The property market in the U.K. is very unique and is driven by a myriad of different influences.
One of the key influencers is “sentiment” or “confidence”
When confidence in the property market is low, this is reflected by a drop in property transactions.
Confidence can be impacted by many issues, such as social unrest, terrorism threats, currency fluctuations, interest rates, politics, the economy and events such as a General Election.
In June 2017, we are in unchartered waters in this regard.
Not only do we have the General Election, but we also have Brexit.
These two events are causing massive uncertainty in the UK property market, and when there is uncertainty, the market tends to go dormant while awaiting the outcome.
This is definitely occurring now across the U.K.
Earlier this month, it was reported that net mortgage lending had fallen to its weakest since before the Brexit vote. This was taken as a further sign that the housing market is running out of steam.
Mortgage lending grew £2.7bn, the least since April 2016, new data from the Bank of England has revealed.
Lenders approved 64,645 home loans in April, the lowest monthly figure since September, and well below average forecasts in a Reuters poll of economists.
Last week, Nationwide – which has one of the longest-running monthly reports on house prices – said that prices had fallen by 0.2% in May.
It’s the first time that prices have fallen in three consecutive months since 2009, which of course was during the height of the last financial crash.
All of this suggests that property transactions are in decline as people hold their breath to see how things pan out.
Those that are not in desperate need of selling will hold off putting their properties on the market.
Those that are not in desperate need of moving will hold off on their property search or perhaps improve and develop their existing property or remain or go into rental accommodation.
If you are wanting to sell your home, you may therefore find that there is a lack of interest.
For someone who is motivated to sell property due to such issues as death, divorce, financial crisis, health issues, etc. then it means that the next few months are going to be challenging in terms of finding a buyer. We are also approaching the school holidays, which is a typically a slow time for housing transactions, as people are focused on their summer break.
Property viewings may be few and far between, and you may be suffering stress worrying when you are getting a buyer. Your property may be empty, which means a number of issues, such as paying the mortgage, council tax, increased insurance premium etc. and the property may be vulnerable to asset theft, vandalism, rodent infestation, or other such hazards.
If this is the situation you find yourself in, then do not despair because we have a solution that is fast and hassle free when you wish to sell your house fast.
We are professional property buyers with a significant cash fund and we will buy your property for cash, no matter what its condition, as long as it is in England and Wales.
In terms of managing your expectations, we will not offer you the full market value, but when you take into account estate agents fees, legal fees, mortgage payments, utility fees and insurance payments etc, you will typically receive 15% less than the market value.
But what this discount buys you is complete certainty. Regardless of Brexit, the General Election, or any other disruptor to the market, we will put cash in your bank account on an agreed date to suit you.
We can complete on property purchases in as little as 7 days.
You are welcome to contact us for a no-obligation quote and we are more than happy to answer any questions you have.
We pride ourselves on our personal, professional, discreet, and friendly service. We are members of the Property Ombudsman scheme, giving you peace of mind that you are dealing with a professional company who is compliant with legislation, and giving a route of redress should things not work out to your satisfaction.
We have many happy customers and aim to make your property sale as hassle and pain free as possible, giving you complete peace of mind that your transaction is going to complete within the timeframe of your choice.
After the Election, the new Government will have many things to address, and may take a while to formulate their housing policy. This again will cause a lack of activity in the market, so anything that delivers complete certainty - like our professional property buying service - is well worth consideration in the months ahead.
Contact Open Property Group today for an immediate cash offer or call us on 0800 990 3939
If you would like to receive regular email updates containing news stories, case studies, reports and guides from Open Property Group, please provide your email below.
We buy property directly and you won't pay any agent's fees.