How to Sell Your House (in 2022)
If you’re selling your house, or if it’s been up for a while and still hasn’t sold, you’ll probably have a number of questions…
- At what price should I market my property?
- How can I make sure that I’m getting the best possible price?
- What’s happening to house values in my local area?
- Is there a risk of a house price crash in the future?
- Would using a sell house fast company or auction house like Property Solvers be better than using an estate agent?
- Should I look for another property if mine hasn’t sold or is it best to wait?
- Am I selling at the right time of the housing market?
- How long is it going to take to sell?
Property Solvers spend many hours every month helping homeowners with a range of house sale concerns like these.
There’s never a ‘one size fits all’ approach. We always assess each situation on its own merits with the aim of getting people the best outcome.
Will The Value of My House Go Up or Down in 2022?
After a strong year of house price growth in 2021, we expect prices to increase further in 2022.
There will, however, be some regional and even local differences to be aware of. That’s why we always encourage people to take a birds-eye view of what’s happening in their local housing market.
Buyers sentiment, supply/demand, the desirability for houses on your street and a range of other factors can all influence what can happen with a sale.
The good news is that it’s never been easier to check house prices for yourself.
But, at the same time, we would encourage you to not get too caught up in the detail and end up in a state of ‘analysis paralysis’.
Sometimes, simply taking some action will help you sell your house.
Is Your Local House Market Slowing Down?
Some of the telltale signs of a slowing property market in your local area include:
- More FOR SALE than SOLD signs;
- Fewer properties updated as SOLD Subject to Contract (STC) on the main portals (you can also check the date they initially went to market);
- Tools like the Property Log Chrome extension (for Rightmove) in addition to our own speed of house sale and asking vs. sold house price tools;
- Estate agents sounding negative about the market or saying that ‘everything’s fine’ when they have lots of unsold properties on their books;
- Evidence of falling prices registered at the HM Land Registry (we would recommend using the Rightmove sold house price tool or the Land Registry’s House Price Index to check this).
If your house is on the market and not getting much attention, you may struggle to sell if you’re not willing to negotiate.
Alternatively, it may make more sense to think about using a We Buy Any House service (i.e. a private buyer) or selling using an auction.
Others simply decide to keep hold of the property and perhaps try selling at a later date.
Be Realistic About the Value of Your Property
Working out a property’s fair valuation is not an exact science.
Homes on any given street can vary hugely in terms of size, age, character etc.
For example, it would be fair for you to ask for a higher price if you have a larger garden, floor space or have added an extension.
The level of quietness and proximity to good schools, shops, transport, healthcare and other essential services also come into play.
However, whilst the technology to track house price data is improving, your selling price may be open to debate.
You may find one estate agent saying ‘you could get more for that with me’, and then another saying ‘I think it’s priced way too high…’
It’s frustrating, we know!
Our advice is to use the data that’s out there (for free) plus some common sense to get to a realistic value.
Of course, speaking with knowledgeable estate agents is important.
But be wary of those that overprice property and raise expectations to win your business. You’ll often end up disappointed
Remember to also check out our 101 tips on selling your house (for a quick sale).
A Note on UK House Prices…
Property prices cannot be looked at through one lens.
For instance, since the 2007-08 recession, values across Greater London and the South East grew massively – which wasn’t the case in much of the North and the Midlands.
These areas started to see relatively strong growth in recent years (whereas London and South Eastern prices flattened out somewhat).
All local house markets can also expect to see short-term peaks and troughs as a result of market shake-ups that happen from time to time.
Nonetheless, tracking five of the main house price indices, the graph below shows that average values always have grown steadily since the start of the century:
In short, the property values will always rise over the long term.
It’s just the short to medium-term trends that are not so easy to predict. This is why we recommend looking at your local house market in more detail when looking to sell.
Will Coronavirus Affect House Prices?
As the repercussions of COVID-19 on the property market took effect over the second quarter of 2020, there were many in the home sales sector that predicted the worst.
This was supported by a complete market standstill during March and April as the first national lockdown resulted in the inability to conduct viewings and get sales moving.
However, as the lockdown rules were initially loosened, estate agents across the country actually witnessed a spike in demand. This continued into 2021 despite the lockdowns at the start of the year.
For instance, there was a strong demand for properties outside of busy towns and cities as people became accustomed to working from home and looked for extra space and gardens.
The market was further fuelled by a further drop in the Base Rate, a continuation of government schemes such as Help to Buy and the unprecedented economic stimulus.
What Will Happen to House Prices in 2022 Post-Coronavirus?
Many of us were surprised to see reports from the Halifax and Nationwide that prices grew by up to 10% over the course of 2021.
This may well be due to a lack of supply or ‘scarcity’ factor forcing prices upwards. The extended Stamp Duty Holiday also certainly helped things along.
As 2022 progresses, we expect to see continued high demand for property.
This is not to downplay the damage that the virus has had – particularly on industries such as hospitality and entertainment.
The Effects of Inflation on the Housing Market in 2022
There are also notable inflationary pressures which could, in turn, result in the Bank of England raising interest rates.
How much would depend on how aggressively prices rise (and therefore need to be controlled) – but it wouldn’t be too unexpected to see the Base Rate reaching between 0.75 and 1% by the end of the year. This, in turn, could have a dampening effect on the market as mortgage costs would end up higher.
Nonetheless, in our opinion, we’re not going through the same situation as what occurred in 2007/08.
Back then, the crash was fuelled by massive debts in the mortgage sector.
Today, the banking system is comparatively well-positioned. Indeed, as a result of the Mortgage Market Review (in 2014), homebuyers (and those remortgaging) must now put more of their own funds into properties. This means the chances of going into negative equity are lower.
In short – whilst we have concerns about the huge amount of accumulated national debt and potential stock market crashes – we expect the seller’s market to continue into 2022.
Will Brexit Affect House Prices?
With the government’s priorities clearly focused on stemming the effects of COVID-19, Brexit took a back seat for most of 2020 and 2021 as the pandemic dominated the headlines.
In fact, the UK’s departure from the European Union was barely noticed by many.
Yet now that the spread of Coronavirus is much more under control, the topic may well be raised again – particularly as supply chain issues continue to impact several important industries.
Nonetheless, many were expecting a major house price crash after the initial referendum result which didn’t happen.
It’s our belief that, with interest rates at historical lows, although it may take some time to filter through, the market should still gain pace despite the risks that Brexit brings.
Ways to Sell Your House if Time is Short
There are many reasons why people look for a fast house sale. It often comes down to accessing the money locked in the house in as short a timeframe as possible.
Going through the ‘normal’ house sale in such circumstances is stressful and frustrating.
But always remember that you are always in the driving seat. You ultimately don’t want to make any decisions you’ll regret down the line.
Should You Use a Company Like Ours?
The reasons that you may be thinking of using a company like Property Solvers’ own cash buying service may include:
- A need to complete the sale on a set date and an estate agency or auction sale will take too long;
- A buyer has pulled out (broken chain) or there’s concern about the certainty of sale;
- You have mortgage arrears or you’re being threatened with repossession (see our stop repossession guide here);
- Your property is in a bad state and will struggle to sell on the open market;
- There are underlying legal issues that put off most buyers;
- You don’t want to have to pay legal or estate agency fees;
- The estate agent you’re working with is doing a bad job;
- You’re selling a tenanted property or wish to sell an inherited property;
- You’re divorcing or separating and don’t want the hassle of an open market home sale;
- You’re looking for a clean break and want to keep the sale private.
Much will therefore depend on your own situation and how urgently you need to sell. But property buying companies often work well for those who want to deal with a serious buyer on a one-to-one basis.
Sell My House Quick – Know Your Options
Decent quick sale companies will always take the time to listen carefully to your situation.
You may be in a rush, but always take the time to carefully consider your options.
For example, you may want to look into the following:
Reducing Your Asking Price
– If you are tied into a long-term contract with the estate agent and haven’t been getting many viewings, adjusting the price usually gets the momentum going.
Using a Reputable Estate Agency
– Working with a decent estate agent that has a solid track record and won’t string you along can often be key to getting an excellent outcome. You may also want to consider part-exchanging your property with a developer (assuming the plan is to buy another property.
– Although the process can take longer than people expect, this can be a good way to sell your property with more security relative to using an estate agent.
Changing the Payment Terms of the Mortgage
– Swapping from a repayment mortgage to an interest-only mortgage can give you some ‘breathing space’ to then make a decision down the line.
Payment Holiday with Your Mortgage Lender
– We normally suggest this route if you are facing financial difficulties, although you should make sure you understand the long-term consequences.
Renting Out Your Property
– Provided you have another place to live and it makes financial sense, holding on to your property means you can cover your costs and benefit from the long-term value growth.
Taking Out a Bridging Loan
– popular in the auction financing space, this type of loan can be used to your advantage if time is short. However, be well aware of the high rates of interest and other risks involved.
A Cash Sale Direct to Property Solvers
As full-time and experienced professionals in the industry, we pride ourselves on having a detailed insight into the market.
This means we can help clients achieve what they want and, in most cases, find a suitable solution during our first phone call.
Considering the growing evidence of quick house sale scams, we are also very keen to differentiate ourselves from others in our industry.
Anyone who contacts us will receive honest and up-front assistance before we even mention how we work as a company.
Rapid Cash House Sale
This is the simplest and most efficient way to sell within a short timeframe whilst getting fair treatment.
Property Solvers are legitimate cash buyers.
We do not rely on external finance like mortgages. This results in completion times of between 7 to 28 days. However, we are happy to work to your own timeframes.
Another benefit is that you’ll pay no estate agency or legal fees (the two largest property sale costs). We can also discuss an interest-free cash advance should you need it.
As direct buyers, there are no middlemen and the sale is 100% guaranteed – not to mention completely stress-free.
Property Solvers is an ethical property buying company that has written its own code of practice which we are fully accountable to.
Note that we also have a London property buying service operating across the capital and surrounding regions.
Property Auction Sale
Using the latest technology, we have a modern platform with auction property for sale with ready and waiting buyers!
With 28 and 56-day (modern method) sale completion methods, we can tailor the outcome of the sale according to your specific needs.
We can get your property listed within days, ensuring excellent exposure across all the major portals.
We’ll then work hard to get you the very best sales price.
Typically we’ll conduct open days and make ourselves available to answer buyer questions through our 24/7 enquiry line.
We’ll fully vet the prospective buyers to keep the process completely transparent and ensure a competitive bidding environment.
With a non-refundable deposit or completion guarantee in place, once a bid is won, you’ll be safe in the knowledge that the likelihood of the sale collapsing is slim to none.
28-Day Estate Agency
If you’re actively looking to sell your house, you may have already approached some estate agents in your local area.
Or perhaps you’ve thought about using online estate agencies like Purple Bricks, Yopa or Strike.
With so many options out there, making the right decision can seem a little daunting. This is probably the largest sale you’ll have to deal with in your lifetime and not to be taken lightly.
The third 28-day estate agency option we offer here at Property Solvers is for people that are prepared to wait a little longer in order to guarantee the highest price.
Using our hands-on experience, our core aim is to get you a 100% market value price in 28 days or less.
What’s more, there are no tie-ins whatsoever on our sales contracts. If you’re not satisfied with our service, you can leave with no questions asked.
To highlight some of the key benefits of our estate agency service:
- Floorplans, professional photography and 3D tours (we won’t market your property unless you’re 100% happy);
- A bright FOR SALE board in front of your home. This has a freephone number people can call to book viewings and request information 24/7;
- Your property will be marketed on all the major portals including Rightmove, Zoopla, Prime Location, the House Shop, Net House Prices, Mouseprice, Home.co.uk and many more!
- State of the art technology to minimise friction and speed up the house sale process;
- Accompanied viewings (including evenings, weekends and even bank holidays);
- 24/7 enquiry line (we never miss a beat!);
- Deal with serious buyers;
- Full communication and weekly reports;
- Weekly sales reports (with relevant data direct from Rightmove and Zoopla);
- Complete sales progression;
- No sale, no fee.
Get in Touch with Property Solvers
Here’s a quick video that goes into our 3-tier service…
For further information. Please call us anytime. Our freephone number 0800 044 3733 is open 24 hours, 7 days a week.