The latest research by national home buying platform, Yes Homebuyers, has revealed that it’s bad news for UK home sellers hoping to move home before Christmas.
Data from Yes Homebuyers shows that so far this year, the average time it’s taken from an initial buyer enquiry until the completion of a property sale is 140 days – 10 per cent longer than the time it took to complete in 2019.
This gradual increase is due to the political uncertainty seen pretty much since the EU Referendum, with the current coronavirus pandemic adding to these delays in 2020.
The reopening of the market has caused an enormous influx of buyer demand, resulting in properties being snapped up at an incredible rate.
However, the broken cycle of selling a property in the UK means there have been huge delays in sales completion and this is preventing many people from actually selling until months after they’ve accepted an offer.
With Christmas less than 100 days away, sellers looking to transact now are unlikely to see their sale complete until the start of February – at the earliest.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, explained: “UK home sellers have been suffering at the hands of an archaic selling process for as long as we’ve been selling homes, with the process taking far longer than it needs to.
“Recent lockdown restrictions, reduced workforces and an influx of demand have also caused estate agents, conveyancers and solicitors to become overwhelmed, and this is causing huge backlogs, particularly at the legal stage once an offer is accepted.
“As a result, those looking for a quick sale are facing a completion date of February at the earliest, although they can probably expect even longer sale times than this.”
However, there are other options for sellers desperate to complete before the festive season.
Platforms such as Yes Homebuyers can facilitate a much faster-selling process and one that is tailored to a buyers requirements.
Yes Homebuyers guarantees clients a sale, the price they will pay for your home, as well as providing a concrete timeframe in which to complete.
There are no agent fees or costs, no hidden charges, no contract or tie-ins, no property listings to create and list, and no viewings to take care of. Yes Homebuyers also takes care of all legal fees involved in your sale.
As a result, Yes Homebuyers has seen the average sale take just 30 days to complete from the point they are instructed by a seller to make an offer on their property – some 110 days quicker than selling in the regular market.
What’s the catch?
Matthew Cooper explains: “There really is no catch other than the marginally reduced price we offer in comparison to the market price, but it’s a price we guarantee to deliver while covering all your legal costs as well.”
As always, research is vital.
Whether you’re selling via a buying platform or with a traditional estate agent, read the small print. There are tons of great, transparent agents on the market, but some are incredibly crafty, and the same goes for buying platforms.
Some buying platforms will offer a price only to reduce it days before completion, and this is something you need to watch out for.
Don’t be afraid to ask questions to cover all bases and know precisely where you stand, what you will be charged and what service and timeframe you can expect.
Find out more about Yes Homebuyers here.
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