Is it better to sell property fast or sit and wait?

Should landlords hold onto their properties for as long as possible following the BOE’s announcement that inflation fell to 8.7% in April?

Despite the fall in inflation, The Guardian is reporting the financial markets are betting on an interest rate rises to 4.75% in June and 5.4% by the end of the year , the Office for Budget Responsibility (OBR) is still predicting that house prices will fall 10% over the next two years and David Miles, a senior economist at the OBR recently expressed the opinion “Those forces driving them up are going to be much weaker, I suspect, in the next 40 years than they have been in the past 40 years.”

As a result of higher running costs, restrictive legislations, the prospect of slow growth in value plus significant risk of prices continuing to fall further until 2025 and the prospect of expensive improvements to time raise the EPC grades; many people recognise the time has come, especially for landlords whose real incentive in buy-to-lets has been the capital growth, to reinvest or retire now as traditionally, buyers pay more for properties during May, June, July and April (in that order).

While Rightmove report more seller confidence in the market (reflected by higher asking prices) both Rightmove and Zoopla warn sellers of the need to price their properties ‘sensibly’ and urge them to make sure pricing aligns with buyers’ expectations if they are serious about selling. Zoopla also reported that house buyers are seeking out better value-for-money areas and smaller homes with lower running costs.

Comparing sales in April 2023 to April 2022, they are reporting higher demands for properties in the lower-priced 40% of the market and lowered demand for properties in the higher-priced top 40%, potentially making the sale price of bigger properties have to ‘work harder’ to attract interest which could be great news for landlords wanting to rethink their strategies and replace lower yield single occupancy houses with higher yield, upmarket HMOs with suitable EPC grades already in place.

How should landlords react to these market indicators and when?

There is no definitive answer that is correct for all landlords because the best course of action depends on individual circumstance and factors such as motivation, yield and equity but in the last year, over 200 landlords have reached out to specialist estate agency Landlord Sales Agency to cash-in their earnings and protect their equity.

David Coughlin, CEO Landlord Sales Agency said: “Landlords choose us because we are specialist and we take on the whole challenge from listing to completion with everything in between.

“We find solutions for every stakeholder including tenants. Many of our sellers have come to us after years of trying to sell their properties through other estate agencies.

“They return to us time after time because we deliver on what we promise: speed, price and minimum disruption to their business.”

• We sell all types of property with all types of tenancies from ASTs to HMOs
• Sellers do not have to wait for tenants to leave or pay for empty properties while the property is sold
• We sell properties individually or as small, medium and large portfolios
• Landlords can release large amounts of equity fast and we can provide cash advances on agreed sales
• We have teams across the country and we pay for essential repairs to ensure properties sell quickly and for the best price
• We have built up a database of over 30,000 private buyers and investors who compete to offer sellers their best prices
• We arrange vacant possession where necessary by helping tenants to relocate using practical, financial and specialist help from organisation s including local councils
• We sell properties to investors without disturbing tenants by collecting references and payment histories as ready-made business opportunities
• We help landlords avoid legal disputes with problem tenants through mediation to save time, money and stress to all parties
• We use non-refundable deposits to protect sales from collapse or market changes
• More than 95% of agreed sales complete within 56 days

Get in touch today to find out what Landlord Sales Agency can do for you to help you decide your best option.

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