The UK property market has performed surprising well during the coronavirus pandemic and prices have continued to increase during the first quarter of 2022. With such a strong climate, sellers have had no problem selling their house fast through using an estate agent and The Independent newspaper have reported that there are an average 29 house buyers available for each house being sold.
It has been another record month for house prices with a new average house price being set for a consecutive third month in a row. Some analysts predict that the good times may not last for too much longer and the property boom must come to an end at some point. A lack of available property for sale has caused a scramble amongst house buyers who are entering into bidding wars to get a sale agreed. it is expected that the cost of living crisis combined with rising interest rates should make property less affordable, lowering the amount of people looking to buy a house later on in the year.
This informative infographic from Direct House Buyer displays the traditional route of selling a house via an estate agent vs two popular alternative routes, either by selling a house at an auction or by an internet house buyer. A summary of each alternative route can be seen below:
Selling a House via Auction
- It takes time to list a property into an auction with an auction catalogue listing needed
- Once a sale is agreed the buyer immediately pays a 10% deposit and the remaining amount within 30 days
- Buyers expect a discount
- Expensive auction Fees
Selling a House with an Estate Agent
- The time it takes to sell a house is uncertain
- You will sell your house for its real market value
- Estate Agent fees are quite high
- The Conveyancing process could take a few months to complete
Selling to an Internet House Buyer
- Sell your house to a cash fund and complete in as quick as two weeks.
- The Sale price will be at a discount to the market value.
- The House Buying company cover all fees and costs.
The preferred method of selling a house will likely remain with the estate agents for a long time, and right now in the current climate houses are selling quicker than ever through this traditional route. If buying a house becomes less desired or attainable in the future, then selling via alternate routes may become more popular again, as was seen during the recession of 2008 where there was a real need for some homeowners to sell their house fast. Some homeowners simply need to find a buyer and move on to a new home, others have a more urgent need to sell their house fast to prevent a repossession and financial loss.
Don’t forget to take a look into this infographic showing the average UK house prices since the 1950s.