or give it to someone to look after, private house sales UK tend to be a lot more successful when the home is tidy and presentable. You could even think about removing any large and bulky furniture to make any of your rooms appear larger, this could then be replaced with smaller more presentable furnishings.
Clean the house fully from top to bottom until it sparkles (including the garden and the carpets) and give the walls a fresh coat of paint. Also make any minor repairs that are necessary around the house such as any holes in walls or cracked tiles. By making your property presentable to buyers you will find the private house sales process much more straight forward. Buyers will then potentially be interested in your UK property because the house will look more attractive and buyers will get the impression it will be easier for them to move in and use the rooms immediately.
2. Set a selling price for your property
So now your house is looking great and de-cluttered, it’s time to establish how much you are going to sell your house for. The one part of the private house sales process most people struggle with is pricing. At this point, the expertise of an estate agent can be un-paralleled, they can usually give a very good estimation of how much your property is worth in the current housing market, something you don’t get with a private house sale. So how do you go about pricing your property when selling your house privately?
A Property value estimator is available here – Property value estimator. Alternatives to this can be found on websites such as Zoopla and Rightmove and all these tools can be really beneficial when selling a house privately in the UK. By putting in all your house details, these websites will provide you with an estimated price of how much your house is worth. Also look at the sold price history of your property and research all the properties similar to yours in the immediate area to see how much they have been valued at. Pricing is one of the most difficult steps when it comes to Private House Sales UK, but with a bit of research, a good ball-park figure can be established.
3. Write a detailed description of the property for sale
Like with anything, when selling a house privately you will need to provide a detailed description of the house you wish to sell so people can find out as much information about the property as possible. Home buyers will want to know whether it is a flat, a bungalow or a house they are looking at, how many rooms it has, what the size of those rooms are, and whether the house is a freehold or leasehold.
Try to avoid writing a detailed opinionated account of how wonderful your property is when selling a house privately. Keep the information about the property as concise and to the point as possible to help entice potential buyers through the door.
Also, don’t forget to mention any additional benefits of the property that are not tangible like its transportation links, local shops, schools, medical facilities and churches for example. This could just be what is needed to seal your private house sale deal.
4. Take quality high photographs of your house
Remember the old saying “a picture paints a thousand words”, always keep this in mind when selling your house. The item you are selling is your home so remember to take as many quality pictures of it as you can so that potential buyers can see your house in all its glory. When selling a house privately, listing all the sizes of the rooms and the house’s features is great, but pictures allow them to see these rooms and features for themselves. You have to remember that your potential buyers would have seen a lot of houses so it is vital to stand out, so make sure your photographs capture their attention to allow for a smooth private house sale.
Simple advice like: taking outdoor and indoor photos in daylight, and when taking photographs indoors open the curtains so you get as much natural light as possible, is essential. Poor lighting is a massive issue when it comes to selling a house privately, because a bad picture in low light makes a property look gloomy and less appealing. Views can be really beneficial when it comes to selling a house in the UK, so, if you have a great view from your garden or window then document it in a photograph, it may just be what’s needed to seal the deal on your Private House Sale.
Photos can also be counter-productive if they are poor quality and don’t do the property justice. You could even get a professional photographer in to take the photographs when selling your house privately, to add that extra touch.
5. Advertising your property for sale
Statistically, most people buy houses that are geographically no further than 5 miles from their current home, so when selling your house privately, targeting your local area should be a priority. When selling a house privately, make sure you advertise your property in as many local publications as possible such as local papers and newsletters. Don’t forget to also advertise your private house sale on notice boards in your local newsagents, supermarkets, and your parish churches to maximise your property’s visibility.
On a wider advertising front, it can be a little more difficult because, as an individual, your private house sale cannot be advertised on the main property portals such as Zoopla and Rightmove. These websites are the main way home buyers search for new properties and the main way estate agents sell houses. This is why homeowners tend to choose estate agents over private house sales, because they can provide them with more access to a wider scoop of buyers across the UK.
However, there are websites that allow you to market your private house sale online for free, an example of these would be Tepilo, owned by property expert Sarah Beeny.
There are also more generic online sales platforms available when selling a house privately, such as Ebay, Gumtree and the Friday-Ad Online. Social media websites such as Facebook and Twitter can also be a great way of spreading the word when selling your house privately. Maybe even consider filming the entire house, its rooms and additional features, and then post this walk-through video on YouTube for potential buyers to see.
Although private house sales in the UK may not have the reach an estate agent could provide, there are plenty of avenues to explore to seal a house sale deal.
6. Online estate agents
Instead of using a traditional estate agent to sell your house, you can still take advantage of the benefits an estate agent has to offer by listing your private house sale with an online estate agency. Online estate agents such as Emoov, HouseSimple and Purplebricks charge much lower fees for selling your house than high street agents.
The services an online estate agent provides is very similar to those offered by a high street estate agent including valuing, listing and marketing your property on popular websites such as Zoopla. The only real difference is they do not host viewings for potential buyers.
7. Selling a House Privately Fast for Cash
Another option available to homeowners who are thinking about selling a house privately is to go direct to a quick cash buyer without having to market their house or do any of the above tasks.
We buy any home companies like National Homebuyers can purchase your home for cash within 30 days. These direct cash buyers do not need time to arrange mortgages for the properties they purchase. This then allows for a quick private house sale without the homeowner actually having to do much work at all. Get in touch today to find out more information regarding Private House Sales in the UK.
So if you want a we guarantee to buy any home service then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer at the top of this page and take the hassle out of selling your home!
Most Estate Agents NOT Disclosing Neighbourhood Issues
It has been suggested that fewer then half of estate agents don’t ask property sellers any questions regarding potential neighbourhood issues they face. By knowing if a property has such issues as noise complaints or anti-social behaviour local to it is a vital piece of information estate agents should be passing onto potential buyers.
It is a legal requirement for estate agents to report any negative issues that may affect the buying decision under the Consumer Protection from Unfair Trading regulations but it appears they don’t seem to be bothering to collect this sort of information.
According to a new study by Churchill Home Insurance who surveyed 116 estate agents found that only 40% of estate agents actually ask property sellers to reveal any issues they may have with their neighbours. It was reported by Churchill Home Insurance that 10% of estate agents just rely solely on the purchasers’ solicitor or conveyancer to investigate any existing issues they may have.
The research revealed that just one in five estate agents asks property sellers if they have had problems with their local council and only 15% of these estate agents would pass this information on to the prospective buyer.
Churchill’s report said ‘If an estate agent has been made aware of a nightmare neighbour or previous council disputes, they are obliged to inform the buyer.
Informing potential buyers of neighbour issues is not only a legal requirement as already mentioned but according to Churchills report nuisance neighbours can devalue the property by more than £6,000 or even lose the sale. In fact sellers were required to drop the asking price by an average of £5,400 in Scotland and £7,000 in England and Wales.
So not only does this fact mean that estate agents are potentially incorrectly overpricing properties but by deliberately misleading a buyer to purchase this property could mean they will face expensive legal action further down the line.
Martin Scott, head of Churchill Home Insurance, said:
“Buying a property is one of the most expensive decisions many of us will ever make. As such, we are well within our rights to be informed about issues that may affect our buying decision. Buyers should ask their estate agent to disclose as much as information as they can about the property, seller and neighbours to help the buyer make the right decision.”
Spending hundreds of thousands of pounds on a property and finding yourself lumped with nuisance neighbours is every buyer’s worst nightmare. But, there are steps prospective buyers can take to ensure they flush out as much information as possible from estate agents.
National Association of Estate Agents (NAEA) managing director Mark Hayward said
“If someone is looking to sell their home and they have had a dispute with a neighbour, they must disclose this as early as they can.”
He went on to say it was still down to the estate agent to inform potential buyers of any problems with neighbours, and stated:
“It is vitally important that if you are buying or selling your home you use a reputable estate agent to ensure the right code of conduct is adhered to and that you receive the correct information.”
Churchill has suggested the following tips to help property buyers make a more informed decision:
Don’t be afraid to ask questions
When you meet the estate agent or seller inquire about issues such as past/ongoing disputes and the neighbourhood.
Do your own due diligence
Ensure you visit the property multiple times and different times of the day to get a full picture of the property and the neighbourhood.
Research the local area
Talk to neighbours, look at crime statistics and visit the local shops/restaurants to understand more about your new potential home.
Check floods and pollution
Check out online resources such as the Environment Agency (England and Wales) and the Scottish Environment Protection Agency for information on flooding and environmental information such as pollution.
National Homebuyers – We Buy Any House
National Homebuyers are a UK based property buyer who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat or bungalow we will buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve you aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer on the right hand side of this page and take the hassle out of selling your home!
Does your house seem like a good deal for buyers?
How your property is advertised, how long it’s been on the market and its capacity for different lifestyles are all factors in how potential buyers may view your home, before they even think about viewing it.
Though demand for houses is high, buyers always want to get good value for money – and there are various ‘warning signs’ that they look for when browsing property sale websites such as Rightmove, or those of local estate agents. This can be very frustrating if you’re hoping sell your house fast.
If you’re using an estate agent and your house hasn’t attracted much interest, you might think about trying more than one… but to a buyer, this can look desperate and make them wonder why the house needs extra help to sell. Likewise, if your house has been on the market for a long time, buyers may wonder why it hasn’t sold sooner – leading them to either offer a lower price, or steer clear altogether.
Photographs also have a big impact on your house’s initial appeal to buyers. If an area of the house is excluded – such as a kitchen, bathroom or particular bedroom – people will wonder what’s wrong with it.
The same applies to the external view of the property, as not only does it seem suspicious if it’s missing from an advert, but also means that people can’t visualise living there or investing in it. Even if you think parts of your house are ugly, some buyers might not feel the same way and see the potential, instead – especially a UK house buying expert.
Finally, the description of your house can matter a great deal to buyers. Is your estate agent trying to con people into thinking it’s better than it is? This can be bad for your sale prospects, as if a buyer is expecting something superior, they’ll be disappointed upon viewing. Whereas if you’re honest, they might focus on other features instead. Words such as ‘deceptively spacious’ or ‘on the borders’ of a popular area can set alarm bells ringing.
Are you losing hope of selling your home via traditional market methods or online estate agents? Ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
We buy any house in any condition throughout the UK.
Traditional estate agents no longer the automatic choice to sell homes
Many people are now keen to find easier and more cost-effective ways to sell their houses, meaning that the popularity of online estate agents is on the rise – along with other alternative routes.
High street estate agents usually charge around 1.5% of the selling price plus VAT, but some charge up to 3.5% for a premium service, meaning a hefty bill for the vendor when the sale completes.
By comparison, online estate agents such as Purplebricks and HouseSimple charge a much lower flat fee (often under £500) which is unaffected by the selling price. They also offer round-the-clock services, which many house sellers find much more convenient than struggling to reach traditional agents during office hours (as the sellers are often at work themselves).
It is estimated that around 4% of all UK homes are now sold using online estate agents. Purplebricks launched in 2014 and already sells around 1500 properties every month, while eMoov is also climbing fast, with 1322 sales in the last year. There are around 40 different companies to choose from, including Tepilo, which is run by TV presenter and property expert Sarah Beeny.
Online estate agents offer many of the same services as high street agents, such as valuing your home, writing sales descriptions and taking photos – and with websites such as Rightmove making it easy for buyers to browse properties, the need for traditional marketing has reduced. Furthermore, sellers often feel overcharged and poorly assisted by bricks-and-mortar-based agents.
“Online estate agents are fast becoming mainstream and they are only going to become more popular,” said Paula Higgins, chief executive of campaign group HomeOwners Alliance, quoted by This Is Money.
“And this is the High Street estate agents’ own fault. They do nothing to instil trust in their customers and are not transparent about how much they charge. And, as property prices continue to rise, fees will just keep going up.”
Other alternatives to traditional estate agents include property auctions and professional property buying companies, which are particularly useful if you’re keen for a quick house sale. If your home is less appealing than others on the market – due to location, external appearance or quality of decor – it may struggle to attract buyers online or in agency windows and brochures, so a cash offer may be very welcome after months of trying to sell via the usual methods.
Would you like to sell your house without using a traditional estate agent? Ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
How antisocial neighbours can affect your house sale
If you have troublesome residents living next door or on your street, it can be so stressful that you decide to move elsewhere – but first you need to sell your home, and noisy or antisocial behaviour from neighbours can make this much harder.
In some cases, a personal dispute between two particular neighbours might make living alongside each other uncomfortable, which wouldn’t necessarily have an impact on a new resident. However, some streets are blighted with people who have no consideration for anyone else, creating an unreasonable amount of noise or other disruption.
As a seller, it’s often impossible to ignore this problem, as there may be visible or audible evidence when potential buyers visit – and it’s actually illegal to attempt to hide the issue. Agreed sales prices are often reduced once it becomes apparent that the house next door is problematic; and sometimes buyers decide to pull out of a sale altogether.
Even if the buyers themselves don’t ask about antisocial neighbours, if they appoint a surveyor to check the property before their purchase, the surveyor may notice things that they don’t. He or she may also visit at a different time of the day compared with when viewings were conducted, thus discovering an issue that wasn’t previously observed.
If you suspect it will be difficult to sell your home to an individual buyer due to inconsiderate and noisy neighbours, there are other options you can consider. A UK house buying expert or professional property buying agency can make you a cash offer for your property and won’t be put off by issues such as noise or other antisocial behaviours nearby.
Do you have difficulties with your neighbours that are making you worried about selling? Ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Hilariously Bad Estate Agent Photographs
With so many property programs out there on television providing advice on how to sell your home you would think everyone nowadays would know the golden rules to selling their homes. Painting the walls magnolia, tidying away junk and displaying fresh flowers just a few of the tips that are suggested. But it still appears that some people just simply don’t make any effort whatsoever when it comes to selling their house.
Have you ever seen photographs of a property and thought ‘who would live in a house like that?’ As a UK property buyer, National Homebuyers are constantly amused by the quality of some of the images of properties we come across.
To share these amusing images we have gathered together some of the worst and most shockingly funny photographs estate agents have used in a poor attempt to sell properties. These images are hilarious and reveal some of the bizarre decorations and renovations behind the doors of some of the homes out there.
These are all genuine inexplicably terrible – and sometimes terrifying – photographs used to sell houses by estate agents. Some of these images have been sourced from Andy Donaldson who wrote the book Terrible Estate Agent Photos – yes such a book exists and is well worth a read.
So you can now stop laughing or come out from behind the sofa because we agree with some of those images were quite creepy. Using these photographs I would be surprised if anyone had requested a viewing of these houses let alone consider buying one of them. But these property owners still need to sell these houses otherwise they would not be on the open market. So how are they going to sell with such awful images trying to promote their homes?
Well, that’s where National Homebuyers can help! We are a UK based property buyer who really do buy any house! We buy any house, in fact, we will buy anything, absolutely anything! Whether it is a house, flat, bungalow, park home we will buy it! Even if your property images look like these one do; we guarantee to buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve your aim of selling your house fast in a timescale that suits you and not us.
Get your no obligation cash offer now by using the Get Offer form at the top of this page and take the hassle out of selling your home!
Flying Homes Out The Door
Many property owners in the open market are hoping for a quick sale of their home but they find that their allocated local estate agents simply are not flying homes out the door as fast as they would like them too so they can sell their homes quickly.
The property market in the UK is an inflexible and delicate chain that is very easily broken and it never seems to go anywhere when you need it to. Most home owners want to sell their property fast at the highest price and in the shortest timescale.
But the reality is slightly different, local estate agents these days are simply not flying homes out the door at the speed people need them too. The notion of being able to sell your house fast in a matter of months is sadly one that seldom occurs when you use traditional methods to sell your home.
In sequences where local property agents are not flying homes out the door as quickly as they are needed then property owners can turn to National Homebuyers who guarantee to buy a house or property within 30 days with our fast house sale process. We buy any house within the UK regardless of its condition.
UK Property Experts Who Really Are Flying Homes Out the Door
As property experts ourselves we are used to relieving this need for flying homes out the door quickly because we can buy homes fast for cash. The reason we can achieve this is because, as direct cash buyers we do not need time to arrange mortgages for the properties we purchase. The consequence of this is that we are able to help you sell your house as fast as you require, so we really can get your home sale flying fast.
We’ve designed our house buying service to be as fast and hassle-free as possible, so property owners no longer have to wait around hoping that their estate agent will step up their game and start flying homes, like yours, out the door quickly.
Our quick cash purchase also means you don’t have to worry about strangers nosing through your home either so it’s a win-win situation.
National Homebuyers can get the sale of a home flying through quickly for cash, hassle and worry-free so property sellers can sell their property faster. So if your home isn’t flying out the door as quickly as you had hoped and you are not getting the level of interest in your property you need to help sell your home then why not consider our fast cash offer. As a fast house sale company we offer property sellers a faster sale than they can get on the open market.
Fast Home Buyers That You Can Trust – Get Your Home Sale Flying Fast
So ARE National Homebuyers really flying homes out the door fast and helping people sell their properties quickly? Yes we are and we truly do buy any house, in any condition, anywhere in the UK and we guarantee to buy that house within 30 days with our fast house sale process.
We know that you probably have many more questions, so why not browse through our list of FAQs? Here you can find information on our house buying process, the history of the company and our recent purchases.
You are also free to browse some recent reviews of National Homebuyers so that you can be assured that you will receive the very best service possible and we can get your home flying off the property market quickly.
If you would like more information on how to sell your house quickly, or simply to find out how we can help you, then please get in touch with us today and be assured that we really do buy any house so call today on 08000 443 911.
Or, if you prefer, you can apply to get your very own personalised fast cash offer now!
National Homebuyers are flying homes out the door fast for property sellers so if you want to sell your house quickly then contact us today because we buy any house, any condition, anywhere in the UK for cash.
Here at National Homebuyers we guarantee to buy your house or property for cash so you can achieve a quick move now.
If your house isn’t selling, it’s time to try something different
You may want to hold out for a high price for your home, but if your property has been on the market for a long time, it’s wise to take a fresh attitude to selling instead of being stuck in limbo.
Houses that have been listed for sale for many months can struggle to appeal to homebuyers, as there’s immediately a question in their minds about why it hasn’t sold already.
If no one has wanted to buy it at the price you’re asking – despite a national housing shortage – it’s probably time to be painfully honest with yourself and admit that a lower price may be the way forward.
Initially, it might seem unfair and frustrating to earn less money from your sale, but while you’re waiting around in a house you no longer want to live in, life is passing you by… and time is often worth its weight in gold.
There are also ways to make the selling process much easier for yourself. Instead of going through the stress of estate agency fees, viewings by buyers and potentially long chains with all the usual legal hassle, you could opt to sell for cash instead.
Even if you dropped the price on the open market, there may still be issues with your home that stop people wanting to buy it – but a guaranteed sale with a professional home-buying agency could enable you to move on much faster and get the cash you need to start a new phase of your life.
If you’d like to sell your house quick, ask National Homebuyers for advice, as we guarantee to buy any home. Call 08000 443 911 or request a call back to find out how much you could get for your property.
National Homebuyers – We Buy Any House
National Homebuyers are a UK based property buyer who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat or bungalow we will buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts is always on hand to share their expertise with you and help you achieve your aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer form at the top of this page and take the hassle out of selling your home!