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Biggest House Price Drop in 6 Years…what does it mean?

person holding new house keys

Over the last 2 months (November and December) the UK has seen the biggest 2 month drop in house prices for 6 years with an average of £10,000 being taken off the asking price for UK homes. Why is this happening and what does it all mean for people trying to sell their house quickly in the Wales and the rest of the UK?

The Numbers

Asking prices dropped across the UK by around 1.5% from November to December this year. This take the average house price down to £297,572, this may seem high but if you take into account the average price in London is still over £600,000 it is easy to see why this average figure is skewed. London prices are still dropping though so no where is safe!

The biggest drop in prices was actually in London but the South East and the North East also saw large drops.

Welsh House Prices

While other parts of the UK are suffering North Wales is actually see a rise in property prices and Wales as whole saw the highest annual growth rate in property price. Welsh property is also selling the fastest so the new is not all bad.

Overheated South

Some commentators are suggesting the property market in the South of the UK simply overheated and needs time to cool off. prices consistently rose in the South for a long period and as other factors affect the market it seems to have been hit badly.

Property For Sale

One factor that may be involved in the lack of stock. There simply isn’t as many properties on the market as there were in previous periods. However, less stock could actually push prices up so there are other factors at play here.

Brexit

There is very little doubt that Brexit and all the Surrounding uncertainty is causing some problems. Regardless of which side people are on they seem to be holding off selling and buying until the UK knows what is actually going to happen. There is an overall slow down and property prices are just part of it. It is understandable that some people want to see how things pan out before buying a new house but for those who need to sell quickly is it a bad situation.

Thankfully the Welsh property market seems to be doing OK but it is by no means immune. If you are trying to sell you house quickly then get in touch with our friendly team and we will get you an offer and can even buy your home within 2 weeks. We can help no matter what your financial situation is.  Don’t risk rices falling in Wales too; if you want to be sure of a sale let us take the stress out of it.

 

 

 

 

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Property Price Trends in South Wales

 

Swansea City

The value of your property is critical for so many reasons. Whether you are looking to sell your South Wales home fast for cash or you are hoping to sell thought the traditional estate agent route the ultimate value or what you will get for the property is obviously important. As most people know prices change over time and there are so many factors involved. There is no doubt Brexit is causing some uncertainty in the market and houses are slower to sell at the moment. If you need to sell your home quickly then get in touch with our team; we are able to make a cash offer on your home regardless of Brexit and other market forces!

Swansea Property Prices

Swansea has long been an important Welsh city and certainly the home of a lot of different types of property in South Wales. If we look over the last 20 years property prices have increased by a staggering 222%! That means the average property price has increase by around £124,000! We can then look a little closer and see that over the last 5 years this increase has been around 22% and even in the last 6 months prices have increased by an average of 3.39%. This is great news for “jacks” because looking at average figures suggests all property owners are gaining property value. The average cost of a house over the last 6 months is £162,000.

Cardiff Property Prices

The classic rivalry between Cardiff and Swansea may not normally extend to house prices but it seems over the last 20 years Cardiff just beats Swansea with a average increase of 247%.  The average value change over this time is £180,600. Over the last 5 years the increase is 28.7% and over the last 6 months it is 2.58%. This means while Cardiff has gained more over the last 20 years Swansea is catching up this year! The average price paid over the last 6 months in Cardiff is £240,105 so considerably more than Swansea prices.

Newport Property Prices

The 20 year increase for Newport is 227% with an average rise of £127,000 which is similar to Swansea. Over the last 5 years the increase is 27.4% and over the last 6 months it is 4.65% which means this year Newport is showing a stronger average increase in property value than both Swansea and Cardiff. The average amount paid for a house in Newport is £170,200 which is just above Swansea.

Of course, these things can change very quickly and while things look good now we do not know how the coming months will affect these figures. This kind of thing can cause issues with negative equity especially where people buy a house at a high in terms of value and then things happen in the wider economy that causes that value to drop against a large mortgage. We have a lot of experience helping people in negative equity release themselves from the mortgage so they can move on and start again.

 

 

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Are You Under Pressure to Sell Your Home Quickly? You Are Not Alone!

There are so many reasons and situations that put people in the position where they need to sell their house or flat very quickly. These situations can often be very stressful and upsetting and often people feel they are totally alone, you may be feeling just like this now. The good news is you really are not alone, thousands of people out there are going through similar situations and we have certainly dealt with a vast range of people from all walks of live that needed a fast house sale so don’t panic! Help is at hand.

Probate and Family Issues

It is very common for a house to be sold after a death in the family. Sometimes the property is part of an estate in probate but other times it is simply somewhere the family do not wish to keep and ideally want to release the value to be shared among members. Having to sit through endless property viewings, dealing with estate agents and generally organising a house sale can be very hard on the family. Seeing people coming in and judging a loved ones home and the physical challenge of being there to keep it tidy etc can be too much. While the house may get a slightly higher price using a traditional sale the time it takes and costs involved can be considerable. We find a lot of our customers are hugely relived to sell a home in this situation to us because it is a simple and quick process freeing up the value of the property and allowing everyone to move forward.

Divorce can also force a fast sale where no agreement can be made over who is to stay in the property. The costs associated with living in rented accommodation waiting for a house to be sold can far out strip the potentially higher price achieved for a house through a traditional estate agent sale. We can make an offer and have the property bought in a very short space of time allowing both parties to move on!

Debt and Negative Equity

Being crushed by debt can have serious negative effects on your health but this can be made even worse when you make the choice to sell the house to clear the debt and can’t. All the time the house doesn’t sell the debt is not being serviced so speed is really important. Feeling alone and like the vultures are circling is terrible, our lovely team understand how this feels and work very closely with clients to make sure the sale is fast and fuss free! The sooner the money tied up in the house is released to you the sooner you can clear the debt and start a new stress free life!

 

If you would like to speak to us then contact our team today to find out more about our service or for a quote on your property.

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3 Things You Can Tidy to Help Speed Up a House Sale

We know all about the need or desire to sell your house quickly. We have customers from all walks of life that come to us with a huge number of reasons and situations that mean they need a quick sale. But while we consider houses regardless of condition there are a few big things that it is worth considering when looking to sell any home but especially if time is an issue. If these things are addressed it will speed up the sale process.

A Tidy Garden

While not everyone can be a professional gardener there is a difference between a Chelsea Flower Show winning garden and something that is clean and tidy. When people come to view a property the first thing they see is the front garden. Even if it is just a small strip of grass or patio how it looks it important. Be sure to clear up any rubbish or things like kids bikes and broken toys. Get rid of any dead plants in pots as this can look very negative. You may not want to spend much but a quick trip to a local garden centre could supply a few bargain plants in pots to bring a bit of colour tot he house. If you do have any grass then give it a mow, a neat lawn is not that hard to achieve and can do wonders in creating a good first impression. Keeping he back garden nice and tidy is really important too. It may not affect the first impression as much but a cluttered garden will damage the feeling of space the buyer may be looking for.

A Tidy Entrance and Hall Way

It may be really hard to do but keeping the entrance area to your home clear when trying to sell your property is really important. Anyone with kids knows it’s a mammoth task to avoid a clutter of shoes, bikes and balls laying around by the front door but a prospective buyer may react badly. While they may not actively think about it the impressions a messy hallway gives will not be positive. It will make the area seem small and it will feel very much like someone else home rather than somewhere they can see themselves living.

Tidy  Cupboards and Storage

This may not be at the top of the clean up list when you have a viewing but storage space is a key factor for most buyers. If cupboards are choc full of stuff shoved in there as part of a tidy up they can look very small. The impression you should be aiming to give is that the storage spaces are big; no cupboard looks big when things fall out of it as the door opens. It can be very hard to find anywhere to put all the usual stuff but a simple tidy up can help. Reorder things, put boxes and the like flat rather than at odd angles. Even a full cupboard can be made to look bigger if it is all in order!

If you are looking to sell your house as fast as possible then speak to our friendly team today. We will be able to make you a very speedy offer on your property that could remove all the stress of having viewings, dealing with estate agents and the rest of the hassle of selling a house. We have many years of experience buying houses across England and Wales and would be very happy to discuss your property today.

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Can my neighbours affect the sale of my property?

neighbouring houses

This is a simple question but the answer is a little more complex. In short, yes your neighbours can and will affect the sale of your home but how and with what results can vary a lot.

Neighbours can be amazing, they can be a little bit annoying or they can be a real problem…they can also be a list of many things in-between. As a homeowner you learn to live with them in most cases but when it comes to showing people around your home when you are trying to sell it things can be brought into sharp focus.

The Good Neighbours

To start on a positive note really good neighbours can do wonders by impressing buyers. They might even say hello in the street but they are likely to have a well-kept house and not make odd noises during a viewing. A few nice stories about your lovely neighbours can also really help. So in some ways the people next door can help sell your home and that can’t be a bad thing.

The Bad Neighbours

Things are not often quote as perfect as the first example and bad neighbours can really damage the sale process. It could be they have guests during a viewing and the road is full of cars. They could be making a lot of noise or be in the middle of some messy refurbishment. Not all of these things make them bad and it can really be down to timing. It is useful to check with them before booking viewings just in case a sticky situation could arise and send a buyer running for their car.

The Ugly Neighbours

This is not to say anything about your neighbours looks of course but rude, untidy neighbours can really give a bad feeling to buyers causing them to view the whole house in a different light. No matter how lovely your home is if the view as people walk to your front door includes messy gardens, loud noises, shouting, swearing and more then the odds are your sale will suffer.

How Can I sell My Home When I Have Bad Neighbours?

There are 2 solutions to this problem. The first is price the house lower and simply allow the neighbour factor to play its part and hope the buyers see the value in the property. The second is to speak to us and use our home buying service. We can remove all the worry around dodgy neighbours and the stress of showing people around knowing they might mention the mess or notice the loud music.

If you are worrying about selling your home and how your neighbours might cause issues with the sale then speak to our friendly team today. We will discuss how our fast and transparent service works and get your consultation booked in to start your fast house sale process underway.