According to new figures released today, there is no let-up in the UK property shortage, with 47% fewer properties currently on the market than in December 2007.
The figures, published by Home.co.uk, suggest that there has been a significant year-on-year drop as well, with approximately 12,000 fewer properties being placed on the market last month than in November last year – a drop of 15%.
The East of England, where there are currently 74% fewer properties on the market than during the property peak of 2007, is the region worst affected by the shortage.
So what does all this mean for those wishing to move house?
Danny Luke, Managing Director of Quick Move Now explains:
In short, it’s a mixed deal. Your property should, as long as it’s presented well and priced right, receive more attention than at the height of the last property boom, but it also means there’ll be significantly more competition for the property you want to buy – especially if it’s particularly desirable or competitively priced.
With the average time on market for England and Wales currently standing at 104 days, and around one in five sales falling through before completion, you’re most at risk if you’ve got a property to sell in order to make your onward purchase.
Many people now consider selling their existing property and moving to rental accommodation in order to make themselves ‘chain-free buyers‘ when making their onward purchase; making them more desirable buyers and strengthening their ability to negotiate on price, but this can get costly and complicated – especially if you have a young family or want to transfer your existing mortgage to avoid having to pay any early repayment penalties.
This is where a cash home buyer like Quick Move Now can really help. We’re able to offer our customers a guaranteed cash purchase – effectively making you chain-free buyers for your onward purchase – and can time the sale to fit in with when your new property is ready to move into.
There’s no need to move to rental accommodation in an attempt to make yourself chain-free, and you have no worries about the sale of your existing property falling through and jeopardising your onward move.
If you’ve found your next home and want to secure a quick, guaranteed sale of your existing property, call Quick Move Now’s friendly professional team now on 0800 068 3366 for a free, no-obligation cash offer.