With all the uncertainty surrounding the UK government’s official intentional to leave the EU on March 30 by triggering Article 50, you might be forgiven for thinking 2017 won’t be the year you’ll be able to sell your property and moving on to pastures new.
At the same time, even if you did manage to find a buyer who had somehow jumped through hoops to get a mortgage deal, then stiffer regulation means a longer wait than ever before for paperwork to be completed.
But don’t despair, there’s still a way to sell a house fast in London today. Take a read through the following article and find out how here at Genuine Property Buyers we can help you sell quickly and hassle-free.
Brexit may definitely be happening this year, but the UK’s largest online property portal Rightmove predicts property prices – in the lower and middle price markets – will continue to rise – albeit by two per cent. The Royal Institution of Chartered Surveyors (RICS) puts that figure at three per cent.
It’s not a particularly impressive rise compared to previous years, but it still means a profit. And house prices certainly aren’t going to rise significantly over the next 12 months. So, if you’re looking to sell your property fast in London this year then there’s no point in waiting. We’re predicting the house market will go very quiet until the summer at least while everyone waits to see what happens after the triggering of Article 50.
The main reason property prices continue to rise is an undersupply of homes to buy. Recent government initiatives to build more homes don’t even come anywhere close to the numbers of new houses needed.
Independent think tank Civitas, for instance, say undersupply in the capital sits at around 45 per cent. Some boroughs in London are experiencing a housing supply problem of more than 50 per cent (Haringey, in the north of the city, is particularly lacking in housing).
So if you’re wondering “how can I sell my house quickly in London” then you can stop panicking right now. Buyer demand is definitely there. In other words, you’ll always find willing property buyers in London.
The average price for a property in the UK is currently £217k, according to the Office of National Statistics (ONS). Luxury properties in the capital are still experiencing a slump in prices and are expected to continue to do so for the rest of the year, especially those in hitherto sought-after areas such as Nottinghill and Chelsea. In fact, upmarket property agency Savills predicts a drop of nine per cent in luxury house prices.
The change to Stamp Duty where additional homes are charged 3 per cent is believed to be mostly responsible for plummeting prices in the luxury sector. Some analysts believe the stamp duty has had more of an effect on house prices than even the shock summer Referendum result.
There are numerous reasons why individuals and families find themselves wondering how they can sell their house quickly and move on. It could be down to an unexpected job relocation scheme, for instance, where you end up paying two mortgages so the sooner you sell, the better.
Financial difficulties and repossession can also result in the need for a quick sale – the former to allow debts to paid off before interest piles up and the latter to prevent repossession taking place and any future credit opportunities ruined.
And finally, another reason the owner of a house finds him or herself asking “how do I sell my house fast in London?” is down to inheritance issues, such as tax or even a family squabble over who will look after the house (often it’s just easier to sell).
To find out more about how we can help you sell your house fast in London quickly and for cash so that you won’t have to wait weeks for the money to come through, then do get in touch with us here at Genuine Property Buyers for a chat.
We look forward to chatting with you!