According to the FT, the number of companies offering quick house sale solutions has increased dramatically over the last couple of years. There are now more than 200 companies that offer homeowners a fast house sale. This figure has risen from around 25 property cash buying companies about a year ago.
The rise has been driven by the growing levels of debt in the UK, and the increase in the rates of repossessions. Recent figures from the Council of Mortgage Lenders show that 14,000 houses were repossessed in the first half of this year, 18% more than in the previous six months. Around 1 in 840 homes are repossessed.
In general, cash buyers will offer between 65% and 85% of the property’s market value in return for arranging a fast house sale. Molae Properties, for instance, will typically offer 80-85% of market value for your property. In addition, cash buyers will cover related fees and costs, while many offer a sell and rent back solution, meaning that you can remain in your property if you wish.
In the FT’s article, John Howard, the Financial Services Consumer Panel chairman, sensibly urges people looking to use a cash buyer to be cautious, as some companies have lower standards than others, and do not always deliver what they promise.
Some, for instance, are not genuine cash buyers, and may not be able to deliver a fast house sale as they will need to wait for finance to conclude the deal. Others will quickly evict tenants who have chosen a sell and rent back option if they need to cash in on their investment and sell the property on.
For a reliable and genuine cash buyer, choose Molae Properties. We can deliver what we promise, and can conclude property sales quickly (often within a week) as we do not need to wait for any additional finance to buy your house. We also typically offer 80-85% of market value, a better rate than many other cash buyers will offer.