This year presents a ‘perfect storm’ of difficult conditions for sellers and landlords: low buyer demand, the cost-of-living crisis, extortionate fuel bills, higher mortgage rates and rising rent arrears.
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In 2023, financial pressures will greatly affect the market and your ability to find a buyer. We help sellers who need to move quickly but who find market conditions are against them.
After three years of heightened demand, many sellers are shocked that people aren’t queuing up to buy their property. The market has turned, with Zoopla noting that home buyer demand plummeted at the end of 2022 and at the beginning of 2023.
A house or flat with little interest is problematic for those who need to sell property fast. Additionally, it’s increasingly likely the seller will be encouraged to drop their asking price the longer the home remains unsold.
In the past, downsizing was the preserve of older generations whose children had flown the nest. In 2023, all types of homeowners are asking ‘can I save money by downsizing?’ – motivated by the need to slash fuel bills and running costs.
Heating, lighting and maintaining property has never been more expensive but a permanent way to reduce spending is to move to a smaller home.
Borrowers now find themselves in uncomfortable territory, with the end of cheap lending and rising interest rates. ‘How can I beat a high mortgage rate?’ is one of the most commonly asked questions by those on variable and tracker products, as well as borrowers with fixed rates about to expire.
Moving to a less valuable property is a logical way to reduce mortgage repayments. Buying a cheaper home may also improve the loan-to-value ratio, giving the borrower access to cheaper mortgage rates.
Landlords may find they need to raise rents in 2023 to cover spiralling costs but run the risk that tenants won’t be able afford the higher payments, especially as many tenants already are struggling financially.
With the implementation of the Fairer Private Rented Sector White Paper expected this year, bringing fresh concerns about future evictions, landlords may need to consider selling their buy-to-let with tenants – and arrears – in place.
We specialise in helping sellers in a hurry. Our free cash offers are almost instant and if accepted, we can usually exchange within 7 working days – ideal for those who are under financial pressure.
As a landlord, you have the choice of writing off the debt, serving a Section 8 notice to evict the tenant or sell to Open Property Group, who will purchase the property for cash with the tenant in situ.
There are a number of strategies you can implement if there is a lack of interest. If you can’t wait for any of the suggestions in this blog to take effect, you can sell to Open Property Group – we’re waiting to become your guaranteed buyer.
We buy property directly and you won't pay any agent's fees.