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As per different surveys conducted at varied times, the average period to sell a property through a real estate agent is around six months. Unfortunately, if the client pool of the agent is not robust, then the gestation period is longer. The average house price in the UK exhibited a significant uptrend, up by 6.3% from the trailing twelve months, which was around 9.3% in December 2022. In January 2023, the average price of a UK dwelling was around GB Pound 290,000, which is Pound 17,000, superior to the last twelve months. In the preceding twelve months, house prices in England escalated by 6.9%, in Wales by 5.8%, in Scotland by 1.0%, and in Northern Ireland by 10.2%.
Specialized in purchasing house
Companies that buy houses for cash; a business line specialized in purchasing houses in exchange for cash without mortgage or loan terms. It is like a cash buyer in an open market willing to purchase an asset at a negotiated price. If you sell the property through these entities member of NAPB, no brokerage, solicitor fee, or marketing expenses need not be bear by you. Even if the property market is trending upward time taken to complete a sale deed is around sixty to ninety days, but in the case of companies that buy for cash, it is sealed and signed within a week. While choosing a cash buyer, do some legwork as the sector is still not mature and fully regulated.
The UK House Price Index
As per the latest published data on GOV.UK by HM Land Registry in 2023 January the standard
house price escalated by 6.3% from the preceding last year, the market was depressed due to Covid-19 and the economic slowdown. The UK House Price Index is compiled by HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland and the Office for National Statistics. The report exhibits historical data, analytical tools, commentary and detailed information. As the borrowing cost eased, the sector has become stable and rising. The latest data shows relative stability in the housing market. The property cash buyer considers every aspect of the housing market before quoting a price for your property.
The Property Ombudsman
It is a wrong notion to think these cash-buying companies have heaves of cash to buy a property but most often take loans to complete the deal. The ease of borrowing considerably affects their operational cost. Only a few premier companies buy property from their own reserves. The best cash purchase companies are members of NAPB and The Property Ombudsman, a body established in 1990 empowered to provide free, impartial and independent resolution to decide disagreements between real estate agents and consumers. In the portal, you come to know about your legal rights and obligations while selling a property.
Your rights
Companies that buy houses follow the Code of Practice, and it is not mandatory to use any relevant service offered by them. You are at liberty to employ your own financial advisor, solicitor and valuer, and even you can draft a deed of conveyance if competent. Clarify under which circumstances you need to pay a specific fee, how it will be calculated and the due date if applicable. You are free to ask any question to the agent related to the specific property.
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