If you have been struggling with debt for some time and wondering how to sell a house during the coronavirus pandemic then read on. We have produced some helpful and up-to-the-minute advice to make it easy for you. This is especially the case if you don’t want to sell a house below market value. And let’s face it – who would? The best way to avoid this is to add value to your existing home – and this is perfectly possible by partnering with a reputable company like ourselves here at Faster Property Solutions.
Why do we partner with you to avoid having to sell your home below market value?
We do this because we have witnessed far too many heartbreaking situations in the past where people felt forced to sell when in reality they didn’t have to. We can buy their house with cash within days but the truth is that we are not in the business of ‘preying’ on people in unhappy situations!
We’d rather have a conversation to review their situation and understand their specific challenges, to find the best possible way to help them. In some circumstances, their property will need to be sold, in that scenario, we will look at the best ways to maximise the profits, for others, the house won’t need to be sold and they will be able to stay in their home in the short or long term!
Meanwhile, following the lifting of lockdown restrictions on the property market in May 2020, viewings can once again take place (albeit in terms of strict social isolating measures) and surveyors can re-start valuations. Mortgage lenders too have begun looking at applications – although the criteria may have changed for many householders.
Lifting of lockdown restrictions refuels market
The fact that viewings are once again permitted means that selling a house during coronavirus is now possible. It wasn’t under lockdown as transactions could only go through once a physical visit had been made to the property. In fact, it is estimated that lockdown halted or prevented around 450,000 house deals from going through.
Since March 21 new buyers couldn’t put in an offer on a house or apartment regardless of how many virtual viewings there had been. Now all that stands in your way of selling a house in a practical sense is the length of time the conveyancing process takes.Since March 21 new buyers couldn’t put in an offer on a house or apartment regardless of how many virtual viewings there had been. Now all that stands in your way of selling a house in a practical sense is the length of time the conveyancing process takes.
Lifting the restrictions on the UK property market also means that removal firms have also been given the green light to go-ahead. As a result, shifting household belongings between locations won’t prove as difficult as a few weeks ago during the peak of the UK infection rate.
Mortgage lending going ahead
Understandably, the furloughing scheme has led to worries over whether mortgage applications made by those affected prior to lockdown will still stand. The answer is ‘yes’ for the majority. Only Virgin Money have said they will no longer go ahead with applications from furloughed workers made prior to March 23. Those who haven’t been furloughed meanwhile, can rest assured that their mortgage application remains the same – at least until June. Meanwhile, the government’s ‘mortgage holiday’ scheme – where homeowners can delay payments until a later date – has been extended until October 31.
Property prices fallen since pre-lockdown
The average property has fallen in value by £4000 since lockdown, according to the monthly Nationwide House Price Index survey. The mortgage lender’s results now put the value of the average property at £218,902. This is to be expected, of course, considering the property market had been stalled.
However, many analysts are predicting continuing falls in valuations. The Bank of England is estimating a 16% drop over the next 12 months; others, such as Lloyds are quoting 5% by December.
Despite a certain amount of gazumping in recent weeks, there hasn’t been a great amount of house price slashing, according to many analysts. That’s because plenty of sellers are sitting tight, waiting to see if the dip in the market will ‘right’ itself quickly. And the aforementioned ‘mortgage holiday’ also helps those in a tricky employment situation to do this, of course.
Buyers property priorities changeIt shouldn’t be too surprising for many of us to learn that since lockdown, many buyers’ priorities have altered when it comes to their ‘ideal home.’ Gardens, for instance, are now a big ‘must’ for many. So too are granny extensions so that in the event of a future pandemic, family will have somewhere to stay. Rural locations and country properties have also seen a spike in interest post-lockdown, say property portal Rightmove. The online estate agency recorded 11,000 new properties in just one week post-lockdown.
Let us help sell your property
With the market favouring the buyer, it’s not a good time to sell right now. Especially if you’re being forced to do so quickly for financial reasons. That’s why we suggest contacting a company similar to ourselves who will advise you on how to build equity into your home. You will be able to remain there through choice while ensuring that your property will sell at the true market rate – or above – at a later date. This can be achieved via carefully planned refurbishment.