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Will the Spring Budget 2024 help me sell my house?

Houses of Parliament

Will the Spring Budget 2024 help me sell my house?

Jeremy Hunt has announced the Spring Budget 2024, but what does it mean for house sellers?

Tom Condon
Tom Condon ★ Digital Content Writer

Table of Contents

The Spring Budget 2024 aimed to stimulate the economy through various measures, but its impact on the housing market and your ability to sell your house is complex and depends on your specific situation.

 

While some aspects might benefit sellers, others could pose challenges, especially depending on your specific property types and locations. 

 

In this article we will cover the advantages and disadvantages of the budget for home sellers, and also dive into the broader economic landscape to help you understand whether the budget might contribute to a faster economic recovery and potentially benefit households in the long run.

What things do you need to know from the Spring Budget 2024?

The Spring Budget focused on stimulating economic growth by reducing taxes, freezing fuel duty and supporting specific sectors like finance and the NHS, helping to digitalise them into the 21st century. 

 

The Spring Budget aimed to reduce taxes primarily through the National Insurance cut, changes to Capital Gains Tax, freezing fuel duty which aims to ease cost pressures faced by individuals and businesses and support the new British ISA and continued funding for green energy projects. 

 

While the Spring Budget 2024 announced many changes to the broader economic landscape of the UK, here are some key announcements which stood out:

For individuals:

  • National Insurance Cut: A further 2p cut in National Insurance, reducing it from 10% to 8% for employees and from 8% to 6% for the self-employed, aiming to put more money in people’s pockets.
  • Changes to child benefits: Increased threshold for claiming full or partial child benefits, potentially benefiting up to 500,000 families with children.
  • Fuel duty freeze extended: Continued freeze on fuel duty until March 2025, offering some relief for motorists facing rising fuel costs. 
  • New British ISA launched: Introduction of a new ISA with a £5,000 annual allowance specifically for investing in UK assets, offering tax-free returns.

For businesses:

  • Higher rate of Capital Gains Tax on property sales reduced: Reduction from 28% to 24%, potentially benefiting higher-rate taxpayers selling property.

     

  • Scrapped tax benefits for holiday lets: Abolition of tax breaks for those renting out properties to tourists, potentially impacting the holiday rental market. 

     

  • Threshold for VAT registration raised: Increased from £85,000 to £90,000, offering some relief for small businesses.

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Was the Spring Budget 2024 a good thing?

The reality of the 2024 Spring Budget is that it is a mixed bag, as the budget aims to stimulate economic recovery and offers some relief to households, which could be beneficial in the short term. But critics argue it doesn’t address long-term challenges like public services, fiscal sustainability, and tax reform, which are vital for long-term economic health.

 

If you prioritise immediate economic recovery and household relief, you might see this budget announcement as a positive step. But if you prioritise addressing underlying economic issues like public service performance and fiscal sustainability, you might see it as lacking in that regard.

Is the economy recovering?

The OBR’s revised growth forecast suggests the Spring Budget might contribute to a faster economic recovery from the recent recession, benefiting businesses and employment. With measures like the reduced Capital Gains Tax and adjustments to First Time Buyers’ relief putting more money in the pockets of individuals and families, boosting consumer spending and confidence.

 

The budget also aims to increase the housing supply in the long run through its various investment zones which could benefit the housing market in the future.

 

However, The impact of so many measures, particularly those related to housing, is uncertain and might have both positive and negative consequences depending on what economic landslide decides to hit us next. 

 

Critics argue that the budget doesn’t adequately address long-term challenges like public services and fiscal sustainability which are important for long-term economic health. They even argue that measures like the reduced CGT rate will only benefit wealthier individuals, which exacerbates existing inequalities.

What are all the tax changes announced in the Spring Budget?

  • The National Insurance (NI) cut: Aims to give more people more take-home pay, in order to boost consumer spending. 
  • The Fuel duty cut: Helps reduce transportation costs for individuals and businesses reliant on fuel. 
  • Non-domiciled resident (non-dom) tax reform: This aims to raise revenue from people who claim non-domiciled status for tax purposes.
  • New tax on vaping products: This could generate tax revenue while potentially discouraging vaping. 
  • Long-term impact on tax reform: The overall effect of these challenges on long-term plans for reforming the tax system is unclear. It’s difficult to say if they represent a cohesive strategy or a collection of isolated measures.
  • Fiscal sustainability: Whether these changes will contribute to long-term fiscal sustainability (manageable debt and spending) is also uncertain. Tax cuts might lower revenue, while the impact of tax rises and new taxes is yet to be seen.
  • Fuel duty freeze: The continued freeze on fuel duty, despite promises of future increases, highlights the difficulty of implementing unpopular tax measures, even if they might be fiscally responsible in the long run. This prioritises short-term political considerations over long-term fiscal strategies.

What about the government’s fiscal headroom?

The budget’s measures have slightly narrowed the space available for the government to take on additional spending in the future. This limits their ability to respond to unexpected events or invest in essential services.

 

The budget highlights the limitations of the UK’s current fiscal framework, raising concerns about its ability to manage the country’s finances effectively.

 

The budget also demonstrates the difficulty of balancing the desire for tax cuts with the need for fiscal sustainability, which is the ability to maintain a manageable level of debt and spending in the long run.

 

Critics argue that the budget missed an opportunity to address fundamental fiscal challenges such as underperformance in public services and stabilising the national debt.

How will the budget impact public service spending?

Well, the good news is that the budget doesn’t significantly cut public spending, with even a minor increase for the digitisation of the NHS, suggesting that there is a commitment to maintaining basic service provision.

 

But, maintaining spending levels may not be enough to address existing issues and meet rising demands, which could lead to continued strain on all public services (education, infrastructure, and social care). 

 

The Budget suggests a lack of significant improvement in public service performance before the election. This coupled with the limited budget increase, might lead to public dissatisfaction with the government’s efforts to address public service concerns.

 

Some critics of the budget suggest a bleak outlook for spending on non-protected services from April 2025, suggesting potential cuts or slower growth in funding for these services.

What are the prospects for household finances in 2024?

The overall household finances in 2024 may see a slight improvement, but significant challenges remain. Real incomes are likely to stay below pre-pandemic levels, and the impact of the budget measures might be limited.

 

The OBR forecasts a slight rise in disposable income per person for the 2024/25 tax year. This means people might have a little more money left after taxes to cover their expenses. 

 

Disposable income is expected to reach pre-pandemic levels by the following year, suggesting a potential recovery from the financial impact of the pandemic. This tied with the National insurance cut is set to contribute to a higher post-tax income for individuals across the country.

 

But, the increase in disposable income is forecast to be modest, meaning it may not change the financial situation for many households. The freeze on income tax and national insurance thresholds could counteract some of the benefits of the national insurance cut, as people might end up paying more tax due to inflation pushing them into higher tax brackets. 

 

Even with the projected rise, real incomes (adjusted for inflation) are still expected to be lower than they were at the start of the government’s term in 2019. This suggests a potential decline in purchasing power for many households.

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How does the Spring Budget 2024 impact property?

While the Spring Budget offers some potential benefits for selling Buy To Let properties, it also introduces challenges for MDR and FHL’s. Meanwhile, the focus on new home developments presents both opportunities and risks. Let’s dive deeper into each property type and understand how the budget might impact them.

Buy To Let property

As we have mentioned previously, the reduction in the higher rate of CGT directly benefits landlords and investors selling Buy To Let properties. This could make selling these properties more financially attractive, potentially leading to increased BTL property transactions and earlier sales.

 

Landlords might be more involved in selling their Buy To Let properties if they can keep a larger portion of the profit due to the lower tax rate. This could increase the overall number of BTL properties on the market. 

 

Also, landlords who were previously holding onto properties might decide to sell sooner to take advantage of the lower CGT rate. 

 

But, the increased number of BTL properties for sale could lead to increased competition among sellers, putting a downward pressure on selling prices. Increased sales could lead to a temporary oversupply, but it could also encourage new investors to enter the market if they see opportunities.

Multiple Dwellings

Multiple Dwellings offered a tax advantage for buyers purchasing multiple residential properties in a single transaction. This reduced the overall Stamp Duty Land Tax (SDLT) liability compared to buying them individually. 

 

Without MDR, the SDLT for buying multiple dwellings at once will be significantly higher. This could discourage bulk property purchases, especially for larger landlords who might have previously used MDR to their advantage.

 

This measure could have a significant impact on the Buy-To-Let sector, where investors often buy multiple properties to build their portfolio. The higher upfront cost due to increased SDLT might deter some investors from entering the market or limit the number of properties they can acquire.

Furnished Holiday Lettings

The Furnished Holiday Lets offered several tax advantages, including; lower capital gains tax rate on property sales, relief from income tax on rental profits and the ability to offset mortgage interest and other expenses against rental income.

 

With the abolition of the FHL scheme, these tax benefits will be discontinued, making FHL properties less attractive as investments. This could lead to:


  • Reduced profitability: Businesses and investors relying on FHL income might see a significant decrease in profits due to higher tax burdens.
  • Increased selling activity: Some owners might choose to sell their FHL properties as they become less profitable, potentially leading to an increased supply of properties on the market.
  • Market shift: The abolishment could discourage new entrants and potentially lead to a shrinkage of the FHL market in the long run.

 

The increased availability of former Furnished Holiday Letting properties could benefit renters in areas struggling with a shortage of long-term rentals, as the intended consequence of the policy is to push these properties into the long-term rental market. 

 

However, the short-term impact might be increased competition among renters, potentially leading to higher rents in some areas due to the sudden influx of available properties.

New Home Developments

The Spring Budget’s focus on building one million homes by the end of the Parliament suggests a potential boost for new home developments, but the impact on the market remains uncertain.

 

The government’s commitment to building one million homes could lead to an increased supply of new properties. This could benefit first-time buyers and potentially moderate price growth for new builds in the long run.

 

The budget mentions specific areas like Canary Wharf, Blackpool, Sheffield, Liverpool and Cambridge. This suggests a focus on rejuvenating areas and addressing housing shortages in those locations. 

 

Building one million homes is an ambitious target, and achieving it within the Parliament’s time frame might be challenging. Delays in construction could limit the short-term impact on housing supply.

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Will the Spring Budget 2024 help me sell my house?

The Spring Budget 2024’s impact on whether you will be able to sell your house is complicated and completely depends on your circumstances. While some aspects of the budget support sellers, others pose challenges, especially if you are looking to sell a property investment.

What are the benefits of the Spring Budget for house sellers?

While the 2024 Spring Budget didn’t introduce sweeping changes specifically targeted at house sellers, it does offer a couple of potential benefits:

The higher rate of Capital Gains Tax on property sales has been reduced from 28% to 24%. This means you’ll keep more of the profit from the sale of your house if you’re a higher-rate taxpayer. 

 

Sellers who are liable for Capital Gains Tax might keep a larger portion of their profits due to the reduced tax rate. This could be especially relevant for sellers who fall under the higher tax band. 

 

But, it’s important to note that you may not be eligible for this CGT reduction due to Private Residence Relief. This relief exempts most people from paying Capital Gains Tax on the sale of their main residence, so the reduced tax rate will only apply if you are selling a second property.

The budget includes measures like extending the Mortgage Guarantee Scheme and adjustments to First Time Buyers’ relief, which could incentivise more people to buy and increase the pool of potential buyers. 

 

Currently, some landlords might choose to keep their properties as holiday lets due to the tax advantages of the Furnished Holiday Lettings (FHL) scheme. 

 

In the Spring Budget, Mr Hunt announced that they were to abolish this scheme, which might result in landlords selling these properties or converting them to long-term rental properties. This in turn could create a larger pool of potential buyers looking for residential or long-term rental properties. 

 

But, it’s important to note that in the short term, the FHL scheme abolishment will cause a flood of properties onto the market as many landlords look to sell first before looking for their next properties.

The abolition of Multiple Dwellings Relief has the potential to benefit house sellers in a few ways, like increasing the amount of potential buyers within the market. 

 

Previously MDR offered tax advantages for buying properties in bulk. With its removal, investors might shift their strategy towards buying individual properties. This could lead to a larger pool of potential buyers for individual houses on the market. 

 

While a larger pool of buyers might sound universally positive, it could also lead to increased competition among them. This competition could drive up asking prices or even encourage bidding wars, potentially leading to a better selling price for house sellers.

 

Furthermore, an increased number of buyers interested in individual properties could mean houses spend less time on the market, potentially resulting in faster sales for sellers. 

 

However, this potential benefits needs to be considered alongside:

 

  • Increased availability of long-term rentals: The scrapping of tax breaks for holiday lets could potentially lead to more properties becoming available for long-term rentals, which may increase competition as buyers have more options. 
  • Uncertainty over future measures: While not announced in this budget, the government might consider measures like Stamp duty cuts or support schemes for first-time buyers in future budgets to address housing affordability concerns.

What are the negatives of the Spring Budget for house sellers?

While the Spring Budget 2024 prioritises curbing inflation, some measures might indirectly impact the housing market, particularly for property investors and owners of multiple properties. Concerns have been raised that these individuals could face a reduced pool of potential buyers.

As we established previously, the MDR used to offer a tax break for bulk property purchases. Without this relief, the overall Stamp Duty Land Tax cost for buying multiple properties at once becomes higher. This could discourage some investors who previously might have been interested in buying multiple properties in a single transaction.

 

A smaller pool of potential bulk buyers could lead to:


  • Difficulty finding a buyer: Sellers looking to offload multiple properties at once might face challenges finding a buyer willing to take on the entire package potentially leading to longer selling times.
  • Lower selling price: With fewer interested buyers, sellers might have to negotiate a lower price to attract a buyer willing to handle the higher SDLT costs without the MDR relief.

Currently, some investors might be specifically interested in acquiring holiday lets due to the tax advantages offered by the FHL scheme. Abolishing the scheme could make these properties less attractive to them, potentially reducing the pool of interested buyers for these sellers. 

 

With a potentially smaller pool of buyers and potentially less competition, sellers might have to lower their asking prices to attract buyers who are no longer motivated by the FHL benefits.

 

In the worst case scenario, if there’s a significant decrease in investor interest in holiday lets due to the abolished FHL scheme, some sellers might face difficulty finding buyers altogether, leading to longer selling times.

A lower CGT rate might incentivise more sellers to list their properties, increasing competition amongst higher bracket sellers. This could be particularly problematic in areas with an already saturated market or an oversupply of houses.

 

With more sellers competing for a limited pool of buyers, it could lead to pressure on selling prices, potentially forcing some sellers to accept lower offers than they might have otherwise. 

 

An increased number of sellers could add to the current buyer’s market in some areas, with sellers competing for fewer buyers. This situation could result in longer selling times and potentially lower selling prices for some sellers, particularly those in areas with oversupply.

How might the Budget impact supply & demand?

Sellers in both sellers’ markets and buyers’ markets will need to adapt their strategies. While the budget may have a limited effect in local sellers’ markets, it could increase supply and benefit buyers in struggling markets. 

 

In a sellers’ market, the CGT reduction may incentivise listings, but high demand might absorb any increase in supply, keeping prices high. Whereas in a buyers’ market, the CGT reduction will have a modest impact, encouraging hesitant sellers to sell, increasing inventory and affecting local house prices.

 

The Multiple Dwellings Relief abolishment will have a limited impact within sellers’ markets due to strong demand, but it could affect bulk purchase strategies. In a buyer’s market, this will benefit buyers looking for single-property purchases but it will slow the overall market down.

 

The Furnished Holiday Let changes will increase seller market inventories, likely absorbing quickly with minimal price impact, but in buyers markets, the significant shift to long-term rentals or sales, may lead to oversupply and further price downward pressure.

 

If you are a seller looking to sell your house quickly in the current market, then why not sell with us? We are a leading online estate agent that can help you sell your house quickly, in as little as 28 days. 

We will cover all your estate agent, marking and legal fees, and help you achieve full market value for your property. Don’t believe us? Contact one of our team today for more information on the service. Just click the button below!

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Do virtual house tours help sell houses & are they worth it UK?

virtual house tour

Do virtual house tours help sell houses & are they worth it UK?

Exploring the advantages & disadvantages of virtual house tours

Tom Condon
Tom Condon ★ Digital Content Writer

Table of Contents

Imagine you’re scrolling through property listings, but instead of just pictures and descriptions, some let you virtually step inside and explore every room at your own pace. This is the magic of virtual house tours, and they’re changing the game in the UK’s housing market.

 

Only a decade ago, viewing houses meant scheduling appointments, driving around, and squeezing into crowded open houses. But with the rise of technology and a little help from a global pandemic, virtual tours have gone from a cool-extra to a must-have for luxury listings.

 

Now you can visit your dream home from the comfort of your living room, anytime you like. No need to worry about traffic or clashing schedules. Virtual tours let you get a feel for the space, get a glimpse of the neighbourhood and imagine yourself living there. 

 

But are they all sunshine and rainbows? Well, not quite. The effectiveness of a virtual tour depends on the type of property and the quality of the tour itself. A low-quality tour might leave you feeling more confused than connected.

 

In this article, we’ll dive deep into the world of virtual house tours. We’ll explore their origins, effectiveness, and suitability for different properties. We’ll also unveil the secrets behind creating high-quality tours, promoting them effectively, and figuring out the costs involved.

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What is a virtual house tour?

Imagine exploring a property from the comfort of your sofa, without ever leaving your home. That’s where virtual house tours come in. These tours are essentially digital representations of a property, allowing potential buyers or renters to explore the space online.

 

Virtual tour for houses are used to support other marketing activities when it comes to selling a house. They offer a three-dimensional house tour which can be viewed from any technological platform.

Why did virtual house tours become so popular?

The rise of virtual house tours can be attributed to several factors, including:

 

  • During the COVID-19 pandemic, social distancing measures and restrictions on in-person interactions made homes with virtual tours an important tool. 
  • The growing trend towards remote work and living led to a demand for flexibility and convenience. Virtual tours allowed people to explore properties from anywhere in the world, eliminating geographical limitations. 
  • As technology evolved, so did virtual tours. High-quality 3D tours, 360-degree panoramic views, and even virtual reality experiences became readily available, offering a more realistic and engaging experience compared to earlier versions.

 

Overall, virtual house tours have become increasingly popular due to a combination of factors related to the pandemic, technological advancements, and changing consumer preferences. They offer convenience, flexibility and a glimpse into a property before ever stepping foot inside, making them a valuable tool for both buyers and sellers.

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Are virtual house tours effective?

The effectiveness of virtual house tours largely depends on how well they are implemented and integrated into a comprehensive marketing strategy. While virtual tour for houses are not effective at increasing the selling price of a property, they are effective in attracting a wider pool of potential buyers.

 

They are a powerful tool for attracting interest and providing detailed information about a property, but they work best when complemented with other marketing efforts, including estate agent photography, detailed property description and the option for in-person viewings or open days.

 

In markets where competition is fierce, or where buyers are likely to be remote, virtual tours can significantly increase a property’s appeal and help it sell more quickly.

Are virtual tours more effective for certain types of properties than others?

While virtual house tours offer a valuable tool for most properties, they can be particularly advantageous for specific property types like high end properties, properties with unique features and remote properties. 

 

Luxury homes often have intricate features, expansive spaces and overall grandeur which can be showcased effortlessly through the immersive nature of virtual tours. Viewers can appreciate the details like high-end finishes, elaborate architecture, and spacious layouts, creating a more compelling experience compared to static photos.

 

Virtual house tours mean properties with unique features can be shown in their best light. This could include intricate details like custom designs, historical elements, or quirky architectural features to be highlighted, captivating potential buyers interested in something distinctive. 

 

Virtual tours also mean that potential buyers can overcome location limitations, as virtual tours bridge the geographical gap attracting buyers who might not have the opportunity to visit in person. This opens up a wider pool of potential buyers and expands the reach of the property’s marketing efforts.

Are virtual apartment tours effective?

Virtual apartment tours have revolutionised the apartment hunting process, offering numerous benefits for both renters and property managers. In today’s fast-paced and technology-driven market, they are becoming an increasingly essential tool.

Here’s a breakdown of their effectiveness:

Potential renters can explore apartments anytime, anywhere, eliminating the need to schedule inconvenient in-person visits. This empowers busy individuals and out-of-towners to participate in the search effectively.

Virtual tours expand your reach beyond local renters, attracting individuals relocating from other counties or countries. This significantly increases your applicant pool.

By allowing pre-screening online, virtual tours save time and resources for both parties. Property managers can focus on serious applicants, and renters only visit properties they are genuinely interested in.

Virtual tours encourage interested individuals to self-select. Those requesting in person viewings are likely more serious about proceeding, leading to a smoother leasing process.

When are virtual tours not effective at selling properties?

While virtual tours offer a powerful tool for many properties, they may not be as effective in some specific situations like simpler layouts, potential structural issues, emotionally driven purchases and limited target audience.

 

For small or straightforward floor plans, high-quality photos and detailed floor plans might be sufficient for potential buyers to grasp the space effectively. In such cases, a virtual tour may be redundant and unnecessary.

 

If a property has visible flaws, structural issues or significant need for repairs, a virtual tour could unintentionally highlight these problems and deter potential buyers who might have considered an in-person viewing with the possibility of overlooking some issues.

 

Properties targeting first-time buyers or family-oriented buyers often elicit emotional connections beyond the practical aspects. Virtual tours while showcasing features might struggle to capture the unique atmosphere, charm or personal connection potential buyers seek in these scenarios. 

 

Finally, if your  target demographic consists of individuals less comfortable with technology or who prefer traditional approaches, virtual house tours might not hold the same appeal and could even deter them from considering the property. 

 

Virtual tours are a valuable pre-screening tool, helping potential buyers quickly assess properties and prioritise their viewing list. However, they should not be viewed as a complete replacement for in-person visits that allow for experiencing the space firsthand and making informed decisions.

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What are the different forms of virtual house tours?

Type of tourProsConsUsage in selling houses
360 Degree viewsAllows comprehensive exploration of property spaces. The user controlled navigation enhances engagement.May require high internet bandwidth. Can be less intuitive for non-tech savvy users.Effective for detailed online listings. Enhances website engagement and can attract a wider audience.
Video walkthroughsSimulates the experience of physically walking through the property. Can be narrated to highlight key features.Viewers cannot control the pace or direction of the tour. Production can be time-consuming and costly.Useful for social media, marketing and email campaigns. Offers a quick overview that can appeal to busy buyers.
Interactive elementsEngages users with clickable information points. Can include floor plans and measurements for detailed understanding.May require more complicated software and web integration. Overloading with elements can overwhelm users.Enhance online listings with detailed insights.Can be used in email marketing to provide interactive content.
Virtual reality (VR)Offers a highly immersive experience. Allows for a realistic sense of space and layout.Requires VR headsets, which may not be widely available. Higher production costs.Premium showcasing tool for high-end properties. Ideal for international or distant buyers unable to visit in person.

What are typical virtual house tour costs (£)?

The cost of creating a virtual house tour in the UK can range widely, depending on the tour’s complexity and the professional services employed. Basic 360-degree tours might start from as little as £100 for smaller properties, while more sophisticated immersive or VR tours can cost upwards of £500 to £1,000, especially for larger or more luxurious properties. 

 

The investment in a virtual tour should be considered in the context of the overall marketing strategy and the potential return on investment it offers by attracting more interested and qualified buyers.

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Are visual tours worth it?

While virtual property tours have become increasingly popular in the UK housing market it’s important to understand their nuanced effects. A recent study by Isamar Tronsco, an expert at Harvard Business School, analysed over 75,000 home sales and found that in the US virtual tours didn’t significantly impact sale prices.

 

Tronsco’s research found that while virtual tours enhanced the listing quality, increased the screening efficiency of buyers and added competitive advantage, virtual house tours failed to increase the selling price of houses. 

 

Virtual tours were proven to enhance the presentation of properties by showcasing their layout and features effectively and attracted more interested buyers. They also allowed potential buyers to efficiently rule out properties that didn’t meet their needs, saving time and effort compared to in-person visits. 

 

In areas where properties were less in demand, or the estate agency was smaller, virtual tours added a competitive advantage by increasing online visibility and attracting a wider audience.

 

But, the research suggests there was minimal impact on sale prices, with houses still needing high-quality photos and detailed descriptions in order to sell effectively.

What are the disadvantages of virtual house tours?

Virtual house tours, while innovative and increasingly popular, especially in the context of real estate marketing and remote viewing options, come with their own set of disadvantages. Some of the most notable drawbacks include:

Virtual tours cannot fully convey the tactile, olfactory and subtle audio-visual nuances of a physical space, which can be important for decision-making.

Quality depends on technology used, requiring viewers to have a stable internet connection and potentially specific hardware/software, leading to potential glitches or poor image quality.

Pre-recorded or static tours lack the real-time interaction of physical tours, hindering immediate clarification or personalised insights from estate agents.

Camera angles and lens distortion can create unrealistic expectations by making spaces appear larger or smaller than they are in reality.

Virtual tours may not highlight potential issues or finer details, like wear and tear, that a buyer would notice during a physical walkthrough.

Hosting tours online can expose properties and personal belongings to potential security risks and privacy concerns.

Not everyone is comfortable using or has the capability to navigate virtual tours, potentially creating barriers for some buyers, including the elderly or individuals with disabilities.

The impersonal nature of virtual tours can limit the emotional connection potential buyers might develop with a property, hindering their ability to envision themselves living there.

What are the benefits of creating a virtual house tour?

Virtual house tours were very helpful during the pandemic where people couldn’t physically visit properties. And, to some extent, they still have many benefits post pandemic:

Virtual house tours provide a more immersive and engaging experience for potential buyers compared to static photos. This can showcase your property’s layout, features and best aspects more effectively, potentially attracting more interested buyers.

Virtual tours can be readily shared online, allowing you to reach a wider audience of potential buyers, including those located further away or unable to visit in person. This can increase exposure and generate more interest in your property.

Virtual tours can act as a pre-screening tool, allowing potential buyers to virtually explore the property and rule out options that don’t meet their needs. This can save time and effort for both you and potential buyers.

In areas where the demand is low, offering a Virtual tour for houses can set your property apart from competitors and give you an edge in attracting buyers.

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How do I make a virtual tour of my house?

In order to make a virtual tour of your own house, there are a few different methods you could look at. The first would be to hire a professional videographer with specialised equipment like a 360-degree camera that can offer the highest quality and most immersive experience possible – but this will come at a cost.

 

The more budget friendly option would be to explore DIY methods like purchasing or renting a 360 degree camera yourself, which could capture a panoramic view of your surroundings, allowing viewers to virtually navigate the space. Good 360-degree camera brands include Ricoh Theta, Insta360 and Samsung Gear 360. 

 

Or, the even more budget friendly option is to use a smartphone app that offers virtual tour creation functionality. Good examples of virtual house tour apps include Matterport Capture, iStaging Spaces and Cupix. These apps will have limitations compared to dedicated cameras but can be a good, low cost, starting point. 

 

The quality of your virtual tour will depend on the method you choose and your willingness to invest time and effort. Research different options, consider your budget and desired level of quality, and choose the approach that best suits your needs.

How do you film a virtual tour?

In order to capture the footage for your virtual house tour, you will want to capture each room from different angles, aiming for an excellent representation of the space. You will want to maintain a slow and steady pace, avoiding jerky movement while filming. 

 

When you are editing the footage, you may wish to add a narration over the top of the video, talking through the key points of the property, like you would at a house viewing.

How do you market a virtual house tour?

While many estate agents handle virtual tour marketing on behalf of sellers, understanding the process can be beneficial. Here’s a breakdown of key strategies:

Estate agents usually list your property on portals like Rightmove and Zoopla, including a compelling thumbnail image or video snippet to grab attention and encourage viewers to click on the detailed description highlighting the virtual tour’s benefits.

The estate agent should share the virtual tour link on their social media platforms (Facebook, Instagram, Twitter) with engaging captions sparking curiosity and interest. Consider targeted social media advertising (often an additional cost) to reach specific audiences or locations most likely to be interested in your property.

Some estate agents may use email marketing platforms like Salesforce, Klaviyo, or Mailchimp to share the virtual tour link with their existing customer database and potential buyer pool. This expands your reach by leveraging existing connections.

Can The Property Selling Company help with virtual tours?

Yes, we can help you with virtual house tours, but it depends on the specific property and our assessment of its needs. While professional estate agent photography and floor plans are always included in our service, virtual tours are offered selectively based on the property. 

 

Here’s what we do:

 

  • Consult with you: We discuss your property and explore all other routes to sale, before determining if a virtual tour could be beneficial in attracting potential buyers. 
  • Professional photography and floor plans: We always provide these essentials as part of our standard service to showcase your property effectively.
  • Virtual tours considered strategically: We may use our own Regional Managers to film a basic virtual tour if deemed appropriate for your property. Alternatively, for high-value properties or those requiring a higher level of immersion, we can arrange for a professional filming team to create a premium virtual tour experience. 

 

We believe that this approach ensures that you receive the most suitable visual marketing strategy for your specific property, optimising its potential within our budget and yours.

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Do virtual house tours help sell houses?

Virtual house tours are an interesting tool within the estate agency arsenal, offering both opportunities and limitations when it comes to selling houses. They are a tool that, when used effectively, can significantly enhance the visibility and appeal of a property, attracting more potential buyers and increasing engagement with the property listing. 

 

These tours can speed the sales process by filtering out less interested parties, allowing only the most serious buyers to proceed to in-person house visits. However, it’s important to temper expectations regarding their direct impact on sales prices or the guarantee of a sale. 

 

While they can be a powerful marketing tool, virtual house tours alone are unlikely to command a higher price or ensure a sale without the element of luck.

 

The debate among property experts is ongoing, with some citing that homes with virtual tours can generate up to 49% more qualified leads. This statistic highlights the tours’ potential to draw in a significant number of interested buyers. 

 

Yet, it’s important to recognise that a high interest level does not automatically translate into actual sales. The number of qualified leads – a measure of potential buyer interest – does not directly indicate the number of converted transactions. 

 

The most effective strategy for selling a house in today’s market involves a multi-channel approach. This means leveraging a mix of traditional and digital marketing tactics, including professional photography, detailed floor plans, strategic social media marketing, targeted email campaigns and yes, the incorporation of virtual tour for houses. 

 

By utilising a broad spectrum of marketing tools, sellers can maximise their property’s exposure and appeal, attracting a wide range of potential buyers and increasing the likelihood of a successful sale. 

Virtual tour help sell houses: FAQs

How are virtual house tours created?

Technology plays an important role in creating a virtual experience. From basic 360-degree photographs that let you spin around in a room, to immersive video walkthroughs, and even virtual reality experiences that transport you right into the space, these tours offer a range of options for exploration.

How long does it take to create a virtual tour?

A basic 360-degree virtual tour of a modest-sized property might be completed in a few hours, whereas a more indepth and immersive tour, especially for larger properties, could take several days to capture and compile. The editing and software processing time must also be considered, adding to the overall time frame from conception to completion.

How will homes with virtual tours be promoted to potential buyers?

Promotion of homes with virtual tours are typically integrated into a broader real estate marketing strategy. They are showcased on property listing websites, social media platforms, and real estate agents’ websites, ensuring maximum visibility to potential buyers. 

 

Email marketing campaigns can also be effective, sending direct links to the virtual tour to a curated list of potential buyers. In addition, QR codes linking to the tour can be included in printed brochures or signage, offering an instant digital experience to those exploring physical marketing materials.

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I Cant Sell My Flat: Need to Sell Fast UK

cant sell flat

I Cant Sell My Flat: Need to Sell Fast UK

In this blog post, we will be looking at why flats are hard to sell, how you can sell your flat quicker, and how we can help you sell fast and for free.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Selling your flat can be difficult and as a seller in the dynamic world of property, you may find that you require a faster sale that you originally anticipated. Whether it’s due to financial constraints, a change in personal circumstances, or the need to relocate urgently, selling your flat swiftly can be a daunting task.

 

In this blog post, we will be looking at why selling a flat takes so long, how you can make your flat sell quicker, and how to sell your flat in as little as 28 days.

 

Looking for a quick answer? Check out our interactive menu to the left! 

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Why does selling a flat take so long?

There is no one size fits all answer to this question. Exactly why your flat is languishing on the open market could be down to a variety of factors such as issues with supply and demand, your flat location, property price, proximity of amenities, and the personal circumstances of your potential buyer. If you are worried about your flat languishing on the open market, there are steps you can take to help it sell quickly. Just check out our blog post here! 

Why are flats so hard to sell?

Exactly why your flat may be taking so long to sell can depend upon a variety of different factors that have moulded the open market over the last few years. Below we take a closer look at what these are and how they can affect your ability to sell. 

Market Conditions

The conditions of the market can have a huge effect on property sales. If there is a slow or downturn market then you may find it difficult when it comes to selling your flat. 

Location

Another crucial factor in flat sales is the location. Undesirable or less popular areas make attracting buyers difficult and the proximity to amenities, transportation, schools, and safety influences marketability.

Maintenance and Condition

It is no secret that buyers prefer well-maintained properties. Flats needing extensive repairs are less appealing and potential buyers may hesitate due to additional costs.

Limited Outdoor Space

The downside to flats is they often lack outdoor space. So as a result, buyers prioritising yards or gardens may find flats less appealing.

Association Fees

Some flats are part of homeowners’ associations (HOA). Whilst this can be a good thing, high association fees can deter potential buyers and may impact the overall marketability of the property.

Perception and Lifestyle Preferences

There are some buyers who hold preferences for traditional houses over flats. They can be influenced by perceptions of space, privacy, and ownership and these lifestyle preferences play a significant role in flat demand. 

 
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Why are flats not selling at the moment?

Exactly why your flat may be taking so long to sell can depend upon a variety of different factors that have moulded the open market over the last few years. Below we take a closer look at what these are and how they can affect your ability to sell. 

Interest rates in the UK have been increasing, resulting in elevated mortgage costs for potential buyers. As a result of the changes brought about by these rising costs, there has been a decline in demand, especially for flats, as individuals perceive borrowing money to be a more expensive endeavour than it was previously.

 

The Bank of England’s choice to raise interest rates has been influenced by diverse economic factors, such as managing inflation and stabilising the currency. This means heightened monthly mortgage payments for prospective homeowners, which has the potential to potentially dissuade them from pursuing homeownership. The impact is particularly pronounced for first-time buyers, with increased costs rendering homeownership unattainable for a significant number.

The economic uncertainty experienced in 2023 is extending into 2024 and continues to influence consumer confidence. Individuals are exhibiting hesitancy in property investments due to the perceived unpredictability of the future, which in turn has a knock-on effect and impacts the property market.

 

Persistent concerns regarding the global economy, political instability, and potential alterations to tax laws and regulations contribute to this prevailing uncertainty. Prospective buyers are inclined to postpone significant financial commitments, such as purchasing a flat, in light of this uncertainty. This reluctance to invest has led to a sluggish market characterised by a reduced number of buyers and sellers, ultimately contributing to a decline in property values.

Challenges related to supply and demand often arise when new housing developments saturate the market with similar properties, causing a decline in the value of neighbouring flats. This surplus of options results in heightened competition among buyers, making it more difficult to sell flats at favourable prices. Sellers may find themselves engaged in bidding wars, having to reduce prices in order to attract interest. 

 

Furthermore, the property demand landscape is significantly influenced by location. Flats situated in sought-after areas, where housing availability is limited, tend to draw increased interest. The scarcity of available properties in these prime locations can lead to higher prices and a shorter time on the market. While selling a flat in these areas may grant you a smoother selling process, these high-demand locations are relatively scarce. In practical terms, flats are more commonly favoured in city settings and proximity to amenities, yet even in these scenarios, selling can be challenging if the market is subdued. 

The desire for personal outdoor space, initially fueled by COVID restrictions, continues to be a prevalent trend post-pandemic. Many flats lack significant outdoor areas, limiting their appeal. Additionally, the surge in the popularity of flexible working has prompted individuals to relocate from cities in search of more space for their budget. The cost of a city flat could be invested in a small house outside the city, providing garden space and a home office. Although some businesses advocate for a full-time return to the office, the enduring appeal of flexible/hybrid working motivates buyers to consider living outside the city, as commuting to the office once or twice a week is often feasible for many.

Mortgage interest rates experienced a significant surge throughout 2022 and 2023, propelled by the rising BOE base rate. You can observe the upward trajectory in this graph. The base rate, which remained at 0.1% for much of 2020 and 2021, has now surpassed 5%. It’s important to note that the base rate reflects the rate at which your local bank borrows money from the Bank of England. Your local bank then applies its mark-up to this rate before selling the mortgage to you. Consequently, depending on the loan-to-value ratio, you could be paying substantially more than the base rate.

What is a shared ownership flat? 

If you are unable to afford a deposit and mortgage payments for a property, you may be able to purchase a house or flat through shared ownership. This involves purchasing a share of between 10% to 75% of the home’s full market value and paying rent to a landlord for the share they own of the property. 

 

Over time, you can purchase more of the shares from your landlord, eventually paying less rent and more towards your mortgage, until you own a 100% share of the property. You are able to sell a shared ownership property at any time, however your method of selling can be dependent on your shares. 

 

If you own 100% of the property, then you can sell your property however you wish. However, if you do not own 100% of your property, then you must alert your landlord when you wish to sell, allowing them time to find a buyer for your share. 

 

If your property has a ‘designated protected area-mandatory buyback’ lease, then you will not be able to sell your home on the open market. In this situation, either your landlord will purchase your share or they will arrange for someone else to do so. 

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I cant sell shared ownership flat, what do i do?

Once you have alerted your landlord of your intention to sell, they will have a nomination period to find a buyer. This period will usually be either 4, 8, or 12 weeks, depending on the lease. If your landlord is unsuccessful in finding a buyer during this period, then you will be able to find a buyer for your property yourself. 

 

If you cant sell shared ownership flat, then don’t worry, there are steps that you can take to help: 

If you are struggling to sell your shared ownership property, then you should reach out to your housing association. They may be able to offer you advice, guidance and support. Some even have a process in place if you are unable to find a buyer. 

Obtain a professional valuation for your property. This will help you determine an accurate and competitive asking price, which can be crucial for attracting potential buyers.

Evaluate whether there are any improvements or repairs that could enhance the appeal of your shared ownership flat. Small upgrades or improvements may make the property more attractive to potential buyers.

Ensure that your property is effectively marketed. Utilise online platforms, social media, and other channels to reach a wide audience. Highlight the benefits of shared ownership and any unique features of your flat.

If you encounter legal or contractual challenges, consider seeking legal advice. A solicitor experienced in property law can help navigate any complexities and ensure that you meet all legal requirements.

Or, you can bypass the hassle and get in touch with us. We can help you sell your home in as little as 28 days and without fees! Interested? Click the box below for more!

Can I pull out of selling my flat?

As is the case when selling any property, you are able to pull out of a sale at any point before the exchange of contracts without legal consequence. However, if you wish to pull out once the contracts have been exchanged, then you will be breaking a legal contract, and you can expect to face legal consequences as a result. 

 

If you are considering pulling out of a house sale or purchase, you should consider the potential implications that can be incurred as a result:

 

  • The buyer losing their deposit
  • Being taken to court to cover losses as a result of the terminated sale/purchase
  • Losing out on non-refundable costs, such as conveyancing costs

How can I make my flat more sellable 

 I cant sell my flat, is there anything I can do? 

 

If you are looking to speed up your property sale and secure a fast flat sale, then one of the best ways that you can do this is by bringing the interior of your flat up to scratch. You don’t need to go all out with renovation, despite what you may have been told. Whilst renovations are great, if you are selling on a timescale, the chances of the changes you make being ready in time are slim to none. Furthermore, the money you spend on these renovations is unlikely to be made back in the sale. Only consider renovations if there is drastic work that needs to be done, or you are likely to stay living in the flat for quite some time so will be able to enjoy the new amenities.  

 

So, what can you do?  

 

Thankfully, there are smaller changes that you can make that are likely to have a big impact on your sales. For example, some quick wins that you can achieve quickly before your estate agent arrives include:  

 

This means hoovering, wiping down any and all surfaces, cleaning the kitchen and bathroom, emptying the bins, and giving the flat a general once over. A tidy home is a loved home, and potential buyers will be able to pick up on this.

Before you host any viewings or allow the estate agent round, you should clean up any communal areas within your building to ensure they are looking their best. You should speak to the property managers or even your neighbours about this as first impressions matter, and you want to WOW any potential buyers before they even see the flat. 

Around an hour before any visits or viewings you should open the curtains and windows in your flat to let in fresh air and natural daylight. This will help to rid the flat of any odours as well as help the flat to seem airy and bright. 

Before any viewings or visits, you should give your flat a once over to ensure there is no clutter left lying about. This means no clothes horses left out, no washing up on the side, beds made and nothing left out on the side. 

It is always a wise idea to try and arrange viewings for quieter times during the day. This will help to paint both your building and your flat in the best light as it lowers the chance of any loud noises or neighbours being an issue.  

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How can I speed up my flat sale?

If you are looking to speed up the sale of your flat, there are a couple of steps you can take to help ensure that you are selling quickly and to a timescale that suits you. Below, we take a look at some of our top tips for a quick flat sale: 

Stay organised and proactive 

In order to ensure that your sale is running as smoothly and efficiently as possible, it’s important to stay proactive throughout. This means staying well informed about not only the tasks at hand but also their respective deadlines. Understanding what needs attention and when helps you stay ahead of any potential delays.

Communicate 

Communication is key in life, and a property sale is no different. If you want to speed up the sale of your flat, you will need to ensure that you keep in touch with both your estate agent and solicitor consistently throughout the process. This will minimise the risk of miscommunication but also will mean that as soon as a document or an issue crops up, you will be able to deal with it swiftly and keep your sale on track. You may wish to consider establishing a weekly update routine among all involved parties in order to keep the line of communication open. 

Establish a realistic completion date 

You should set a practical target date for the exchange of contracts. This will create a shared deadline for all of the involved parties and will allow you a goal to work towards. If there’s no urgency for your sale, allow some extra time between the exchange and completion rather than being overly flexible with the exchange date.

Sell through The Property Selling Company

One of the best ways you can sell your flat quickly is through us.  We can help you sell your flat in as little as 28 days and without the fees. Want to find out more? Click here! 

What to do if you can't sell flat?

If i cant sell my flat, what am I meant to do?

 

If you are struggling to find a buyer for your flat don’t worry. We are The Property Selling Company, an estate agency with a difference. We pride ourselves on our personal philosophy that selling a flat should be three things, fast, effortless, and free. 

 

Our dedicated team of property professionals are by your side throughout the selling journey, guiding you every step of the way. From valuation to listing and through to completion, we handle all aspects of the selling process, tailored to your unique selling situation. We offer a full estate agency service, but without the expensive estate agent and legal fees you have come to expect. 

 

Say goodbye to the days of struggling for a buyer for your flat. All you need to do to get the ball rolling is fill in one of our no-obligation forms below and start your house-selling journey today. 

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How To Sell A Shared Ownership Property UK

How to sell a shared ownership property UK

Selling a shared ownership property explained

Tom Condon
Tom Condon ★ Digital Content Writer

Table of Contents

If you’re a shared owner looking to sell shared ownership home and wondering ‘how to sell shared ownership’ then you’re in the right place! Selling a shared ownership home involves several steps, from deciding to sell your home to completing the sale with your buyer.

 

As a shared owner, when you want to sell your home, it’s important to effectively market your home to attract the right potential buyers. The beauty of shared ownership is that it provides an affordable home option, helping many people get onto the property ladder. 

 

If you’re considering selling shared ownership property, it’s important to understand the layers of the process. This guide will walk you through each step, from how to sell your shared ownership property, the costs associated with the process and the most common questions.

What is a shared ownership property?

Shared ownership is a government-backed scheme aimed at assisting first-time buyers in climbing the property ladder. It enables you to purchase a portion of a home, usually between 10% and 75% of its full market value, while paying rent on the remaining share to a housing association or local authority.

 

One of the important features of shared ownership is the ability to increase your ownership stake over time through a process known as staircasing. Most shared ownership agreements allow you to staircase up to 100%, thereby achieving full ownership. However, some leases have a cap at 80%, maintaining the affordability and availability of these homes for other potential buyers in need.

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Can you sell a shared ownership property?

You are entitled to sell shared ownership property at any point but the process differs slightly depending on how much of the property you own.

 

If you’ve staircased to 100%, the sale process is similar to that of any other property. However, it’s always wise to review your contract for any specific terms or conditions. 

 

If you own less than 100%, the housing association or local authority that owns the remaining share has a right known as first refusal. This means they have the initial opportunity to buy back your share or find an eligible buyer.

 

The duration of their right to find a buyer is set during the agreed nomination period, which will usually last four, eight or twelve weeks, depending on your property’s specific agreement. If they are unable to find a buyer within this period, you are then free to market and sell your share on the open market.

How do you buy out of a shared ownership property?

Staircasing while owning shares in a shared ownership property refers to the process by which a homeowner can gradually increase their share of the property over time. Here is how staircasing works:

When you first buy a shared ownership property, you purchase a specific share of it. This is often a more affordable option for many people as it requires a smaller mortgage and deposit compared to buying a home outright.

Over time, you have the option to buy more shares in your property. This process is called staircasing. The cost of the additional shares is based on the market value of the property at the time of the purchase, not the value when you first bought it.

As you buy more shares, the proportion of rent you pay on the remaining share decreases. For instance, if you initially owned 50% of your home and then staircase to own 75%, you would only pay rent on the remaining 25%.

In many cases, you can staircase up to owning 100% of your home, at which point you become the outright owner and no longer have to pay rent on the property. However, some shared ownership properties have restrictions that cap staircasing at a certain percentage, such as 80%.

Each time you staircase, you will likely incur costs such as valuation fees (to determine the current market value of the property), legal fees, and potentially additional mortgage arrangement fees.

Increasing your share of the property can also affect your rights and responsibilities, such as being able to make certain decisions about the property without the housing association’s consent.

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How to sell shared ownership property UK

If you are wanting to sell shared ownership property in the UK, the process is fairly similar to selling a normal house, except you may have the assistance of the Housing Association or Local Authority. 

 

Here is our step by step guide to selling shared ownership property:

 

Understanding your lease

 

  • Begin by thoroughly reviewing your lease. Each housing association or local authority has specific rules for selling shared ownership properties. Ensure you understand all the processes, financial responsibilities and any potential restrictions.

 

Notify your Housing Association or Local Authority

 

  • You will need to inform your local authority or housing association of your decision to sell. This is also the perfect time to clarify the nomination period – which is the duration you must wait before you can independently market your property if they haven’t found a buyer.

 

Valuation and Energy Performance Assessment

 

  • Arrange for a RICS qualified surveyor to value your property. You can choose a surveyor from the housing association’s recommendations or find one independently.
  • Remember, the valuation report is valid for three months, and a revaluation is necessary if the property doesn’t sell within this timeframe. Also, check if you need a new Energy Performance Certificate (EPC) for your property.

 

Completing the necessary paperwork

 

  • Once satisfied with the valuation, complete and return the ‘intention to sell’ form to your housing association or local authority. Prepare to provide details of your conveyancer or solicitor, experienced in Shared Ownership sales, along with your lease, FENSA Certificates and other documents. Be prepared for a marketing fee to cover the cost of advertising your property.

 

Marketing your property

 

  • The housing association will exclusively market your property during the agreed nomination period, using their platforms and reaching out to potential buyers. If they are unable to find a suitable buyer within this period, you can then market the property independently or through an estate agent, keeping in mind the specific criteria for Shared Ownership buyers.

 

Formally instructing a solicitor

 

  • Once a buyer is found, either through the housing association, local authority or the open market, instruct your conveyancer or solicitor to manage the sale. Maintain regular communication to ensure a smooth process.

 

The exchange and completion process

 

  • The buyer will undergo a similar approval process as you did when purchasing the property. Once approved, their solicitor will coordinate with yours to exchange contracts. A completion date will be set, marking when you will hand over the keys and settle any outstanding legal fees. 

Is it difficult to sell shared ownership property?

Selling a shared ownership property is often more streamlined compared to traditional homeownership sales. The ease largely comes from the support provided by Housing Associations. These organisations play a role in simplifying the process, offering assistance in finding potential buyers. 

 

Additionally, they often take on the responsibility of marketing your property, which can help speed up the process. This collaborative approach between the homeowner and the Housing Association can lead to a quicker and more efficient sale, making the experience less daunting. 

 

However, if the housing association cannot find a buyer for the share ownership property within the specified nomination period, the owner is granted the freedom to market the property independently. This is unfortunately where some of the difficulty of selling can arise. 

 

Saying this, the owner will usually have more control over the sale process, including setting the price, marketing strategies and arranging viewings. The issues that arise are due to the fact that the potential buyers must meet certain income thresholds and other criteria set by the housing association or local authority. 

 

These thresholds or criteria could include:

 

  • Income thresholds: Buyers usually need to have a household income below a certain level, for example, in the North East of England, the income threshold might be £80,000 or less. 
  • First time buyers: Priority is often given to first-time buyers or individuals who currently don’t own a property. Additionally, those in housing need, such as living in overcrowded or unsuitable housing conditions.
  • Local connections: Some schemes require buyers to have a connection to the local area, such as living, working or having family there. This criteria helps support local communities and ensures that those who contribute to the area have housing opportunities. 
  • Mortgage eligibility: Buyers must demonstrate that they are eligible for a mortgage for the share of the property they intend to buy. This assessment ensures that buyers can sustainably afford the property. 
  • No outstanding credit issues: Potential buyers should not have significant outstanding debts or credit issues that could impact their ability to maintain mortgage payments.
  • Sufficient deposit: While the deposit required for shared ownership can be lower than for buying a property outright, buyers still need to have enough savings for a deposit on their share of the home.
  • Ability to sustain ownership: Prospective buyers are assessed for their ability to sustain homeownership, including meeting ongoing costs like mortgage payments, rent on the remaining share, maintenance and service charges. 

What steps can you take if dissatisfied with a Housing Association’s handling of your property sale?

If you find yourself dissatisfied with the way your housing association is managing the sale of your shared ownership property, there are a number of steps you can take. 

 

Firstly, begin by raising your concerns with the housing association directly. It’s often helpful to do this in writing, providing a clear and detailed account of your issues, which can lead to a direct resolution or clarification of the processes involved.

 

If the initial communication doesn’t resolve the issue, follow the housing association’s formal complaint procedure. This process is outlined in your lease agreement or is available upon request. Following the procedures means that your concerns ensure your complaint is logged and handled systematically.

 

Should the response from the housing association be unsatisfactory, or the issue remains unresolved, you can escalate the matter to the Housing Ombudsman. The Ombudsman offers a free, impartial service to resolve disputes between tenants and housing associations. They can investigate the issue and provide a resolution, which may include compensation or specific actions from the housing association.

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How much does it cost to sell Shared Ownership property?

The cost of selling a shared ownership property will most likely need you to budget to ensure a smooth transaction. While some costs will be fixed according to your lease agreement, there will be other costs that vary depending on competitive pricing.

 

Your property must be valued by a RICS surveyor, the cost for this service will vary but it’s a necessary expense to ensure an accurate market value. The average RICS valuation will cost you £320, but this can increase up to £800 if you require a Level 3 survey. 

 

You will be responsible for your own solicitor’s fees, which on average will cost around 1% to 3% of your total selling price. It may also be important to note that the conveyancing process for shared ownership properties can be slightly longer than standard house selling. 

 

Furthermore, if in your lease agreement it states that you need to cover your housing associations’ legal fees, then you will also be liable to pay for these.

 

You will also need to obtain your Leasehold Information Form, which will incur a £100 to £300 cost from your housing association. If your housing association assists in marketing your property, they will charge you for this as well – but this cost will depend on the terms of your lease. 

 

If your current EPC is older than 10 years, you’ll need to obtain a new one, and these can cost between £60 and £120. 

 

Should you choose to market your property via an estate agent, you will then also face estate agent fees from then which could be 1% to 3%+VAT of your house selling price. However, if you sell your property with us, you won’t incur any fees at all, ever. 

 

We will cover all the fees associated with selling shared ownership house, including solicitor fees, estate agent fees and we will handle everything for you. Not only that, but we can also help you sell within 28 days, although most people decide to take slightly longer.

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Can you transfer ownership of a shared ownership house?

It is possible to transfer ownership of a shared ownership property. This most commonly occurs during the sale of the property, as outlined in the steps above. However, there are some other circumstances where you might wish to transfer your lease or your share of the lease.

 

In such situations, you will need to seek permission from your housing association or local authority. Each organisation will have its own set of rules and procedures for transferring ownership and you will need to have a firm understanding of these before starting the transfer of ownership.

 

Once permission has been granted, you will need to appoint a solicitor to handle the legal aspects of the transfer. This could include drafting and signing new lease agreements, ensuring compliance with housing association regulations and possibly dealing with financial adjustments related to the ownership share.

Can you sell one Shared Ownership property and buy another?

You can sell your current shared ownership property and purchase another, provided you still meet the criteria for a government’s shared ownership scheme.

 

The scheme is designed to assist individuals who may not be able to afford a property on the open market, so your continued eligibility will depend on factors like income level and housing needs. 

 

If you’ve increased your equity in your current property through a process known as staircasing (where you gradually buy a larger share of your home), you might find that you have built up enough financial leverage to transition out of shared ownership altogether. 

 

This could open the door to buying a non-shared ownership home, giving you more options in the housing market.

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What is the bad side of selling shared ownership property?

Before you decide to sell shared ownership property, it is also important to understand the downside to selling. 

 

If you own a smaller share of the property, your financial gain from any increase in its value is proportionally smaller. This means that the benefits of capital appreciation, a key advantage of property ownership, are significantly reduced. The smaller your share, the less you benefit from the property’s growth in market value over time. 

 

Selling a shared ownership property can be far more complicated than selling a standard property. If you don’t own the property outright, you must first offer it back to the housing association, known as the right of first refusal. 

 

This can increase the selling process timeline, as you have to wait for a fixed period to see if the housing association can find a buyer before you can market it yourself.

Even if you own 100% of the property, selling on the open market might come with its own challenges, especially if you don’t own the freehold as it will limit your pool of potential buyers. 

 

And then when you do find a potential buyer, they will need to meet the specific criteria set by the housing association, which will limit your pool of buyers even further. 

 

Finally, if you have increased your share through staircasing, the cost of these additional shares is based on the property’s value at the time of each purchase. As property values increase, so does the cost of acquiring additional shares which will impact the eventual selling price of the property.

What’s the catch with shared ownership?

Shared ownership schemes offer an accessible path to homeownership but as always, there’s a catch! 

 

Shared ownership properties are leasehold, meaning you’re responsible for ground rent and service charges irrespective of the size of your share. These costs are ongoing and can add to your annual expenses. 

 

The Leasehold Reform (Ground Rent) Act 2022 has brought changes for newly builds, abolishing ground rent. However, for existing leasehold properties, the ground rent factor may deter some buyers, and potentially affect the resale value. 

 

Finding lenders that offer mortgages for shared ownership properties can be challenging, though more mortgage lenders are embracing this market. This limitation might affect your mortgage options, possibly influencing the terms and interest rates available to you.

 

Shared ownership properties often have restrictions on alterations or improvements. This limitation can impact your ability to personalise or enhance your home, possibly affecting its future value and your enjoyment of the property.

 

Staircasing, or increasing your share in the property, incurs additional costs each time it’s done. These include survey, legal, and mortgage fees, unlike a traditional property purchase where such costs are usually one time expenses.

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Can you make a profit on shared ownership?

When selling a shared ownership property, there is potential for making profit. But the potential will hinge on the appreciation of the property’s value over time. If the market value of the home increases from the time you purchased your share to when you sell it, you stand to make a profit. 

 

The extent of your profit is directly proportional to the size of the share you own in the property. For instance, if you own 50% of the property and its value has increased, you will profit from that 50% share of the increased value. Conversely, if you own a smaller share, such as 25%, your share of the profit will be correspondingly smaller.

Do shared ownerships go up in value?

The value of shared ownership properties is subject to the same market conditions as other properties. If the housing market in the area is strong and property values are rising, it’s likely that the value of shared ownership homes will also increase. 

 

The location of the property plays a massive role in the increase of value it may be subject to. Properties in desirable locations like Liverpool, Newcastle, Leeds, Sheffield or Bristol with good transport links, schools and amenities are far more likely to see an appreciation in value. 

 

Furthermore, shared ownership properties are leasehold and the length of the lease will impact the property’s value. Properties with longer leases are more valuable. If the lease is nearing its end, the property value might decrease unless steps are taken to extend the lease.

Looking to sell shared ownership property? We can help!

If you’re considering selling shared ownership property, The property Selling Company is here to guide you every step of the way. As a leading UK online estate agency, we specialise in streamlining the selling process for traditional and share ownership homes, because we believe selling a house should be fast, effortless and free.

 

Our team of experienced property professionals understand the unique aspects of selling shared ownership properties. We offer expert advice tailored to your situation and help ensure that you navigate through the process with ease. 

 

From valuation to listing, and through to completion, we handle all aspects of the selling process. Our service is designed to take the stress out of selling, allowing you to focus on your next move.

 

We are able to leverage our vast network and our large online presence to ensure that your property reaches a wide audience of potential buyers that fit your housing associations criteria. Our targeted marketing campaigns are tailored to highlight the features of your property and attract the right buyers.

 

Arguably the most important benefit of using our service is our commitment to covering all fees associated with selling your shared ownership property. This includes valuation fees, legal fees, and estate agency fees to ensure a completely hassle-free selling experience not seen anywhere else on the market.

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Sell My Flat Fast UK

sell my flat

Sell My Flat Fast UK

Looking at how to sell my flat fast, the costs involved with selling a flat, and how we can help you sell in as little as 28 days.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

When it comes to selling a flat, there are plenty of aspects you will need to consider, especially if you are seeking a speedy sale.  From the management packs to the viewings, choosing an estate agent, and negotiations, it can be easy to feel overwhelmed. Especially if you are concerned about the desirability of your flat. 

 

If you are currently saying to yourself, ‘I want to sell my flat, but I’m unsure how to go about it’, then you have come to the right place. In this blog post we will be looking at how to sell your flat fast, the costs you can incur, and how we can help you sell my flat online. 

 

Looking for a quick answer? Check out our interactive menu to the right!

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Are flats falling in value?

Every flat is different and some may continue to rise in value whilst others may fall. However, as a general rule of thumb, flats do appear to be declining in value. This can be put down to a variety of factors, such as rising interest rates, economic uncertainty, and changes in buyer preferences influenced by external factors like the COVID-19 pandemic. The surge in interest rates has made mortgages more expensive, particularly affecting first-time buyers who are a significant market for flats. Additionally, problems with supply and demand, recent market trends, and the end of the stamp duty holiday have further contributed to the challenges in the flat market..

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Are 1 bed flats easy to sell?

Exactly how easy it is to sell a one-bedroom will depend upon a variety of factors, such as location, market demand, and the condition of the property. As with any selling opportunity, there are advantages and disadvantages to selling your one bedroom flat.  

 

One of the main advantages of selling a one bedroom flat is that they are attractive to specific buyers like property investors or first-time buyers, and can contribute to the marketability of one-bedroom flats. In desirable locations, they may be particularly appealing.

 

However, there are also disadvantages such as limited space and potential challenges in selling, which should also be considered. Limited space may make it less suitable for individuals or couples looking for a long-term residence, especially if they plan to start a family.

 

Additionally, the fact that one-bedroom flats can be harder to sell than two-bedroom flats due to their limited space is highlighted as a disadvantage. The limited ownership associated with leasehold properties could also impact the attractiveness to buyers.

 

All in all, while one-bedroom flats have advantages that make them appealing to specific buyer profiles, the potential challenges, such as limited space and potential difficulty in selling, suggest that it may not be universally easy to sell one-bedroom flats. The ease of selling will vary depending on the local property market, property conditions, and buyer preferences.

What paperwork will be required to sell my flat? 

When it comes to putting your flat on the market, you will need to complete and compile a variety of documents. These include: 

 

  • The Leasehold Information Form (TA7)
  • The Property Information Form (TA6) 
  • Name and address of the freeholder or landlord
  • A copy of the lease
  • Details of payments you may have made during your ownership e.g ground rent and service charges 
  • Details of any attempts that may have taken place to purchase the freehold of the property 
  • Any correspondence that may have taken place between yourself and the managing agent or freeholder
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What is a flat with a short lease? 

A flat is classed as having a short lease if it has anything less than 80 years left on the lease. If you have a flat with a short lease, there is no need to panic. It is not necessarily an issue and many short lease flats are both bought and sold on the open market. 

Sell flat with a short lease

If you find that you own a flat with a short lease, then you will need to consider your next steps carefully. A short lease does have the ability to affect a buyer’s manageability and can potentially jeopardise the sale. 

 

You may wish to extend the lease to avoid selling to a cash buyer. Exactly how much this will cost you will depend on how many years are left on the lease. 

 

Other factors which may affect how much it will cost to extend the lease on your flat before a sale include:  

 

  • Any improvements you may have made to the flat interior
  • How much ground rent is payable 
  • The market value of your flat

 

Whilst you may not wish to extend the lease on your flat if you are planning to sell, doing so may be within your best interests. Flats with a lease under 99 years are not always viewed as desirable as those with longer leases. If you extend the lease before moving, then you will make your flat a lot more desirable and may be able to increase the property value further. Talk to your estate agent first, as they will be able to give you a valuation of the property as it currently is, and how much it could be with a lease extension. 

Typical costs when selling flat in the UK

You may find that you will encounter many of the same costs when you are selling your flat that you would if you were selling your house. However, depending on your property, there may be a few extra charges that crop up when selling a flat. Below, we take a closer look at what you may have to expect: 

If you are selling a leasehold flat, then you should expect to receive additional charges from your conveyancing solicitor. This is due to the complex nature of leasehold properties which can often result in extra work for your solicitor. 

Another two charges you will need to get familiar with are ground and service charges. These will both be payable until the day of completion. Even if you have sold your flat and exchanged the contract, you will still be required to pay until completion day.  

When the time comes to sell your flat, you will be required to provide a management pack. This pack is a collection of documents that you can obtain from the freeholder or managing agent. It costs between £100-£500 and includes:

 

  • Major works plans
  • Ground rent statement 
  • Service charge statement 
  • Asbestos survey 
  • Buildings insurance 
  • Notice fees, Deed of covenant fees, and other freeholder fees
  • Disputes and Enfranchisement 
  • Annual accounts for Management Company for the last 3 years
  • Form EWS1 External Wall Fire Review

When you sell flat, the buyer will be required to sign a deed of Covenant to agree to comply with the terms of the lease. 

Finally, another fee you may be liable to pay is a retention fee. As the exact sum of service charges may not be currently known when you are selling, you may find that your conveyancer will ask for a certain amount that they will “retain” until the outstanding charges are made known. 

Or, if you don’t fancy forking out for solicitors fees, you can sell through The Property Selling Company, which will cover all legal fees for you! Want to find out more? Click the button below! 

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I want to sell my flat, what do I need to consider? 

If you need to sell a flat, then there are plenty of factors you will need to consider. From the local property market to the age and condition of your flat, there are plenty of factors at play when you trying to achieve a quick flat sale. Below we take a closer look at some of the factors you will need to consider when selling a property on the open market: 

One of the most important factors you will need to consider when putting your flat on the market is to look at its age and condition. This is because it has a direct correlation with the price you will be able to achieve. Chances are, a newer, well looked after flat will sell for a lot more than an older flat in a state of disrepair. 

Another vital factor when selling your home on the open market is the asking price. This will determine how many offers you will get and will dictate the success of your sale. Price it too high, and you risk not receiving any offers and being stuck on the market for months before eventually reducing the price. Or on the other hand, you can price it too low and end up either scaring buyers away as they wonder what may be wrong with your flat or selling it for far less than it’s worth and cheating yourself out of profit. 

Knowing what is happening within both the local and wider property market can give you an idea of how long you may be on the market for. It can also give you an idea of how much you can price your own property for. Look at similar flats that have sold recently in your area and check out historic sale data on Rightmove. 

 

You should also look at the wider market, looking to see whether it is currently a buyer or a seller’s market. This will give you an idea about whether you will need to price your flat competitively or not. 

The location of your flat is another key aspect you shouldn’t ignore when it comes to selling your flat quickly. Should you own a city centre flat, then you will more likely achieve a higher asking price than those in more suburban areas. You should look carefully at the amenities that are local to you. Are you within walking distance from public transport links? Are you a short walk away from a shopping centre or leisure centre? Think about what your flat has to offer potential buyers and factor this into your asking price. 

Different ways to sell flat

If you are looking to sell your flat fast, then you will have multiple options to explore. The most common way that sellers look to sell a house or flat is to sell through either a property auction, cash buyer, or an estate agent. Each of these selling avenues comes with its own pros and cons, which we will look at in closer detail below: 

Auction 

If you are looking to sell your flat quickly, then a route you may have looked into is selling through a property auction. A property auction works by selling to a group of bidders rather than on the open market. You will set a minimum reserve price that will need to be met in order to sell your flat, and from there, potential buyers will bid on the property until they meet the minimum reserve price. From there, the highest bid will win, raising your total profit. 

 

Property auctions are a popular option for those with a flat they are looking to sell as property auctions tend to attract serious buyers. This is because once the gavel falls on a lot, the winning bid becomes legally binding and the buyer cannot pull out without facing serious financial consequences. 

 

Another reason why flat sellers may choose a property auction is that property auctions often attract investors who are looking for their next opportunity. 

 

However, if you are looking for a fast sale, then a property auction may not be for you. This is because selling via auction involves a lot of waiting which is less than ideal if you are seeking a quick sale. You will be required to wait for the next property auction before you can sell your property, which can sometimes be months away depending on the popularity of the auction. Then once you have found a buyer, you will need to wait for the paperwork to be signed and completed, which can also take time. 

 

Furthermore, selling your flat through auction is not without cost. In exchange for the marketing and selling of your flat, the auction house will require a commission which will come out of your final profit. 

 

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Cash Buyer 

One route you may wish to explore when it comes to selling your property is to sell through a cash house buyer. A cash house buyer will be able to give you a cash offer and purchase your property in as little as 7 days, without the need for a loan or a mortgage. Because they have the cash funds ready and available, a genuine cash buyer will be able to purchase your flat as soon as you are ready to sell. 

 

 One of the downsides to selling with a cash buyer however is that you will not receive 100% market value for your property. In return for the quick sale and security they offer, cash house buyers will buy your house for less than it is worth. Most cash buyers will offer between 90%-80% below market value, however others will go further. 

 

Furthermore, it is important to ensure you are selling with a reliable and reputable company. The cash buying business is unregulated, which means there are no rules and no regulations that they are required to follow. Because of this, some cash-buying companies are able to get away with dodgy practices. Whilst the business is unregulated, there are boards that cash buying companies can join to help reassure customers that they do partake in unethical business practices. Boards such as The National Association of Property Buyers and The Property Ombudsman are both there to provide customers with peace of mind about who they are selling their flats to. 

 

If you do decide to sell with a cash buyer, ensure they are members of The Property Ombudsman or The National Association of Property Buyers, make sure to check a variety of reviews across several different platforms, and stay clear of companies who claim to offer “100%” market value. 

Estate agent 

Another way to sell your flat fast is through an estate agent. An estate agent is one of the most popular avenues for selling, as they will undertake all of the heavy lifting and legwork in your sale, from marketing to viewings, creating floorplans, and negotiations in return for a percentage of the final sale price. 

 

One of the reasons why selling a flat through an estate agent is so popular is because it is an estate agent’s job to sell property. They know the local and wider market, what potential buyers are looking for, and how to paint a property in the best possible light. They are professionals who live breathe, and eat property. 

 

Furthermore, an estate agent is there to take the stress out of your property sale. They are there to take the weight off of you to ensure that the sale goes as smoothly as possible. 

Popular areas we can sell flats quickly

As an online estate agency with a difference, we can sell your flat in as little as 28 days. We are interested in areas all over the UK, however, these are some of the areas where we get a lot of inquiries from: 

 

  • Liverpool
  • Leeds
  • Sheffield
  • Manchester 
  • London
  • Bristol
  • Newcastle 
  • York
  • Brighton
  • Cambridge 
  • Bath 
  • Brighton 
  • Durham
  • Portsmouth

 

However, if you do not see your area above, don’t worry. We can help you sell wherever you are across England and Wales. 

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Are flats harder to sell?

It’s no secret that selling a flat or home is not always the easiest task. But it doesn’t need to be that way. Here at The Property Selling Company, we believe that selling a flat should be three things: fast, effortless, and free. 

 

We have made it our mission to change the way that you feel about selling your property. Thanks to our personal philosophy, we offer a full online estate agency service but without the fees and the hassle, you can typically get from putting your flat on the market. Say goodbye to the days of expensive legal and estate agent fees, as we cover them for you. It’s just one of the ways that we take the stress out of selling. 

 

Our tailored service means that our dedicated team of property professionals is by your side throughout the flat selling process, offering you support even after you have sold. We will advertise your property on Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals for free. 

 

We are making the challenges of selling your flat a thing of the past. Over the years, we have built a seamless process to provide you with an excellent service and sell for free.

Benefits of our sell my flat quickly service

I want to sell my flat quickly.

 

Fantastic, but how should you go about it? 

 

Although we may be a little bit biased, we believe we are the best choice for selling your flat quickly. We are an estate agency with a difference. Besides being able to sell your flat in as little as 28 days, we think that there are many other benefits of using our service, such as: 

 

  • Customer service – Our wonderful team of property professionals who are by your side throughout the selling process.
  • Our fee-free service – Say goodbye to legal bills and estate agent fees, we cover them all for you!
  • Advertisement – We will advertise your property on Rightmove and Zoopla, sites used by 98% of buyers.
  • Stress-free process – We take the stress out of selling, with our streamlined and direct service.

How can I sell my flat fast?

If you are looking to sell my flat fast, the good news is it has never been easier. All you need to do is to fill in your details in the box below to start your inquiry. One of our property experts will be in touch to find out more about your property and from there we can agree on a price and we will take the rest from there! It’s that easy! 

 

So if you are ready to get your flat on the market and sell in as little as 28 days, fill out one of our free no-obligation forms today!

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How Do You Negotiate a House Price as a Seller in 2024

how to negotiate house price

How Do You Negotiate a House Price as a Seller in 2024

Looking at how you can negotiate a house price as a seller, the best methods of house price negotiation, and what to do when a buyer makes an offer.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Whilst you may be on the search for your next dream home, you may still have a property that needs to be sold.  House price negotiation can be an aspect of selling your home that sends terror straight down a seller’s spine. But it doesn’t need to be this way. Negotiations can be a chance to take a low offer on a house and turn it into a final offer to be proud of. 

 

In this blog post, we will be answering the all-important question, how do you negotiate a house price? We will also look into a property forecast for 2024 and how we can help you sell in as little as 28 days.

 

Looking for a quick answer? Check out our interactive menu to the left.

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2024 property market forecast 

Before we get into negotiating house price as a seller 2024, we should first look at the conditions of the property market as a whole. This will give us better insight into where you will stand as a seller and how much negotiation power you will have. 

 

The UK property market can be an unpredictable creature, fluctuating over the past decade with sky highs in the early 2000s and lows during the 2008 financial crisis. Once the market managed to make its recovery, it slowed once more due to the wider uncertainty that Brexit brought with it. And whilst COVID-19 brought with it more uncertainty, it also saw the rise in house prices, seeing market activity pick up. Pent-up demand, lower interest rates and changing buyer preferences all added fuel to the house-buying fire. 

 

Whilst it is impossible to predict exactly what will happen with the UK property market in 2024, our property experts can take a guess at what we can expect over the coming year. The housing shortage is going to become a much more pressing issue with a growing population and a lack of housing helping to strengthen 2024 as the year of the seller’s market. 

 

Property experts are also predicting: 

 

  • Speed is key: 2024 is set to be the year of fast house sales, with predictions setting appropriately priced houses to sell three times faster than they did in 2021. Bidding wars will become far more commonplace for properties which are desirable and priced correctly.
  • Low availability: In 2021, the number of properties available for sale dropped drastically and has not been predicted to recover by 2024. This means that the listings will struggle in order to keep up with the demand from buyers. 
  • The sky is the limit: 5-7% annual UK house price growth has been forecast for 2023 and 2024 by experts as demand for housing outpaces the supply. If you live in Greater London, you could see a rise of 7-10% each year. 

What to know before negotiating house sale

Before you jump straight into the world of negotiating, there are a few aspects of the selling process that you will need to understand first. Below we take a closer look at some of the steps of a house sale that will lay the ground work for negotiate house sale: 

Pricing 

Before you negotiate your house sale, you need to first ensure that your pricing is correct. This will set you off on the best foot when the offers start rolling in and you need to negotiate. Whilst 2024 may be a seller’s market, this does not mean you can set any price you wish for your property. You still need to ensure that you are pricing correctly you ensure that you do not price out any willing buyers and end up wasting on the open market. 

 

If you are entering negotiations, then at this stage you should have had a property valuation in order to set the asking price. However, if you are having doubts, or simply want to double down, then now is the time to get a second valuation. You will be able to use this when it comes to deciding whether you wish to accept, reject, or negotiate your offer. 

 

You should rely on your estate agent for this valuation as they will have a good knowledge of your property, local area, similar properties available, recent sold prices, and the wider market. 

 

You will also be able to use the Land Registry in order to get a very basic valuation of both your property and the properties in your local area.

 

Another route you may wish to explore is hiring a surveyor but be warned this can be a costly decision. The valuation you get will be more accurate however and will be a good basis for any counteroffers you may wish to make. 

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Gage where your buyer is 

The next thing you will need to understand is where your buyer is at in the buying process. Are they a first-time buyer? Are they chain-free? Is there a current property under offer? Do they have a conveyancer? Have they started the mortgage application process?

 

It is important to understand as much as you can about your buyer if you want to make the most of the negotiations. 

 

You should also look inward and consider your own circumstances. Are you looking at buying a home currently or are you waiting to sell first? Have you got your mortgage application underway? 

Consult with your estate agent 

If you are unsure about whether you should accept a bid on your property, you should consult with your estate agent. They are the experts and have the experience and knowledge to help you navigate the negotiations. They will also be able to inform you if the buyer is offering you the best price that they can. They will also inform you on whether or not they believe you will receive a better offer. 

Sealed bid

Another option you may wish to explore is a sealed bid. This occurs when your estate agent invites any prospective buyers to put forward a single bid. From here you can either accept one of them or reject them all if none are high enough. 

 

As a buyer will only be allowed to put forward one bid, they will often put forward their highest offer in an attempt to win. It is worth bearing in mind that between 2013-2015 only 2% of buyers and 3% of sellers reported using sealed bids. These bids will typically work at their best with at least 2-3 serious buyers. 

Extras 

You may also want to consider throwing in extra features in order to raise the price of your property. If your would-be home buyers are interested in a specific piece of furniture that you may have, then they may be willing to pay a little extra for the property in order to have it included. This can be a tactic that works particularly well if you are dealing with first-time buyers who may not have a lot of furniture themselves. 

Repair work 

Offering to do repair work can be a way to help boost your sale price and can be a handy tool when it comes to negotiating a sale price. If you are not willing to have the repair work done, then you may wish to accept the lower offer. 

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Is negotiating house price as seller hard?

As 2024 is a seller’s market, it means that the ball is in your court, and can be used to give you a potential upper hand. You should remember to be flexible, and willing to listen to your buyer. But you should also be careful not to dip too low below the general asking price. 

 

Below, we take a look at some of our top tips for negotiating offers as a seller: 

If you are receiving multiple offers, you should set a date to receive all of your offers by. This adds a competitive edge to the sale and helps to create a sense of urgency for the buyers.

You should always ask to receive proof of funds when negotiating. It helps to prove the legitimacy of the bid and can avoid issues with funding later down the line. 

As this is a seller’s market, buyers will more than likely offer above the asking price as there is competition over limited housing stock. 

You should be sure to compare all of the offers against each other. Don’t just look at the price, consider requested repairs, the timeline for moving, the deposit amount, and other factors. 

You should keep any interested parties in the loop during the early days of the sale. This will help to encourage offers from people who may have viewed the house early doors but are yet to offer. 

If you do not receive any bids that meet your expectations, you should go in with a price that is a halfway point between the highest bid you receive and your original asking price. This will help give you some wiggle room for negotiation. 

How do you negotiate a house price When Selling Your House

Now you know what to expect, we will now take a closer look at how to negotiate a home purchase. When you put your home on the market, you should go into it expecting to negotiate on price. A tactic that some sellers employ in anticipation of these talks is to add 5-10% to the asking price. However, you should always consult your estate agent before deciding to do this. 

 

In 2019, Zoopla conducted a survey that discovered that the gap between the average asking price and selling price has increased by approximately 3.9%. 

 

When it comes to negotiating, you need to be flexible. You should carefully consider an offer before deciding whether to accept, reject, or negotiate. When you offer a counteroffer, it will typically be a little below the desired asking price to not lose the sale and to keep the buyer interested. Whilst it is worth to be flexible, you should never dip too far below asking. 

 

Before you provide a counter offer, remember to: 

 

  • Take your time to think the offer through
  • Consult your estate agent and compare the offer to the property’s value 
  • Review the local housing market to get an idea of an appropriate figure 
  • Take into consideration any potential repair costs against the offer you were given

What is reasonable to offer below asking price 2024 UK?

As a seller, you can expect to receive an offer that is anywhere between 5%-10% below your set asking price. However, you may receive offers that or less than this sum or more, it will depend upon a variety of factors, such as the condition of your property, the location, your buyer’s personal circumstances, and the local property market. 

 

If you receive a lower offer than expected, then you should not panic. You are under no legal operation to accept it, and you do not have to come to a decision about it straight away. A lower offer is often offered first by buyers as a means to start a negotiation. From here, you can negotiate the price and terms of the property and return with a counter offer for your potential buyer. 

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What should I not say to a house buyer

When it comes to selling your home, it is always wise to play your cards close to your chest. You should be friendly with any potential buyers, but when it comes to small talk, you should be careful about what you do and do not say, as one false move could end up giving away any negotiation power you may have held.

 

Below we take a closer look at what not to say to a buyer when selling your home in 2024:

You want to sell fast 

If you tell a prospective buyer that you are in a hurry to sell and are looking for a quick sale, it can damage your chances of negotiation beyond repair. It is never a good idea to show your hand too early, and by revealing that you are in a rush to sell will mean that the buyer can offer less than they were originally going to and still potentially get the house. 

 

It can also be a good idea to try and avoid revealing any information that may indicate that you want a fast sale, such as you are selling due to illness, money struggles, or divorce. 

No rush

If you are not in a particular rush to sell, you should also play this close to your chest. If an agent does not think of your sale as a priority you may find yourself wasting away on the open market. 

You are looking for a specific buyer 

As a seller, you may be looking for a first-time buyer to sell your property to, or you may be looking to sell to someone who loves your property as much as you do. However, you should be careful not to voice any of these feelings out loud. You do not want to turn away any potential buyers who could have been about to make an offer and are willing to pay. 

How can we help?

If you are looking to negotiate house sale, or are thinking about putting your home on the market, then we are here to help. We are The Property Selling Company, an online estate agency with a difference. We were founded to shake up the traditional world of estate agencies and offer you a selling route away from the norm. 

 

We have one simple goal, to change the way you sell your home. The days of expensive solicitor bills and estate agent fees are over, we cover the costs so that you don’t have to.

 

We pride ourselves on our personal philosophy that selling a house should be three things; fast, effortless, and free. That’s why we offer a tailored service, where our team of property professionals are by your side throughout every step of the process. We will advertise your property on Rightmove and Zoopla, organise viewings, cover your legal fees, and negotiate better deals for free. 

 

We are making the challenges of selling your home a thing of the past. Over the years, we have built a seamless process to provide you with an excellent service and sell for free. 

 

So if you are ready to sell your home fast and for free, get in touch today and fill out one of our free, no-obligation forms today!

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