The protracted and often unstable property selling process is the number one reason that home sellers are turning to the quick sale route. This is according to the latest data from Open Property Group.
Open Property Group looked at over 1,400 quick sale transactions to have completed via its platform and the key reason given as to why the seller chose to bypass the traditional selling process.
Quick sale platforms allow sellers to sell their home quickly, choosing the completion date that suits their individual situation, with the aim to complete in days rather than weeks.
This does however mean accepting a slightly lower offer, usually in the region of 80% of market value. Open Property points out that it bypasses the rigmarole of showing people around your property, negotiating, and waiting months for the deal to be finally closed.
According to Open Property it helps sellers avoid the potential delays and costs incurred should their sale fall through, which currently averages £3,433, while also allowing them to maintain their chain for their onward purchase.
Out of 1,409 sellers analysed by Open Property Group, 65% stated they were doing so for a more simplified, streamlined selling process. In other words, to avoid the traditional home selling process, the lengthy transaction timelines, viewing requirements and uncertainty of seeing their sale through to completion.
The second most popular reason (17%) was to release equity. According to Open Group this likely comes as a result of the difficult economic backdrop facing the UK, where higher mortgage rates and rising living costs make raising funds an increased priority.
Relocation and retirement planning were also given as reasons for a quick sale.
Open Property Group chief executive Jason Harris-Cohen, commented: “The quick sale route isn’t for everyone and particularly for those looking to initially climb the ladder, achieving the highest percentage of asking price possible is often the key motivation.
“However, for those who have been through the rigmarole of selling a home before and who have established a strong level of equity, the idea of spending months on end trying to sell their home again is often the last thing they want to do”.
He added that while the general perception is that quick sale platforms are a last resort for those facing financial hardship, this couldn’t be further from the truth. “The majority of quick sale sellers simply favour it for its simplicity, using it to bypass the dreary process of instructing an agent, arranging viewings and negotiating with buyers.”