After a bumper year for the property market which has seen prices and transaction levels soar, it is hard to imagine that any sellers are struggling in the current market when there is such as drought of stock.
However, even in the strongest of markets, not all properties are equal, meaning that some, for one reason or another, remain unsold longer than anticipated. Here is a look at some of those properties and the reasons behind their lack of desirability.
Whilst the pandemic has given many more people the freedom to live and work from anywhere, remote houses often have poor internet connection, lack of utilities or nearby amenities. Sometimes after purchasing, those that thought they would like the peace and quiet, find they cannot adapt to such an isolated lifestyle.
Oversized or over-improved homes
Describing something as over-improved may sound odd but it can be a common mistake made by homeowners. Most streets have a ceiling price of what people are prepared to pay for a property. If a house has been over-developed for the size of the plot, it can be very off putting for potential buyers who will also be aware that it could cause them an issue when they come to re-sell in future. If the average house on the street is £500,000, developing and spending vast amounts of money on the very best interior will not automatically land you with a house which command £800,000+.
Standard construction for residential property essentially means homes built from bricks and mortar or stone, with a slate or tiled roof. Non-standard houses are typically built from other materials that do not conform to the ‘standard’ definition. There is a greater commercial risk associated with these types of property when it comes to repairing, refurbishing or rebuilding costs. These homes may be susceptible to serious building problems or pose a greater fire risk, such as a timber frame property, and this can mean lenders are often more reluctant to lend, which subsequently makes selling such properties more challenging.
Flats and maisonettes with 80 years or less left on the lease rapidly depreciate in value because it may be difficult to renew the lease, and the cost of a lease extension is so high. This makes short lease properties difficult to sell.
Properties in very poor state of repair
If a property is a particularly poor state of repair, let’s say uninhabitable, not only does it not appeal, but even to those that have vision of what it could be restored to, banks and building societies often won’t lend. This means any buyer would need to be able to buy and foot the renovations with cash. This naturally makes the pool of potential investors pretty slim. Lenders are also reluctant to lend on properties which don’t have either a bathroom or kitchen, and sometimes central heating to.
The good news is that whilst some estate agents might be reluctant to take on more difficult properties, WeBuyProperty offers owners stuck in the ‘can’t sell’ trap a way out without having to take their property to auction. We will consider buying your property for cash, leaving you free to move on to a property that is right for you.
For a no obligation quote, please contact us on 0207 449 9797 or email firstname.lastname@example.org