Property purchasing specialist shares homebuying tips
Homebuyers can slash an average of £22,000 off the price they pay for a home by focusing their search on quick sale properties, research from property purchasing specialist HBB Solutions has shown.
HBB Solutions analysed current property values across each region of England, as well as the average price accepted by sellers in need of a quick sale, to reveal just how much you could save, as well as providing tips on how to secure these discounted homes.
Its research found that sellers are happy to put their property on the market at a discounted asking price for buyers who are able to complete the process as quickly as possible.
While the average price paid across England is currently £252,671, the average price for a home that has been listed a ‘quick sale’ property is £22,000 cheaper at £230,428, thus offering a potential saving of 8.8%.
The biggest savings are available in Yorkshire & Humber where the average price for a quick sale property is 14.8%, or roughly £24,000 below the regional average, while in the North East, the average quick sale could save buyers an average of 14.3%.
Great savings are also available in the West Midlands (10.2%), London (9.9%), and the North West (9.6%).
To take advantage of these savings, HBB Solutions said buyers have got to be able to move swiftly to secure a quick sale property.
To find these quick sale properties, the property purchasing specialist advised buyers not to be afraid to ask local estate agents if they are representing a seller who is keen to sell quickly or use well-known property portals that enable searches to be filtered by terms such as quick sale.
“People often assume that sellers are interested in one thing only: getting as much money for their property as is humanly possible. But this isn’t always the case,” Chris Hodgkinson, managing director of HBB Solutions, pointed out.
“For example, lots of people move home because of changing life circumstances, such as new jobs, bereavements, or the start of, or breakdown of a relationship, and this means speed is of the essence. In these instances, a buyer in a strong position is often far more preferable to one with a bigger cheque book.
Hodgkinson said sellers in need of a quick sale will return the favour in the form of some quite notable asking price reductions.
“Ensuring you’re in the strongest possible position as a buyer is the best way to secure such a property and so the very minimum you should have is a mortgage in principle before you hit the market in search of a home,” he added.
