Open Property Group conducted research to see the correlation between the decrease in UK property sales and the rising demand for using Cash House Buying companies who can buy your property in as little as 7 days.
For the first time since May 2020, UK property sales dropped below 30,000. In April 2024, the amount of properties sold across the UK was 32,690.
New data has revealed the average number of days it took to sell a property in each area of the UK in [insert date/timeframe]. It found:
– 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
When analysing Open Property Group’s own data, the number one reason why people use Cash House Buying companies is to get a fast house sale.
In the last 18 months, Open Property Group’s data shows that these are the reasons why homeowners and landlords use their services:
– Get a quick property sale: 73%
– Release equity: 8%
– Landlords selling with sitting tenants: 5%
– Relocation: 4%
– Retirement planning: 4%
– Other: 4%
– Probate: 2%
Managing Director, Jason Harris-Cohen, said “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.
“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.”