The Best Way to Sell Your House in 2021

If you’re considering selling your house in 2022 and need a quick sale, you could be facing uncertainty due to Brexit and how it’s going to affect the UK housing market. The Coronavirus pandemic has further complicated the property scene as more people are struggling to keep their homes. With job losses and government furlough schemes, there are fewer eligible buyers.

Is the housing market going to crash in 2022?

The truth is, right now, even estate agents and property experts don’t know how the government will tackle housing issues, or how Brexit will affect property prices and the supply and demand for property in the UK.

Mortgage interest rates

Mortgage rates could also be affected in the coming months, meaning bigger problems could lie ahead for potential buyers. Whilst you wait patiently to hear more news, and comments from the government, if you need to sell your home quickly because you don’t have time to wait months, and you need money in your pocket, you could save time by contacting us at Property Saviour. 

In news and articles, experts revealed their opinion on the falling property market as stamp duty holiday has ended and there’s talk of rise in interest rates by the Bank of England.

Mortgage availability

Lenders are less willing to take risks on some lower loan-to-value mortgages, such as those often enjoyed by first time buyers or buy-to-let landlords.

The coronavirus outbreak and two cuts to the base rate in quick succession saw lenders withdraw thousands of mortgage deals, with riskier low-deposit mortgages the biggest casualties. A year on from the second base rate cut, there are 3,939 mortgages on the market – a drop of 31% on the 5,723 recorded last March.

Property market is still slow

Although UK house prices have been going up, according to data from the Royal Institution of Chartered Surveyors, the market is still sluggish.

The latest RICS survey suggests that despite attempts to keep the housing market open through the latest lockdown, there has been perhaps an inevitable impact on the level of activity in the sector with both enquiries from potential buyers and new instructions slipping back.

Best and worst times to sell your property

Worst time – Winter

Unfortunately, December and January are the worst months on the record for property sales, meaning if you need to sell your home fast, you could be waiting your fair share of time to see a return on your efforts.

Like the cold weather, most people shiver thinking about selling their home during December. It’s likely the hardest time to sell a house in most areas.

Best time – Spring

Spring is the best time to start marketing your property, with April proving to be the most successful month – however, as always there’s no guarantee.

Many people receive a tax return in April, making more funds available for repairs and renovations. However, regardless of the potential tax return to help boost sales, April might not be the best month to sell your homes if the weather is still bad, and remember, competition is fiercest in April, so if your homes are imperfect, they may be harder to sell.

How much is Stamp Duty in 2022?

You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price when you buy residential property, for example, a house or flat. SDLT only applies to properties over a certain value.

The rate of stamp duty tax you pay depends on what price threshold your property falls into and where the property is. 

Currently, there are different rates of tax in Scotland and Wales compared to England and Northern Ireland. It also depends on whether you qualify for stamp duty tax relief as a first-time buyer or whether you have to pay the surcharge because you are purchasing your buy-to-let or second home.

In the UK, stamp duty was only charged on residential properties over £500,000 (until 30 June 2021).

After this time, it was payable on properties over £250,000 (from 1 July to 30 September 2021).

Following end of Stamp Duty holiday, the rules have changed again on 1st October 2021 to apply to properties over £125,000. 

 

Why are people selling their property for cash in 2022?

With so many uncontrollable factors to consider when selling your home in 2022, many sellers are now skipping the estate agent to get a fair deal for their house by accepting a cash offer.

According to latest stats on Google UK, there are over 12,100 searches per month from sellers looking for genuine cash house buyers and trending demand for cash sales is only getting bigger.

So aside from Brexit, what other are the other reasons sellers are looking for a cash buyer? Let’s find out.

Little demand online

If you’ve already tried selling your house online and you’ve had no buyer has been interested in 2021, it’s unlikely you’ll see a rise in interested buyers, or a quick sale in 2022. Your house could remain on the market for a number of months or years and still not see a sale or interest from online users.

There could be several reasons why these homes have not sold, ranging from unrealistic asking prices, to the condition of property – but needless to say that estate agent has not delivered. This has given sellers increased motivation to sell their house quickly, meaning they’ll instead look for other ways to sell their homes to cash buyers. Also, many of estate agents will over value the price of homes to win instructions – and this does not necessarily mean a quick sale.

If you’re thinking of selling via an estate agent, we offer more advice on estate agents and their fees for you to consider here: 

The property could be unmortgageable

There are many reasons why you are unable to mortgage a property. These range from a defective lease, missing freeholder, or neighbouring properties, poor condition of the property, property with sitting tenants, properties with squatters, properties of structural issues such as subsidence, dry rot or cracks within the structure of the property, also maybe non-standard construction.

This makes it nearly impossible to sell the property on the open market. Because 99% of the buyers rely on a mortgage to purchase the property, it is difficult to achieve a quick sale. This is why a cash buyer is in a position to move quickly. Sellers of course could move on with their plans. Key qualities include their ability to exchange contracts quickly. This means that the sale of the property can be completed within 14-21 days with no delays.

If you have an unmortgageable property call us now as we’d love to buy it.

They may get let down by aborted sales

It is a fact that one in three sales fall through because a mortgage was not granted. Just about every estate agent will guarantee that the sale will go through, only to call 6 weeks later to say the mortgage lender won’t lend the funds.  And the process of selling your property starts again.

There are a number of hidden costs that can quickly mount up to thousands of pounds. These include mortgage payments whilst your property is up for sale, council tax, insurance, utility bills, repairs and keeping an eye on the property if it is empty.

When selling with cash, sellers don’t need to worry about whether or not the sale is going to go through because the buyer is in a position to exchange contracts fast within days. This means that the seller can be certain that once contracts have been exchanged, they can relax knowing fully well that the sale will go ahead.

Fraudulent online estate agents

There are some estate agents that pretend to be cash house buyers offering sellers up to 87% of value of property. This is simply not possible or realistic. Unfortunately these estate agents are not true cash buyers and they will tell sellers that we have investors who will buy the property of “up to” 87% of value. 

The seller signs up to a 6 month contract and still has not achieved a sale after 6 months. Be careful as the online world can be confusing and it can be difficult to distinguish genuine cash property buyers from estate agents so always ask them for proof of funds, details of their solicitors and how quickly they are in a position to exchange contracts. If there is any hesitation or talk of a contract to be signed then our suggestion is not to sign up!

 

The no-stress way to sell your house in 2022

Instead of trying to navigate the murky waters of the property market on your own this year, please consider using the services of a genuine cash house buyer who specialises in buying property quickly – in any condition. 

Qualities that you should look for include proof of funds, giving you their solicitor’s details, and ability to exchange contract in 10 days or quicker!  We guarantee all of the above.

If you are looking for real, genuine property experts with the human touch, then share your thoughts with us. Our advisors at Property Saviour can help you, whatever your circumstances. Just call us on 0113 320 6700.

Smiling Mick

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