Last Updated on: 26th November 2024, 04:16 pm
Open Property Group has conducted research to examine the connection between falling UK property sales and the growing appeal of Cash House Buying companies, which can secure purchases in as little as seven days.
For the first time since May 2020, UK property sales have fallen below 30,000. In April 2024, only 32,690 properties were sold, highlighting growing challenges for traditional property transactions.
Data also reveals the average time it takes to sell a property across the UK, with significant variations between regions:
- Wales: 80 days
- London: 78 days
- East Midlands: 77 days
- South East: 75 days
- East of England: 75 days
- South West: 74 days
- Yorkshire and the Humber: 71 days
- West Midlands: 71 days
- North West: 69 days
- North East: 62 days
- Scotland: 42 days
With traditional sales taking months to complete, Cash House Buying companies are increasingly appealing to homeowners. Open Property Group’s research shows the top reasons homeowners and landlords use their services:
- Quick property sale: 73%
- Release equity: 8%
- Landlords selling with sitting tenants: 5%
- Relocation: 4%
- Retirement planning: 4%
- Other: 4%
- Probate: 2%
Managing Director of Open Property Group, Jason Harris-Cohen, explained: “Homeowners are increasingly looking for fast, reliable solutions in a challenging market. At Open Property Group, we’ve seen first-hand how our ability to purchase properties quickly has become invaluable. Whether it’s to release equity, relocate, or manage a buy-to-let portfolio, our services offer certainty and peace of mind that traditional sales methods often can’t match.”
Harris-Cohen added: “For an extended period, mortgage rates remained at record lows, enabling prospective homebuyers to secure 10-year loans at interest rates below three percent. This period of affordability fuelled significant activity in the property market as buyers took advantage of the favourable conditions.
“However, recent economic shifts have led to increased borrowing costs, which have naturally impacted consumer sentiment. Higher mortgage rates have made financing more expensive, prompting many potential homebuyers to reconsider or delay their plans. This cautious approach has been especially pronounced as the financial climate has become less predictable, creating hesitation among buyers who might have otherwise entered the market confidently.
“In response to these challenges, there has been a notable rise in homeowners turning to Cash House Buying companies such as OPG. These companies offer a quick, straightforward solution for those looking to sell their property without the delays and uncertainties associated with traditional sales. The ability to secure a sale in as little as seven days has made this option particularly attractive to sellers seeking certainty amid fluctuating market conditions and higher mortgage costs.”
