Since the publication of the Quick House Sales Market Study OFT report, many companies have been working to overhaul the quality and reputation of the industry under new legislation. As part of our commitment to outstanding customer service, we feel it is our duty to make this information accessible to everyone, and we advise reading every report provided here to make sure you are well informed about your quick house sale.
Quick House Buying Companies Should Be Transparent
In order to instil confidence in potential customers, quick house sale companies are becoming more open about their sales processes. It’s no secret that they purchase property at less than market value – the market relies on this fact, so companies are keen to explain how their processes work upfront, and what they offer in return for the discount. They prefer their customers to be well-informed, as it is in both parties best interest to have a hassle-free sale, therefore every effort is made to ensure the customer knows every detail.
The Quick Sale Market
A portion of the market is now overseen by bodies such as The National Association of Property Buyers, and many property buying companies are members of The Property Ombudsman Service, which deters malpractice by issuing penalties. The Property Ombudsman recently published their annual report, which contains useful information about their work.
The OFT created user-friendly guide providing 12 tips to consider when selling to a property buyer.
The Quick Sale Market Is Saturated
The sector is very competitive and companies are constantly improving their services, as well as their offers to stay ahead. The market leaders provide contract-free and cost-free services, as they are the ones who have the customer’s interests in mind.
Offering a secure and trustworthy service is the focus of many companies, but as with any market, there are good and bad. It is fairly easy to distinguish between reputable and not, but if you are not sure, a helpful guide with some good tips on how to spot the difference can be found here.
We have also suggested some questions to ask companies that buy houses.
The Quick Sale Market Is Growing
In 2013 the market had an estimated 1% share of UK property transactions, based on data from the Land Registry and within a year that share has increased. Annual UK property transaction data shows an increase of purchases by property companies over the last two years and online search queries for quick house sales are rising and predicted to continue doing so (Google Trends). A rise in interest rates could also push more homeowners into mortgage arrears and potentially increase demand for quick house sales.
We hope you have found this information helpful and as always do not hesitate to get in touch if you have any questions. For simplicity we have also listed all the relevant resources below.