Selling Your House Quickly in the Current Market
Will Brexit Affect House Prices?
Stop House Repossession by Selling For a Good Price
Selling My Rented Property for a Good Price
Selling My Inherited Property for a Good Price
Sell My House Quickly For a Good Price
Selling My House in the Current Market
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…
- Is my house priced correctly?
- Should I drop the selling price?
- What’s going to happen to house values in my local area?
- Maybe I should take my house off the market?
- Should I look for another house if mine hasn’t sold?
- How can I sell my house quickly?
Property Solvers spend many hours every month helping homeowners answer concerns about selling their house.
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?
Unfortunately, there’s no simple answer here…
We usually start by encouraging 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 in your area 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.
Be Realistic About the Value of Your Property
We have long realised that 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 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 find that the end result is often disappointing.
UK House Prices (as at January 2020)
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.
Yet, 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:
Most commentators agree that the market will be fairly slow as we move through 2020.
There may even be some drops in certain areas, especially London, but nothing like the crash of 2007/08.
Mortgage interest rates will stay reasonably low meaning that buyers will be less afraid to make higher offers for your house.
It’s also well-known that there is an undersupply of housing which is keeping prices up.
Although the government’s Help to Buy scheme has been criticised for not attending to the right people, its continuation will support house price growth.
On the flip side, there are a number of reasons to not be so cheerful…
More and more young people find themselves pushed out of the market (especially in the south).
Although the government removed Stamp Duty for first-time buyers, the deposit youngsters have to put down these days is often well beyond their means. The majority cannot get help from the ‘Bank of Mum and Dad’.
Many observers think that prices need to drop to make things fairer.
Then, of course, there’s the unavoidable question…
Will Brexit Affect House Prices?
The Conservative government’s clear majority in the 2019 election is expected to restore some confidence in the house sale market.
Bar unforeseen circumstances, it’s fair to assume that the UK will leave the European Union at the end of this month. This would be under the terms of the negotiated withdrawal agreement.
The rest of the year will see Boris Johnson trying to negotiate favourable trade terms with the EU.
We can expect this to shape the direction of the economy and property market.
Remember, Britain has not left the EU as of yet. It’s only once we depart will the wider impacts of Brexit be felt.
Therefore, when it comes to the direction of house prices as a result of Brexit, nobody really knows.
From a broader standpoint, we plan to pay close attention to the value of the Pound (£).
Should it weaken and fuel inflation (especially in a ‘no-deal’ scenario), the Bank of England may be forced to raise interest rates.
These would then filter into the mortgage market and slow things down as buying won’t be so easy. Those on variable or tracker mortgage rates will also feel the sting of higher monthly outgoings.
Some of the telltale signs of a slowing 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 and our own local house market insights pointing to downward price trends;
- 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 Land Registry (we would recommend using the Rightmove sold house price tool or the Land Registry’s House Price Index itself 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 keep hold of the property, especially if you can cope financially.
Indeed, more people have also been extending their homes, especially when they have Permitted Development Rights (PDRs) and don’t have to seek full planning permission to do so.
Stop House Repossession by Selling For a Good Price
Although many homeowners across the UK pay relatively low interest rates, more people than you would expect fall into mortgage arrears.
According to the Ministry of Justice, mortgage repossessions increased by 30% when comparing April to June 2019 with the same period in 2018.
Here at Property Solvers, we come across people who have fallen behind with their mortgage payments for a range of reasons.
The main one is overburdening debts often triggered by job loss or more awful circumstances like illness or bereavement.
With credit card and other personal loans still being easily accessible, and their APRs being scandalously high, many people take on more than they can chew.
Much would depend on how long things have been left for.
Our primary piece of advice is to communicate with your mortgage lender as early as you can.
Keeping them informed of the situation will mean they’re less likely to get their legal department involved.
Also, remember that should repossession happen, the lender will chase after the money that’s owed to them plus interest and legal costs.
We have summarised what you should do in each of the circumstances below:
1 Month Mortgage Arrears
If you are 1 or 2 weeks behind with the payment, as long as you keep the mortgage company / building society updated you should be ok.
Provide the lender with a firm date as to when the mortgage payment will be paid.
You can also potentially discuss a payment plan.
If you’re thinking about selling up, remember to contact Property Solvers.
We have a 100% market value quick estate agency which works very well in these kinds of scenarios.
For example, we can actively market your property and provide the necessary evidence that lenders usually require.
2 Months Mortgage Arrears
Yes, things a getting serious but there’s still time to turn things around.
Continue to communicate with the mortgage lender and make sure they are meeting their own obligations.
Although some people look at it as ‘dead money’, it’s sometimes a good idea to pay off whatever you can afford.
Whilst it doesn’t guarantee that the lender will halt repossession proceedings, it will at least show that you’re doing your best to get things sorted.
It’s likely that you’ll have received letters and a court order.
3 Months Mortgage Arrears
You’ll no doubt have a court date and/or may be facing the prospect of eviction.
Even so, please stay clam. It’s still possible to stop the repossession process in its tracks.
Secondly, make constant contact with your lender.
If you can borrow some of the money from somewhere then you may be able to buy some time.
If you have tried everything, Property Solvers homebuying service can help.
We can exchange contracts in as little as 24 hours where required and pay off all your arrears owed. This will firmly stop the eviction. We can then complete on the sale over the next 28 days (sooner, should you need to).
You’ll then avoid the bank coming after you for surplus funds and move on with your credit rating in tact.
Selling My Rented Property for a Good Price
In recent years, Property Solvers have been speaking to more landlords asking: ‘should I sell my house given all the challenges facing the buy-to-let sector?’
The response we provide really depends on individual circumstances.
For example, some are simply looking to release built-up equity for personal reasons.
If there’s no major rush, we usually suggest refurbishing the property to get the maximum value.
However, it’s worth using our calculator to see whether it’s easier to sell ‘as is’).
But for the others, the onslaught of legislation and regulation hitting the sector in recent years has meant that a more urgent solution is required.
The most notable pain point facing many landlords at the moment was instigated by former Chancellor George Osborne…
Section 24 of the Finance (No. 2) Act 2015
Section 24 (sometimes referred to as Clause 24) is a piece of legislation that effectively taxes landlords on their revenue, not their profits.
In 2019, the screws have been getting even tighter. Landlords are only able to deduct 25% of their mortgage interest costs against gross rental income.
On the bright(ish) side, there will be a mortgage cost credit of 20% applied – even when the full force of the legislation is rolled out in the 2020/21 tax year.
Also, the impact of any tax change will only be felt in the following year (when the tax is owed to the HM Revenues & Customs).
So the tax for the financial year 2019/20 will be due in January 2021.
At most risk are the landlords who have high levels of secured debt against their properties as well as those in the higher tax bracket.
Taken from our guide to selling a tenanted property, the table below assumes that Landlord A and Landlord B own very similar properties.
The values of both rental properties are £100,000. With a rent of £600 per calendar month, the gross yield is 7.2% at the point of the full effect of Section 24 in 2020/21.
You can see that Landlord B, as a higher rate taxpayer, will incur a 50% decrease in net profits once the legislation is fully in place.
The above assumptions also do not factor non-mortgage interest costs such as voids, legitimate running expenses and other holding obligations.
These overheads will still remain fully tax-deductible against gross rental income (revenue).
Other Landlord Risks in 2019
Section 24 comes part of a broader array of top-down measures that are making the average landlord’s life more difficult.
The Prudential Regulation Authority (PRA) stress-testing criteria, for example, is placing further controls on the amount of mortgage finance a buy-to-let landlord can secure against a property.
Combined with higher stamp duty rates to acquire buy-to-let properties and more omnipresent regulation, the barriers to entry have never been higher.
If you are thinking about selling, however, make sure you seek suitably qualified advice from an experienced tax advisor beforehand.
Selling My Inherited Property for a Good Price
If you’ve lost a loved one in modern times, please accept our condolences. We appreciate that it’s a stressful time.
Add in the extra hassles of dealing with the estate and any assets (property or otherwise) and you may be feeling a little lost.
As the UK probate process is complex, it’s fundamental that you seek suitably qualified advice before making any decisions.
Much will depend on the terms of the Will and the probate process that follows when someone passes away.
The situation gets even more tricky when there is no valid Will in place. In such scenarios, the rules intestacy will apply.
Also, if there are unpaid debts left behind, then these will have to be cleared before anything left over can be paid to the beneficiaries.
Here at Property Solvers, we’re often approached by people who have been gifted a property as part of the estate distribution.
We often find that the property is some distance away or is in a state of disrepair and too much to handle.
Our services can be a good option if you’re looking for a faster sale. This can either b
However, as stated above please always seek.
Sell My House Quickly For a Good Price
The above scenarios are some of the most common we see as professional property buying and selling company. There are many – broken chain. In truth, most of us want to sell quickly but the problem comes down to the price.
Going through the house sale process is stressful and frustrating – especially if you’re in a rush to get things sorted.
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 Quick House Sale Company?
The reasons that you may be thinking of approaching a quick house sale company may include:
- A need for a quick completion on a set date;
- 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 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;
- The estate agent you’re working with is doing a bad job;
- 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 fast house sale companies often work well for those who want to deal with a serious buyer on a one-to-one basis.
Here links to other blog posts we’ve put together about selling your house quickly:
- Sell Your House Quickly with Property Solvers
- Selling Your House Quickly – 7 Real Options
- Sell House Fast – Beware of the Scams
- How to Sell Your House Quickly [101 Tips]
- Fair Treatment When Selling Your Home Fast
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:
Sell My House Fast to Property Solvers
As full-time and experienced professionals in the industry, we pride ourselves in 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 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.
Quick 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 operators like Purple Bricks and Yopa.
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.
This section goes into why we’re confident that the Property Solvers Express Sale service will get you a successful sales outcome.
We’re Genuinely Experienced
Our team have been working in house sales for over 17 years.
Over this period we have bought and sold properties 100s of times for ourselves and have developed a unique understanding of the market.
This first-hand experience enables us to offer you a better service than other agents.
Offers in 28 Days
We take our experience of working in the quick cash sale industry to get you the full market value of your property within a month.
Our experience across the region has taught us that the best time to sell a house is within the first 2 weeks. This is when the buzz and excitement are at their peak.
We’ll pitch the asking price at a level you’re completely happy that will still generate a lot of interest and the get offers to roll in.
Check out our Local Market Insights tool to see long properties are really taking to sell and see what the average difference is between asking and selling prices.You can also see regional data specific to your area to see how your postcode compares with others.
No Tie-Ins to Our Contracts
You’ll probably find that most agents want to tie you into a contract for at least 3 months.
Property Solvers are so confident about our service that we won’t put you in such a position.
We usually request for us to have 28 days but, if you’re not satisfied with us, you can leave with no questions asked (not that you’ll need to!).
No Sale, No Fee
You may have noticed that many modern estate agents want an up-front fee. Although the total costs end up cheaper, you’ll often find that you’re tied into a contract without any guarantee of a sale.
Here at Property Solvers, we believe that we should work hard for you before taking any money. It somehow doesn’t seem fair to take any kind payment up-front or trap you into something where you’ll end up paying us if we’re not successful.
For this reason, in the unlikely event that we don’t sell your property, you won’t pay us a penny!
Tech-Driven with the ‘Personal Touch’
We are continually developing our back end systems with state of the art technology to minimise friction and speed up the process.
But this doesn’t mean that you’ll be speaking with robots! Our sales team always makes itself available to deal with enquiries – even evenings and weekends. Feel free to test our 24/7 number on 0800 344 3797.
Top-Notch Photos, Floorplan and 3D Tours
We’ll produce high-resolution photos and a floor plan and, if you so desire, only publish once you’re completely happy with how things look.
For those that choose our Premium package, we’ll include a full augmented reality tour of your home. This means that potential buyers can get a good feel for your property from the comfort of their own home.
Wide Online Exposure
We’ll get your property excellent exposure – above and beyond what’s offered through local estate agents. We’ll market your home on all the major portals including Rightmove, Zoopla, Prime Location, House Ladder, Net House Prices, Mouseprice, Home.co.uk and many more (see where we advertise).
Those that use our Premium package will also benefit from having their properties featured on Rightmove and Zoopla.
A Bright, Impactful ‘For Sale’ Board
Our impactful ‘for sale’ boards can be seen from a long distance away. They’re also visible on darker days and in the evenings.
Every board has a freephone number for people to book viewings and request information.
24/7 Estate Agency Service
We run an enquiry line and online chat service 365 days of the year.
This means we never miss a beat when it comes to organising viewings, dealing with questions and handling any possible situation that could arise.
We use our professional viewing experts to show prospective buyers around your property. They are available evenings and weekends and can be conducted with or without your presence.
We’ll follow up every viewing with instant feedback (via email and/or phone call). Our sales staff will then be available to deal with any questions or open up the negotiation process.
Deal with Serious Buyers Only
Experience has taught us how to avoid ‘time wasters’. We’ll check the credentials of any offer before allowing the sale to proceed.
Typically we make sure the vendor has an up-to-date and valid mortgage in place. We also confirm that they have the deposit ready to buy your house.
We usually suggest that sellers stay away from a chain sale, but sometimes there’s not much choice – especially in higher value areas. In such cases, we will regularly check all aspects of the chain and help the solicitors deal with any issues.
We sometimes also ask for a non-refundable deposit, especially when we sense that a buyer is not committing. This usually ‘sorts the wheat from the chaff’!
Full Communication and Weekly Reports
Having sold houses through other agents in the past, we became frustrated with the ‘set and forget’ attitude after we signed up. We found it hard to get updates and clear answers without being pushed from pillar to post.
These negative experiences have taught about the importance of dealing with queries whenever our clients need them.
We’ll also send over a weekly report which has data direct from Rightmove and Zoopla so you can see the kind of interest your property is generating online.
Complete Sales Progression
It’s easy to think that everything is done and dusted once a sale is agreed. In fact, quite the opposite is true. Mortgage issues as well as problems with the title, searches, surveys and contract drafts can all crop up as the sale goes through.
Most of these problems can be overcome, but not without being proactive. We will make regular checks with the solicitors and be available to deal with any issues you need us to.
Property Solvers are also happy to put you in touch with the solicitors we use for our private sales. We have used them for many years and they’re reasonably priced.
We’re also completely available to help you with the legal documentation or if you need ‘hand holding’ throughout the process.
For a short introduction to how we work, check our introductory video below:
Please call us anytime for a friendly, no-obligation chat. Our freephone number 0800 044 3733 is open 24 hours, 7 days a week.