We know the pandemic sent the property market berserk with prices, particularly outside of major cities where demand saw prices rise at a rate never seen before. Buyers fled cities, particularly London and headed for the countryside for fresh air, open space and larger properties with home working potential.
By the time the first lockdown ended, two years ago, places such as Yorkshire and Derbyshire were so sought after, that homes were selling before hopeful city dwellers could even travel up the motorway to view them. Some estate agents reported a 250 per cent increase on buyers from outside of their area.
But life has started to return to normal, Covid-19 is rarely mentioned in news bulletins, replaced by the cost-of-living crisis and whispers of another recession. So, is the countryside property market about to burst?
The main issue is that there is a major shortage of properties in these areas now, so estate agents certainly won’t see the volume of transactions they have seen over the last couple of years. Furthermore, people are keeping an eye on their finances, taking into account the state of the economy, inflation and whether they can remain working from indefinitely or whether there is an expectation for them to return to the city offices. Buyers are more reluctant to make a move whilst so much uncertainty is on the horizon.
Far from the frenzied ‘above asking’ offers which have been commonplace over the last 18 months, the market is adjusting to a more sensible approach, and buyers are certainly cautious, offering 10 per cent or more under asking price.
I think the answer to whether the ‘bubble has burst’ is yes, in the sense that the level of activity seen was simply unsustainable. What happens from here on out, whether prices drop off a cliff edge like in 2008, or whether they gradually resume to more sensible levels will determine what buyers and sellers do next.
The worst outcome for those who have made the leap to the countryside is to find themselves needing to move back closer to the city for work but unable to sell due to a declining market. If companies are forced to make redundancies then we could see a reverse of last year – people moving back to the cities to look for work.
If you are looking for a quick sale, for whatever reason, and would prefer an offer market discreet transaction, WeBuyProperty.com can offer free advice and/or a no-obligation offer on your home within 24 hours.
Do you have a property with a not so appealing past? Perhaps you bought it at a knock-down price and now are worrying about trying to sell it on? Well, fear not, apparently even properties with the grisliest of pasts can appeal to some people.
The house of horrors, 195 Melrose Avenue in Cricklewood, is where Dennis Nilson murdered his 12 (or 13) victims. Yet in 2016, the two-bed flat in leafy North London was sold at a bargain price of £493,000 to an undeterred buyer, despite the gruesome warning on the advert.
Obviously, this is an extreme example, but death is never an easy topic and sellers who disclose a grim past are often concerned that the property’s past will make it impossible to sell.
Firstly, I think it is important to note that nothing happens to the value of a house where a death occurs naturally. However, if a traumatic event happened at a property, sellers should disclose what happened as this may influence the future owners’ decision.
A dark history is definitely going to make a sale harder due to deeply rooted superstitions. A property’s market price could be greatly diminished by a tragic event like a murder or paranormal activity, and even being located next to a cemetery can cause a drop in price.
However, it is important to remember that unlike many years ago, now a simple search on Google can reveal the past of any house that ever appeared in the news or had some history written about it in the papers. For this reason, transparency is always the best approach.
According to The Property Ombudsman’s Codes of Practice for Residential Estate Agents, Agents “must by law comply with the Consumer Protection from Unfair Trading Regulations 2008 (or the Business Protection from Misleading Marketing Regulations 2008 where applicable).
The Consumer Protection from Unfair Trading Regulations 2008 requires agents to disclose any information of which they are aware or should be aware of in relation to the property in a clear, intelligible and timely fashion and to take all reasonable steps to ensure that all statements that they make about a property, whether oral, pictorial or written, are accurate and are not misleading. All material information must be disclosed and there must be no material omissions which may impact on the average consumer’s transactional decision. Where information is given to consumers and/or their representatives, it must be accurate and not misleading.”
Of course, this is a bit of a difficult area of legislation as it relies on the seller disclosing any information, they know about the property to the agent so that that information can be passed on to any potential sellers. However, agents have a duty of care to do their due diligence and find out any information they can.
If you have a property with a history which you would prefer not to discuss with estate agents, or are concerned about how it will sell, WeBuyProperty is happy to have a no obligation chat with you about the property. We will provide honest feedback for the best steps forward for you to sell your property as discreetly and hassle free as possible.
Whether your property had subsidence in the past or you have just recently found out that there is a problem, it is no doubt causing you a headache. Subsidence can not only be expensive to resolve but it can significantly push up insurance premiums and affect the saleability of a property. In extreme cases, subsidence damage can result in houses being uninhabitable while repairs are being carried out.
What is Subsidence?
Subsidence is the downward movement of the ground supporting the building, meaning the foundations under your house become misaligned through sinking or caving in, threatening the structural integrity of the building. Typically, it is most problematic in the warmer months as the lack of rain causes shrinkage of clay soils which expand and contract with changes in their moisture content.
Subsidence damage to buildings is most commonly identified by cracks in walls which are visible from both inside and outside the property, wider than 3mm, tapered and extending below the damp proof course.
Whilst it is not impossible to sell a home that has had, or currently has, subsidence, it can make it more challenging. You will need a survey on your property to know whether the subsidence is historical or ongoing and the extent of it.
If it is historical then no improvements will need to be made. However, this information will have to be disclosed to an estate agent if you are looking to sell, who in turn must inform any prospective buyers.
Unfortunately, subsidence can put some buyers off, even if it is historical and therefore can affect the selling price by approximately 20%, depending on the severity.
If you’re struggling to sell your home with historical or current subsidence, WeBuyProperty will give you a valuation to buy your home for cash and take the stress out of trying to sell.
People who have not moved for years, but are now considering doing so, might be surprised to learn what has now become important to the buyers looking at their house, and what they find is important to them when looking for a new home.
What have recent studies proven?
There have been several studies over the last few years relating to top priorities buyers look for when moving home, and even before the pandemic, more than two thirds said they would by “put off” by a home with slow WiFi. Apparently, two in five people decided against a property after finding out the area had poor broadband connection.
So, with that in mind, you can image how a reliable internet connection has climbed the ranks this year! According to one report, following Covid-19, 93% of people said a reliable internet connection was a priority when house hunting.
Understandably, this reflects the growing need for a better connection that can help to handle home working, alongside using several devices at once and streaming videos etc.
Also, keep in mind that the buyer of your property may be a landlord looking for rental income, so broadband is going to be a huge factor in the rental market.
I know it seems crazy that alongside all the other factors that people have to consider when moving house, such as location, property type, garden size, number of bedrooms, the list goes on, that buyers would add internet as a priority, but I guess that is the world we live in now.
If you are trying to sell your house, particularly in a more rural area which is more likely to be affected by slower internet speeds, be prepared for buyers to scrutinise your internet speed. This has become so important to buyers, that a study looking at average UK house prices by ISPreview, found that if you have really slow internet speed, 24 percent could be knocked off the value of your home. Naturally, to coincide with this shift in what people prioritise in their search for a home, a home office or a spare room is now becoming more important whilst ‘ commuting time to the workplace ‘ is less important.
If you are struggling to sell your home because it does not have all or some of the buyer’s top priorities (garden, office, spare, room, location), WeBuyProperty may be able to help.
WeBuyProperty can give you a n0-obligation quote to buy your home for cash. We aim to complete transactions within a matter of weeks.
Selling your home can be something tempting to try alone. Maybe you don’t want to hire a real estate agent as you need to save money and keep costs down. However you do need to be careful and use a reputable agent or service even if they are online.
Some internet agents simply list your property online — leaving you to do all the work, from taking photographs, to conducting the viewings and handling negotiations. If you’re in a hurry to sell your property or need to liquidate fast then obviously this doesn’t help much.
The truth is that there are several factors involved when it comes to selling your residential properties. And if selling them by yourself, you might unknowingly ignore important issues. Depending on your level of experience in the real estate industry, you might lack the right knowledge of how things actually work and the best way to approach them.
Have you ever thought of selling your properties directly to an online buying service? You could end up saving a lot of time and avoid a many of the headaches involved with an online listing agent or traditional agency.
At We Buy Property, we’ll reveal the most important things to consider when deciding to sell your property online and why you should sell your home to a buying service like us. Let’s get started:
Location
Regardless of your current location, an online buying service can help you. You don’t have to rely on a local market purchaser or agent to be in your area, in order to make the sale.
Using a reputable and reliable online buying service that purchases property nationally can be a huge advantage, as they can buy your home directly from you no matter where your based.
With online listings platforms and agents, you still have to wait for someone to show interest in your property listing for that area before they contact you. With an online buying service you can get a valuation and quote to purchase your property within 24 hours.
You’re Already Busy
Selling a residential property is sometimes a full-time job. It isn’t as simple as you may think. Things to consider are the time spent in fielding calls from prospective buyers. Or the time spent to source the platforms where you’ll have to advertise the property. There are also dozens of other essential tasks before you will be able to finalise the sale with a prospective buyer.
You are already busy with your life and your job, so why not eliminate all these extra tasks and just use and online buying service.
At We Buy Property, we can help ease the process and take care of all the details. We aren’t too busy to handle the solicitor fees, valuations and legal checks to help get you a final offer. We Buy Property offers the best possible price for your home without the worry of viewings, chains and long timelines. No need to worry about your position or the condition of the property as we purchase it for cash.
Incredibly, we always work around the clock to ensure that a large percentage of our clients actually turn into qualified sellers and help them complete a successful transaction with us. If you are already finding yourself busy with activities revolving around your job and personal life, you definitely need an online buying service like We Buy Property to purchase your home.
Understanding Contracts
Contracts can be complex and cost you time and money – when dealing with an online agent make sure you know what you’re signing and remember that they want your business, so challenge anything you don’t like and never pay more than you need to.
No sale, no fee
Some online estate agents will ask you to pay upfront, but some do offer a ‘no sale, no fee’ guarantee – which means you won’t have to pay if the sale falls through. But check the small print first.
Tie-in periods
Lots of estate agents, even the big high street brands, include a tie in period. But if you end up not getting on with them or become unhappy with their service you will want to terminate the contract. Make sure your contract gives you the flexibility to terminate without incurring a penalty, and go elsewhere if you’re unhappy with your agent.
At We Buy Property, we know everything that comes with contracts and closing and can simplify the whole process, and remove the stress. We are professionals. We know what is meant to be disclosed and are completely transparent and ethical in our whole process with you.
Selling a property involves signing paperwork. We know the nitty-gritty of contracts and closing and can help keep things smooth and straightforward. Having us to help you navigate through the closing contract signing situation is a significant step towards the successful sale of your home.
Deal With Us Now!
We are We Buy Property! We Offer Quick Property Sales. No Fees. No-Fuss!
Based in London, our team has worked in the property industry for over 50 years. We are proud to offer clients a bespoke service. Whatever the circumstances, our experienced staff will guide you from start to finish, supporting you all the way. Sell your house in days, not months.
We are a cash-rich principle buyer who actively seeks motivated sellers that can transact and complete in a matter of days. Our house buying service caters for all types of clientele and is designed to remove the hassle and stress associated with managing a property.
We can guarantee a quick sale that can be completed in a matter of days instead of weeks. If you think this might be of interest to you, visit our website and enter your postcode for a free no-obligation cash offer.
Selling a property can seem like a daunting task, considering it can be one of the most expensive decisions you might have to make.
There a many things you will need to take into to consideration, such as agent fees, auction fees, mortgage fees and many more things that can quickly add up. Selling your home isn’t as simple as just agreeing on a price and pocketing the final amount offered.
However, if you do your research, have the right information and understand the costs involved it doesn’t have to be so stressful. Planning ahead will help you to prepare and budget for your sale accordingly.
In this article, we’ll take you through the significant financial outlays you can expect to incur when it comes to selling your property. Besides this we’ll also provide a few tips and ideas on how you can reduce your costs.
Estate Agency Fees
When it comes to selling a residential property, the estate agency fee tends to be the biggest cost incurred by a home seller. Typically, estate agents in high street areas charge between 1% and 3% commission, including the VAT on the home sale price.
Here in the UK, reports reveal that the average sales price of a house is around £219,000. Estate agents typically charge around 2% on a home price which is around £4,380 and above in costs. If your home is worth more or your home sale price is higher you might find an increase in the commission fee charged by your agent.
When it comes to selling a home you would usually use a traditional high street estate agent. Although many online estate agents now offer dedicated local agents, the ability to just walk into a high street office is reassuring to many.
High street estate agents will often have greater overheads than their online counterparts. This includes rent for their storefront, business rates, staff, etc. These extra costs mean that you end up paying more for their services, in some cases a lot more. The usual commission for a high street estate agent can vary between 0.75% – 3% of the final selling price (often + VAT).
They’ll also be in charge of getting your property listed on their home sales portal and help arrange and host the inspections on your behalf.
Online estate agents offer their services similar to you doing it yourself, with you listing your home for sale on their website. This typically requires that you make an upfront payment for a specific package which includes a listing of the property on the site. However you’ll be organising the viewings and inspection of the property. Apart from that, some do offer advanced services similar to that of traditional estate agents to help with the management and other tasks involved in arranging viewings.
When using an online service make sure you do your research, take your time to find the best service that matches your needs. As a good alternative, when using WeBuyProperty.com you have no agents to deal with, no boards, no viewings, simply a quick cash offer within 24 hours, typically at 90% of the market value.
Removal Costs
So now your aware of the agent’s fees, you still have to take into account the removal costs. Your removal cost depends on the amount of furniture and other items inside the property that you’ll have to remove. You should factor this into your budget before listing your home for sale. Of course, moving fewer possessions will significantly help reduce your removal costs. If your able to plan well ahead you can start clearing the property in small stages. Get family and friends to help or rent a van which can be done by yourself.
Above all, if using a removal firm you should ensure that you get your quote in advance and don’t leave things till the last minute.
Legal Fees
The buyer covers the costs relating to search, survey, and stamp duty. However, the services of a solicitor or licensed conveyancer cannot be left out when it comes to selling your house. Their primary role is to act on your behalf, and they handle all the legal documents related to selling a property. Apart from that, they help clarify what’s included and what’s not included in the home sale agreement.
Depending on the complexity of the sales, local, and size of the property, the pricing of hiring a solicitor ranges between £500 and £1,500. However, there are parts of the transaction you can go without, but that always comes with a risk. If you want to get the specific price of hiring a solicitor, you should consider comparing quotes or probably use a comparison website to get the best deal.
Energy Performance Certificate (EPC) Costs
Usually, an EPC is a legal requirement when selling a property, and it lasts for about 10 years. So, make sure you check the validity of your current one. If necessary, you can arrange for a new certificate. The cost of an energy performance certificate usually varies between £60 and £120.
An EPC basically provides information about the energy efficiency of the home. It’s a certificate that provides home buyers with insights regarding the possible energy bills and the areas that need improvements.
The cost doesn’t end here. Other things you may need to consider can include, mortgage costs, capital gains tax, property tax, and more.
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At We Buy Property, we have over 50 years of experience in the industry. We are a reputable and reliable home purchase company that provides homeowners with excellent insight and guidance throughout the home sale process.
We Buy Property provides a fast, cash guaranteed sale. Ultimately, giving our customers and clients a quick and easy alternative to selling their houses on the open market. Partner With Us Now: WeBuyProperty.com
It’s one thing to have your home clean and tidy when people come to view it, but can you really affect how much potential buyers will offer? The very simple answer is yes, absolutely.
Following the latest advice from the Government, estate agents are back up and running as of today (Wednesday) so there is no better time to start preparing your home for sale.
We Buy Property’s simple guide with expert property developer Tommy Hughes will give you the lowdown on how common seller mistakes could knock thousands off your property’s value and how to turn viewings into offers at asking price or more…
Kerb appeal
Think of your home’s exterior as the face of your sale. What might a viewer’s first impression be? You can help your house sale along no matter the season by taking these simple steps:
*Jet-wash your patios and driveways. If you don’t have one of your own, borrow from a friend or rent one for as little as £22 a day
*Ditch rubbish or broken garden furniture and invest in a cheap and cheerful new set. You want your buyer to picture themselves sitting there on a summer evening with a cold drink in hand
*Tidy the garden borders and plant a few new shrubs. A bit of colour in the garden goes a long way
*Clean your doors and windows
If you have a budget for landscaping, go for it. Whatever you spend on a professional garden makeover will add double the value. If you spend £10,000, the value of your property is likely to go up by £20,000.
Rip out old bathrooms
You want a potential buyer to come in, take a look and think: ‘Great, nothing to do here.’ If your bathrooms (or kitchen for that matter) are dated, they will devalue your property by thousands. But don’t fret! You can pick up a simple updated bathroom suite for as little as a few hundred pounds from online suppliers. Fitting costs will be extra, and kitchens will cost more, but expect your return on investment to triple. It’s well worth the spend.
Get energy-efficient
At a time when energy prices do nothing but soar year on year, it’s important for any buyer to know how good their new home will be at keeping the heat in. It’s a legal requirement for all UK property listings to come with an up-to-date EPC energy rating to let buyers know how energy efficient your home is.
Solar panels are great for this, but they’re pricey to install and upgrade, and surveys have buyers can be put off by their aesthetics. However, there are many other things you can do to improve your property’s rating.
Old boilers, single glazed windows and poor insulation in the walls and roof will make buyers start knocking numbers off their offer – 5k to add double glazing, 5k to insulate roof and 3k to update the boiler – not to mention how undesirable the disruption will be.
If the buyer is debating between your house and the one up the road with a similar spec, the energy rating could make or break your sale, especially in a delicate market as finicky as ours. Buyers have had a lot to contend with – Brexit, the Boris Bounce and now Covid-19. Don’t give them any more reason to worry. Spent the money to upgrade, knowing it won’t be wasted – a good energy rating can boost your property’s value by 14 per cent.
Keep it neutral
We all love to put our own stamp on things, and nothing is more personal than how we decorate our home. But take a look around. Do you have loud wallpaper patterns, bright or dark colours on the walls? No doubt they’d redecorate over time. But OVER TIME. Whilst some buyers hanker after a doer-upper, many will want to simple move in without doing any work. Get rid of feature walls, opting instead for neutral tones and colours throughout the house. It’ll only cost you a few hundred at most to give the walls a new lick of paint, but it will be exponentially beneficial in securing offers.
Watch out for Japanese Knotweed
This invasive plant is fast-growing and shockingly strong. It can push through concrete, meaning it can cause structural damage to your property that can devalue your property by 100 per cent. Some mortgage lenders will refuse finance on a property with Japanese Knotweed in the garden, or even in neighbouring gardens.
Call in a specialist to remove it as soon as possible. It can be pricey (around £2000-5000) and slow to get rid of – taking anywhere from 8-12 months of monitoring to ensure it doesn’t come back.
Neighbours are not legally obliged to remove it from theirs, but they can be prosecuted for allowing it to spread.
Planning permission and building regulations
Have the correct planning permission for any building work you’ve carried out for extensions and loft conversions. If problems are uncovered in the legal work, you may be able to purchase an indemnity policy for your buyer, but at worst you may be forced to pull down the building work.
Seller beware!
Local crime
High rates of crime locally can impact property prices, but you can invest in good security measures like window and door locks, alarm systems and security lights front and back to help mitigate this risk for buyers.
Good school premiums
According to a recent survey by Rightmove, parents in England are prepared to pay an 18 per cent premium to buy a home in the catchment area of an Ofsted-rated outstanding school. You can’t do anything about the location of your house or the schools around it, but it’s good to be aware of it, so do your homework.
Nuisance neighbours
If you’ve been unlucky enough to have one, you’ll know how hard it is living next door to a nasty neighbour. There are measures in place so you can report noise or air pollution to the council, but your solicitor will be obliged to disclose official disputes with neighbours during the sale process. If you can, always try to reach an informal and amicable solution before reporting your neighbour.
