Why Has The Sell Property Fast Grown So Rapidly?

In the last couple of years, record amounts of British house owners have been seeking to sell property fast . There are several contributing factors however, at it’s core experts agree it is the increased difficulty in servicing regular mortgage loan repayments that’s resulted in a nationwide need to sell houses fast, lest they be repossessed by the loan providers.

Since the international financial meltdown reached the united kingdom, repossessions happen to have been on the rise. As people lost their jobs and houses lost equity & value, the situation rapidly expanded to titanic proportions.

Nowadays there are so many troubled home owners out there needing to sell property fast, a brand new niche has arisen in the industry of businesses involved in the facilitation of such sales: companies and websites telling you how to sell your house fast, and companies offering to buy properties fast.

There have even been dedicated portals set up aimed at allowing users to sell houses fast , by matching determined (read desperate) sellers — sellers prepared to accept the first serious offer they receive –, with serious and ready buyers — people making decent offers and with the cash or finance in place to buy.

Another slant on the industry has been an upturn in the number of investment property sourcing outfits, which source below market properties, i.e. short and distressed sales for individual or group clients.

While the UK repossession problem was without doubt huge given the size of our population, it did stop increasing a good deal sooner than many analysts — including the Royal Institute of Chartered Surveyors — thought. At the end of 2009, in response to a Ministry of Justice report into mortgage claim figures, Simon Robinson, a chief economist with RICS told reporters how the measures taken by the government were being largely successful is helping stop repossession, they had encouraged him to lower his expectations for the short-term rise in repossession figures…

“In part this more favourable trend reduction in mortgage claims is a reflection of the protocol put in place last autumn to ensure parties act fairly in matters relating to arrears but it is also a result of the low cost of borrowing which is easing the pressure on household finances and is in marked contrast to the experience of the early 1990’s. As a result of today’s figures, it now looks likely that the number of properties taken into possession over the whole of 2009 will be in the region of 40,000 which is significantly lower than the expectations earlier this year.”

The reason for this is the unusual situation we currently have with interest rates. At near-zero many distressed homeowners are currently experiencing a stay of execution. Additionally it has been acknowledged that most of the major banks have become slightly less aggressive in pursuing repossession procedures as it’s bad PR and bad for business. However, these merely bought struggling homeowners a little time, which many of them sensibly used to sell their house as fast as they could.

Now that we have a new Government we’ll just have to wait and see what happens to inflation and interest rates and whether a rise in both is going to lead to increased repossession rates . This will only bring more people to the new industry of helping distressed homeowners looking to sell property fast.