Historically, the quick house sale market was used almost exclusively by home-owners who had fallen behind with their mortgage repayments. In fact, this service only emerged in the wake of the Great Recession, as a host of property owners became encumbered with negative equity and struggled to repay their monthly debts.
The market has evolved considerably during the last five years, however, enjoying incremental growth while becoming applicable to a number of alternative demographics and circumstances.
With Brexit and an unfavourable economic climate causing house prices to fall and demand to tail off in the UK too, this market may become even more popular in the months ahead. In this article we will ask why?
How the Economic Climate Continues to Drive the Market
Let’s start with the economy, which is experiencing cyclical decline that is impacting on both sellers and aspiring buyers.
Firstly, the average house price fell by 0.4% during April, following on from a drop of 0.3% in March. This marked the first time that house prices fell in two consecutive months for nearly five years, as a lack of real wage growth and rising inflation took their toll on consumers across the UK.
While falling prices may represent good news for buyers, a lack of purchasing power is beginning to hit demand and restrict many from entering the marketplace. This is driving stagnation in the market, as vendors struggle to make a quick sale and aspiring buyers struggle to invest in desirable properties.
Clearly, this is making the option of partnering with a quick house sale firm such as sellhousefastbuyer.com. After all, while these companies buy properties at below market value, in most instances they will still pay up to 85% of the asking price. They will also complete cash transactions in a matter of days, while absorbing the legal and logistical costs of completing the move.
This represents an increasingly appealing proposition in the current climate, and one that negates the lack of demand that exists in the market.
What About Increased Regulatory Measures?
Of course, this would mean little without stringent regulatory measures to govern the marketplace. Fortunately, the public sector has worked hard to deliver these as the market has evolved, creating a stringent set of guidelines that firms must adhere to at all times. This includes stipulations relating to valuation of properties, and the way in which firms present their offers to customers.
This has gradually built higher levels of trust in the service, helping the market to grow and diversify organically. As a result, it is now used by everyone from novice house flippers and auction buyers to those who want to secure a quick sale and relocate, while it continues to provide financial relief to owners who have fallen behind with their mortgage repayments.
How Will the Market Evolve in the Future?
With these points in mind, it is easy to see why the quick house sale market has evolved so successfully during the last five years or so. They also offer an insight into the future of the market, as we can surely expect further growth and expansion in the months’ ahead.
After all, Brexit negotiations are likely to take a further toll on the economy while the nature of any deal that is agreed with the EU will also have a direct impact on property prices and the average buyer’s spending power.
This means that the demand for quick house sales, and the potential applications for the marketplace, will have a tremendous opportunity to evolve as the economic climate becomes more volatile.