Landlords rushing to sell but average sale times to completion are getting longer

Landlords rushing to sell but average sale times to completion are getting longer

13:17 PM, 17th March 2023, About A year ago

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The MortgageStrategy recently ran an article examining data from TwentyEA showing the average time it takes to sell a UK home has jumped to 65 days and the average property exchanges have risen to 139 days, making a total of 204 days (almost 7 months) to sell and complete an average house – see Home selling times jump 50% to 65 days.

That’s bad news for anyone who wants to sell property before prices drop but even more so for landlords who are paying running costs and mortgage interest on empty properties so that they can sell with vacant possession.

Likewise, it is bad news for anyone with a ‘complicated’ sale – such as properties being sold with tenants in situ or properties in need of refurbishments, because they usually take much longer than a simple sale to both attract interest, for buyers to do due diligence checks and for solicitors to gather and check information.

The article does have some good news – property deals under £200K are now less likely to fall through – however, there doesn’t seem to be any change for other properties from 2022 figures with approximately 1 in 3 properties falling through, doubling the time it takes to sell in those instances.

It stands to reason that the more complications involved in a sale, the more likely it is to fall through which puts landlord sales at even more risk of further delays through failed sales.

The good news is that although there is more currently urgency to sell before prices drop, this is not a new problem. The Landlord Sales Agency, a specialist division of The Online National Residential Estate Agency, has been developing risk free solutions for problems like these since 2007.

They are experts at getting the best price for properties, dealing with all complications in-house to make complicated sales simple for sellers, buyers and solicitors. They put the seller in control of timeframes and secure sales early so landlords can sell tenanted properties or properties in need of essential repairs in less time and with more certainty than current averages.

Sellers typically walk 85% of the market value after all agency and legal costs are paid making it a competitively priced option for a much simpler sale.

Landlord Sales Agency are different:

  • Sellers set a sales timeframe and a reserve price, putting sellers in control of their schedules
  • We are expert in understanding tenants’ rights and behaviour with unlimited access to legal advice to ensure all of our actions are tenant friendly and mutually beneficial to tenants and their landlords
  • We collect verified information about rent payment history during marketing so buyers have all the costs they need to calculate properties on yield and accountants/solicitors can review the information before an offer is made
  • We are skilled negotiators and liaise directly with tenants when most estate agents will not to reduce the amount of time and effort landlords need to spend during the sales process, from arranging access to produce marketing material to helping tenants relocate

We’re completely transparent – we provide realistic expectations you can trust and agree reserves in writing before we start marketing so sellers have nothing to lose. If we don’t reach our targets, you pay nothing. It’s a win-win-win situation – no risk, great prices and fast, secured sales.

Contact us today for a no-obligation, no-pressure frank and honest discussion with our team to find out exactly what we can do for you.

Contact Landlord Sales Agency

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