Good news for vendors who are looking for a quick sale. According to Nationwide, UK house prices have seen the sharpest rise in nearly six years, making them 6.5% higher than a year ago. That means, right now, we are paying more to our clients for their homes so that they can move quickly.
The rapid rate in which house prices have risen has been driven by a culmination of factors, including pent up demand from the nationwide lockdown, which subsequently propelled people to seek a change in lifestyle or more space to work from home. In addition, the stamp duty holiday on properties priced up to £500,000 has encouraged many to make a move.
However, housing market activity is likely to slow next year once the stamp duty holiday expires at the end of March and the furlough extension comes to an end. In September, the Centre for Economics and Business Research (CEBR) predicted that there will be a massive slump in UK house prices in 2021, by nearly as much as 14 per cent.
In addition, there are a number of reports saying that basic costs for shopping and bills will go up following Brexit which will impact people’s ability to pay a bigger mortgage, therefore putting the brakes on the moving frenzy we have seen over the last few months.
The house price growth we have seen is simply not sustainable alongside macroeconomic influences such as shrinking economic growth, a possible ‘No Deal’ Brexit and most crucially, rising unemployment.
According to a report in the Independent, historically, rises in unemployment result in falls in house prices. For example, when unemployment in Britain rose during previous recessions, 1993 and 2008, house prices fell by 20 per cent on both occasions.
In the three months to August this year, the unemployment rate stood at 4.5 per cent. Although the housing market has, so far, appeared to buck against the trend of falling as unemployment rises, the true scale of unemployment is not yet being realised due to the furlough scheme. With huge retail stores such as Debenhams collapsing, unemployment is likely to rise sharply next year.
Savvy home movers will sell now at the height of the market and, if they can, wait to buy and see what happens next year because they may well get more for their money.
If you need to move or want to sell quickly, we are happy to have a no-obligation chat with you about buying your home for cash. We aim to complete transactions within a matter of weeks.
A property chain is when a number of buyers and sellers are linked together because each of their transactions depend on one another. For example, a buyer needs to complete the sale on their current home in order to finance the purchase of their new home.
A chain begins with a buyer who does not need to sell anything, for example, a first time buyer or investor, and ends with someone who is selling but not going on to buy another property, for example, they are moving abroad or selling the home of a relative who has passed away.
A chain is then made up of all the properties being bought and sold in between this, and can involve several properties which must all transact at a similar time so that those involved can move to their new property.
Problems occur when one link in the chain holds up the moving process for everyone, such as when a buyer in the middle of a chain suddenly finds out they cannot get the mortgage they need or perhaps they have to pull out of a sale for personal reasons. This can result in the whole chain breaking down and having to start from the beginning of the process.
In addition to a chain being made up of numerous buyers and sellers, each of these will be working with different estate agents, surveyors, solicitors and mortgage lenders. A smooth moving process relies on all of these parties working to a similar timeframe and with one another.
For some people, a property chain breaking down is not just extremely disappointing but can be disastrous if they are in a position where they have to move by a certain time.
As move closer to the end of the Stamp Duty holiday (on properties up to £500,000) which ends on 31st March 2021, more people are concerned about their transactions falling through, meaning they would have to pay more Stamp Duty.
Most recently, WeBuyProperty stepped in to help a homeowner whose buyer had pulled out at the last minute. The couple had to relocate due to a new job and needed to do so quickly to ensure their child was at her new school for the start of the academic year. They were unable to find a new buyer quickly enough so we purchased the property from them, effectively becoming the end of the chain.
Unfortunately, there is not much you can do if the property chain breaks. In addition to the disappointment, buyers can lose legal fees, surveying costs and their mortgage arrangement. If the transaction has already exchanged, the buyer will also lose their deposit.
If your transaction has slowed and you are concerned there is a chance your chain may break down, speak to your estate agent and get an update as soon as possible. If your chain has already broken and you need to move quickly, we may be able to help with a cash purchase.
Why not get in touch with a member of our team and see how we can help you!
If you own a property and are considering selling up, you will almost certainly be aware of the mini property market boom. This has resulted in the average property price increasing by 7.5 per cent year-on-year, hitting a new record high, according to Halifax bank, as well as an estimated 140,000 more home sales than last year currently waiting to be completed.
The issue of trying to sell a flat in the current circumstances…
However, not all is so rosy if you are looking to sell a flat. Covid-19, the subsequent lockdowns and our new found remote way of working, has led to a surge of flat-owners wishing to sell up and move to somewhere with more space and more land, or at best with a garden / outdoor space.
The issue is that with so many having the same idea, the demand for flats has diminished and owners, unlike those selling a house, are finding it difficult to find a buyer. This is of most concern to those who don’t just have a desire to move, but a strong need, such as a new job in a different location, attempting to be in the catchment area of a school in time for the application deadline or needing to sell for financial reasons.
Most recently, there has even been reports (in The Times) of some estate agents not wishing to take on any more one or two bedroom apartments unless the vendors are willing to accept a significantly reduced price because supply is far outweighing demand.
There are also three other factors at play which are contributing to the demise of the flat:
Typical buyers – Since flats are more affordable on the whole than houses, they have always been a good option for first-time buyers taking that initial step onto the property ladder. Unfortunately, many young people work in sectors which have been most impacted by the pandemic including hospitality, retail and travel which has contributed to the decline in demand. Cladding – Many buyers have been prevented from purchasing flats in buildings which have cladding that has not yet had an EWS1 form signed off to prove the building is safe. (Read more in our blog HERE) Leasehold Scandal – Four of Britain’s biggest developers are currently being investigated after buyers argued they are caught in a leasehold trap of rising ground rents and unfair fees.
Of course, there will always be a market for flats, and in time it is likely we will see a resurgence in demand once again. However, if you are in a position where you need to move now and are struggling to sell, We Buy Property will review your property and may be able to make you a cash offer.
To have a no obligation chat about your circumstances, Get in touch with one of the team on:
When the country was locked down back in March, it was unlike anything anyone had ever experienced before and every single person and industry was facing the unknown.
Although catastrophic in so many ways, it was somewhat novel. The sun was shining and each week there appeared to be more and more help being made available. The country rallied and united in support of the NHS and each other, and there appeared to be a caring, sharing sense of community.
Spending more time at home…
People spent more time at home with family and they reevaluated their lives and living arrangements. Many realised that the world of work had, quite possibly, changed forever, and this opened the door to possibility – a larger house, a new location in the countryside, or even a downsize to free up equity.
As lockdown eased, the pent-up demand built from two years of Brexit talk and three months of lockdown resulted in a house-sale frenzy.
Now let’s fast forward seven months and try to start with a positive. Despite the impending second lockdown presenting an extremely worrying time for many, there are, if only a few, some positives. Schools, for now, will remain open meaning parents can continue to work, and unlike before, many people and businesses have managed to adapt and evolve their usual working practice in order carry on in some capacity. Of course, I fully acknowledge that this will be of little comfort to those sectors which have been ravaged by the pandemic, and sincerely hope that the support being offered is increased to help more businesses survive.
Fortunately, at present, it would appear the housing market can continue to operate. For me, enabling people to move in order to fulfil their personal living requirements so as to have a safe, stable and affordable environment to live is essential. A fluid housing market also breaths life into so many other sectors of business, from mortgage brokers and conveyancers, to removal firms, tradespeople and furniture suppliers, to name but a few.
Sadly, I think the biggest challenge we will face in the housing industry this time is sentiment. The weather has turned and so too has the mood of the country. Despite the furlough scheme having now been extended, many people have already lost their jobs. Businesses, which thought and hoped the world would be back to normal by now, are having to look at their forecasts for 2021 and significantly revise them down.
We’ve seen mortgage lenders withdrawing many of their deals on low-deposit home loans in a bid not only control the volume of business, but because some are nervous of a possible house-price crash next year. This particularly impacts first-time buyers who typically put down 5 or 10 per cent of the house price as a deposit. Many lenders have also raised interest rates over past weeks, even as the Bank of England base rate has remained at its record low of 0.1 per cent.
With Covid cases on the rise, people are undoubtedly going to be more cautious. Vendors will likely only accept viewings for serious proceedable buyers, and similarly buyers will only want to view houses they have a strong interest in.
Yes, good houses have been selling very quickly, but what we are starting to see is that more houses means more choice. This means buyers are willing to hold on for the perfect home and those which have not sold yet, perhaps because they are not in the best location, do not have a garden or lack curb appeal, are remaining unsold for longer.
Most worryingly is also the rise in the number of people who may be forced to sell their homes because of loss or change of job and with so many house transactions being processed there is a real delay in completions.
If you are in a position where you wish to sell your property quickly and would like to discuss a quick-sale option, you can call us at WeBuyProperty for a no obligation chat. Tommy Hughes, Director Phone number: 0207 449 9797 Email: firstname.lastname@example.org
Legislation has been introduced so that landlords must now give tenants 6 months’ notice before they can evict tenants until March 2021, except in the most serious of cases, such as incidents of anti-social behaviour and domestic abuse perpetrators.
The Second Wave…
However, as the global pandemic enters a second wave, it is hard to see that this rule will be reversed in spring. Despite many landlords supporting their tenants during this difficult period with reduced rent or a rent holiday, with the furlough scheme now ended and unemployment on the rise, some landlords are being forced to consider an exit strategy.
Tommy Hughes, Managing Director of WeBuyProperty, says: “We have been contacted by a number of landlords who, for their own personal financial reasons, desperately want to sell their buy-to-let property. The problem is that the six months’ notice period means it will be some time before they can sell with vacant possession, and even longer if they have to go through eviction proceedings. To get around this, we’re finding that some landlords are enquiring about selling their property with their tenant(s) in situ.”
However, selling a property with a “tenant in situ” or “sitting tenant”, terms used to describe a person (or people) who has a legal tenancy which entitles them to occupy a property, is not without its challenges because the market for a house with a sitting tenant is generally quite small.
By having a tenant in situ, landlords limit the number of people who would be interested in buying their property as it rules out anyone who would want to purchase it to live in themselves. That then leaves landlords or investors, but this can still prove difficult because many banks and building societies will not give a mortgage on a property with a sitting tenant.
One quick and straightforward solutions for landlords who do not want to wait for vacant possession could be to sell their property to a cash buyer, complete with tenant in situ. Although landlords are less likely to achieve full market value, a cash buyer will be able to give a guaranteed completion in a fairly quick time-frame without the hassle of having to wait to evict the tenant.
“From an investors point of view, buying a property with a tenant in situ can be a win-win, purchasing a property with a ready-made income. With tenants less likely to move in the current climate it also means that income could be guaranteed for longer.”
Not only has the global pandemic changed the way we work, shop and socialise, it has also got many of us thinking about how we live…or rather, how and where we want to live.
Forced to spend much more time at home than we perhaps normally would, lockdown has encouraged homeowners to reevaluate their living requirements, with many seeking more space and flexible living to accommodate changing work/commuting habits.
The problem for some, is that there has been a shift in demand, with flats becoming somewhat less desirable than houses.According to Zoopla, houses are currently selling 33% faster than flats.
Whilst there will always be a market for flats, those struggling most in the otherwise buoyant market are homeowners looking to sell a property with a short lease.
In the last month alone, WeBuyProperty has received five enquiries from potential vendors who thought they would be able to bag a buyer looking to take advantage of the Stamp Duty holiday, only to later realise the challenges presented by their short lease.
Owning a property on a leasehold basis means that you only have the right to occupy the property for a fixed number of years, which on many properties can be up to 999 years and therefore does not present a problem. However, once a lease has less than 80 years to run, the value of the property begins to fall.
The big problem is that banks and building societies will not usually lend money on houses, flats or apartments with a short lease. Some banks will not lend to a person buying a property with a lease under 70 years, which means unless the vendor can find a cash buyer, the property is impossible to sell.
In addition, whilst the value of a property with a short lease comes down as every year rolls on, the cost of solving the problem rises. That is why it is imperative that leaseholders find out how much time is left on their lease, particularly if they think they are nearing the risk zone of around 85 years.
There is nothing more frustrating than making the decision to move and then finding that external factors are preventing you from doing so. However, there are a number of options depending on how quickly you need/want to sell:
Once you have a lived at the property for two years you can apply to extend the lease. Typical extensions are 90 years for a flat and 50 years for a house. However, extending a lease can be a costly exercise running into thousands of pounds depending on the value of the property and time left on the lease.
You can also buy the freehold, but this can be challenging in a block of flats as it requires all neighbours to come to a joint agreement to do so, and again can be costly.
WeBuyProperty will make cash offers to vendors who wish to sell properties with a short lease.
If you would like to some advice, or to find out how quickly you could sell your short-lease property, contact:
In January this year, Government fire safety guidance on external walls of apartment blocks, which used to only apply to blocks taller than 60ft, was extended to buildings of all heights with any cladding.The new safety advice was issued in response to the Grenfell Tower fire in 2017 but does not only apply to buildings with the type of cladding that caused the Grenfell fire.
Why is this a problem for homeowners?
The new requirement of an EWS1 form not only demonstrates that a building is safe but was brought in to give lenders more confidence in providing mortgages on multi-storey buildings following the Grenfell Tower fire.
However, there is a huge backlog in getting the forms due to the volume of properties which now fall under this requirement (an additional 2.7 million) and the very limited number of chartered fire engineers who can carry out the inspections.
This means that property sales are collapsing because to follow official guidance, many lenders are requesting an EWS1 form to show the building is safe. Without the form, buyers are unable to get a mortgage which means sellers are left trapped and unable to move.
We have been working with vendors who are unable to wait for the building inspections to be carried out due to a change in circumstances, such as a new job or growing family, and therefore need to sell quickly. We buy the property from them, with transactions completing in a matter of weeks or a timeframe to suit their requirements, and then we will pursue the building safety sign-off.
Whose responsibility is it?
To get these guarantees of safety, flat owners usually have to apply to the freeholders of the building. The freeholders then have to find a company to take samples of cladding from the external wall and have them sent away for testing.
However, freeholders are not obliged to get the building signed off if the building’s cladding is classified as low-risk. The problem for vendors is that some banks are so nervous that these flats could be declared unsafe in future, that they are requesting the EWS1 forms regardless.
WARNING: We have also read reports by Which? that leaseholders are being duped into paying thousands of pounds to fraudsters who are providing fake EWS1 inspection forms.
We have spoken to some flat owners who are unable to sell, even though the cladding material on their building is not combustible, as the freeholder will not pay for it to be tested. The issue can also affect those flat owners who are simply looking to re-mortgage. Even more worrying, is that some homeowners are being told it could take years for their building to be declared safe.
This is a situation that WeBuyProperty is monitoring very closely and will update our readers should we be informed of any updates. In the meantime, if you are in this situation and wish to discuss options for selling your property without the EWS1, call us on 0207 449 9797.
Due to the new eviction ban that has now been extended, millions of people have been affected. Currently, there are eight million renters in the UK, of whom 4.5 million have private landlords, while the remainder rent from social landlords such as councils and housing associations. Thousands of landlords have now become trapped, but there is a way out.
Webuyproperty will still buy your property with your current tenants and will save you the hassle that most Landlords are now facing. Learn more about how we can help.
What Challenges Do Landlords Now Face With The Eviction Ban Being Extended?
Due to the ministers extending the current ban on eviction until March 2021 it leaves a lot of landlords now in a very difficult position. Courts were due to resume cases on Monday after a long pause of 5 months due to the Covid 19 outbreak. Landlords will have to provide six months notice if they plan to evict their current tenants. These actions by the government have left Landlords angered and frustrated. Before the country faced a world wide pandemic the given notice from a Landlord to a tenant on eviction was two months. “according to independent research, 87% of tenants have continued to pay full rent since the start of the pandemic, with a further 8% agreeing reduced fees with their landlords.”
A survey which has been carried out by a homelessness charity shelter recently showed that thousands of private tenants had been threatened with eviction by their landlord or letting agents and thousands of them in England have fallen into arrears since the pandemic.
The extended ban comes as the government did not want the ban lifted until they could provide a plan to prevent people losing their homes due to Covid 19.
What Rights Do Landlords Now Have?
Landlords have been left with little to no power after the unacceptable plot twist from the government. They have no legal rights to deal difficult tenants that are not related or impacted by the results of Covid 19.
Landlords have now no way to evict tenants that are abusive, disruptive or cause problems to the remaining household tenants or neighbours. Landlords face months of unpaid rent and court cases in the coming future due to the extended eviction. This means landlords will be at a loss.
We here at Webuyproperty want to bring it to the attention of Landlords that we will buy your property with or without tenants. We are a company that are here to help.
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:
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.
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.
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.
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.
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.
Need to Sell a Home in the United Kingdom? Partner With Us Now at We Buy Property!
It’s a big decision to sell your home and putting your trust in a company to handle your biggest asset can seem like the hardest choice you will have to make.
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