Main reasons homesellers rushing to secure a buyer
Onward purchases, empty properties and family – the main reasons home sellers need a quick sale revealed
The latest data release by property purchasing specialist, House Buyer Bureau, has revealed that despite an unsettled economic picture, home sellers utilising the quick sale method aren’t doing so because of financial hardship, with the vast majority looking to sell sharpish in order to facilitate their onward purchase.
Last week, research by House Buyer Bureau revealed that there has been a significant increase in the number of sellers looking to shift their home quickly in the current market. The quick sale specialists have today revealed the primary reasons driving home sellers to a quick sale based on their own internal data.
House Buyer Bureau analysed the primary reason provided by those considering a quick sale and found that the predominant factor was to help facilitate their onward purchase accounting for 28.2% of all enquiries
Those with an empty property to sell accounted for the second largest level of enquiries at 17.9%.
Family related reasons ranked third (9.5%), whilst those buying or renting another property accounted for 7.5% of all enquiries.
A sale spurred by a bereavement ranked next, accounting for 5.8% of total enquiries, with financial difficulty accounting for 5.7%.
Ill health (3.8%), downsizing (2.2%), emigration (2%) and divorce or separation (2%) also ranked within the top 12 most common reasons for a quick sale.
Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:
“There is a common misconception that those looking to sell their home fast are forced to due to their financial situation. While this is certainly a factor in some cases, it’s far from the predominant reason that sellers utilise the quick sale route and they are far more likely to do so to rescue their onward purchase.
In recent months, a higher level of market uncertainty has made this reason all the more prominent as many sellers have found their onward purchases in jeopardy, primarily due to their buyer withdrawing as a result of the increased cost of borrowing.
In these instances, quick sale platforms such as House Buyer Bureau are able to step in and save the day, purchasing the property and preventing the collapse of the sale, saving sellers the time, money and stress that they’ve already expended in trying to move home.”
