If you live in Liverpool, Middlesbrough or Bradford you are more likely to consider using a quick house sale company it’s been revealed today.
UK cash property buying company House Buy Fast has analysed 10,000 enquiries it received between 1 April 2016 and 31 March 2017 from homeowners looking for a quick cash sale.
Of the 10,000 enquiries House Buy Fast received the most from people in London, Liverpool and Manchester. But, when population was taken into account Liverpool, Middlesbrough and Bradford came out on top.
Of all the UK’s counties the most number of enquiries were received from residents in Lancashire, followed by West Yorkshire and London.
Jeff Djevdet, director of House Buy Fast, said: “Many assume that people who use cash property buying companies do so because they have got themselves into financial trouble but this isn’t necessarily the case.
“We see a huge range of people enquiring about selling their property to us for a variety of reasons. These include people who need to move location quickly or who don’t want to advertise their home on the open market.
“We also receive many enquiries from people whose relationships have broken down, landlords looking to sell a property fast, people downsizing or selling due to ill health and people who have a property which has fallen into a bad state of repair - as well as a whole host of other reasons.”
Top 10 towns/cities by total enquiries (out of 10,000 enquiries)
Total number of enquiries
Top 10 counties for total enquiries (out of 10,000 enquiries)
Number of enquiries
Tyne and Wear
Top 10 towns/cities by enquiries per 1 million people
Number of enquiries per 1 million
Mr Djevdet continued: “Exactly why we receive more enquiries from these areas than any other isn’t entirely clear. It may be a reflection of the property market being stagnant in that area or, in the case of some popular urban areas, a reflection of the busy lifestyles that people lead which mean they can’t wait months and months for a house sale to go through.”
Ten years ago the idea of selling your property to a cash property buying company was practically unheard of, but House Buy Fast sees growth year-on-year in the number of enquiries received and the number of house purchases made.
There are also an increasing number of companies offering to buy people’s property for cash. In 2013 the quick house sale industry was placed under a great deal of scrutiny from The Office of Fair Trading. At the time there were no redress systems in place for professional property buying companies who didn’t act openly and fairly. So, in 2014 some of the leading professional property buyers, including House Buy Fast, formed The National Association of Property Buyers (NAPB).
Jonathan Rolande from The NAPB said: “Membership is voluntary and all members must also adhere to a strict code drawn up by The NAPB and The Property Ombudsman Scheme (TPOS). This offers greater security for homeowners if they sell their property to a cash property buying company who is a member of The NAPB.
“However, there are still some companies who are not members of The NAPB and do not sign up to TPOS code of conduct. This doesn’t necessarily mean that homeowners shouldn’t use them - but if something goes wrong they may not have access to a redress scheme or resolution service.”
Homeowners who are considering selling their house to a professional property buying company can see a list of all NAPB members at www.napb.co.uk/members
House Buy Fast buys property for cash from people who are looking for a quick house sale or who don’t want to go down the traditional estate agency route. Typically a sale is completed in around 2-3 weeks. The company uses its own cash funds to purchase the property. Often this is for a price slightly under market value - but there are no fees to pay for using the service.
House Buy Fast is a founding member of The National Association of Property Buyers (NAPB) and a member of The Property Ombudsman Scheme (TPOS).