The coronavirus pandemic has altered the lives of many. Every industry has been affected one way or another, including the UK property market, which has been turbulent over the past few months.
With England entering its second national lockdown, and a potential no deal Brexit also pending, it’s unsurprising that homeowners across the UK are wary. There is a fear of a huge drop in value of their homes, fear of losing their jobs, and being unable to maintain mortgage payments, and fear of where the pandemic is heading.
Ready Steady Sell, an advisory website for homeowners looking to sell their home quickly, offer reviews and advice on cash buying firms.
The website gets an average 1,000 valuations per month, and over the past six months it has analysed the locations of these online valuations to determine the top UK locations where sellers are ‘desperate’ for a speedy house sale.
Of 6,423 valuations received on the site, the top 10 cities in which sellers expressed they want to sell quickly are as follows:
Manish Kumar, data analyst from Ready Steady Sell, comments: “We operate Ready Steady Sell on a national basis and didn’t expect that 90% of all of our enquiries would come from just 10 locations.”
“This data is already starting to change this month, we are seeing a huge influx of enquiries coming from London homeowners, which we didn’t see before.”
The website works closely with vetted cash buying firms to give homeowners a fair cash valuation of their property (should they wish to sell for cash and want to use a trustworthy company to do so).
It’s estimated that less than 2% of property sales transactions per year are conducted with cash buying firms. However, with the end of the furlough scheme, pending job losses and a recession looming, Ready Steady Sell says these companies could be useful to some homeowners who have no other solution to get moving.
This post has originally been featured in Property Investor Today.