Wednesday, August 17, 2022
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Property: The home-buying hack that could save you £22k when purchasing a home

The average price UK homebuyers pay for a property in England is currently £252,671. Now, research from property purchasing specialists, HBB Solutions, has revealed that homebuyers can slash an average of £22,000 off the price they pay for a home by looking for “quick sale” properties. The company looked at current property prices across each region of England as well as the average price accepted by sellers who need a “quick sale”.

The research revealed just how much a buyer can save, as well as providing top tips on how find and secure these discounted homes.

The most recent UK House Price Index shows that property prices are now 9.9 percent higher than this time last year.

Buyers searching for a home with a budget in mind might struggle to find a home with all the requirements they need.

The booming housing market also means property sales are taking longer to complete which means there are some sellers who are willing to sacrifice profit for a “quick sale”.

Some sellers are happy to put their property on the market at a discounted asking price for buyers who are able to complete the process as quickly as possible.

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However, to secure a property like this, buyers need to be able to move quickly.

How buyers can secure a “quick sale” property:

Have a mortgage approved in principle

This needs to be secured before submitting an offer.

A mortgage approved in principle shows a seller that you’re serious about a home.

It also means the journey to securing a mortgage is shorter.

Be chain-free

Being chain-free is a massive benefit when buying a “quick sale” home.

Chains can create delays and can even result in transactions falling through.

Managing Director of HBB Solutions, Chris Hodgkinson, said: “People often assume that sellers are interested in one thing only: getting as much money for their property as is humanly possible.

“But this isn’t always the case. For example, lots of people move home because of changing life circumstances, such as new jobs, bereavements or the start of, or breakdown of a relationship, and this means speed is of the essence.

“In these instances, a buyer in a strong position is often far more preferable to one with a bigger cheque book and sellers in need of a quick sale will return the favour in the form of some quite notable asking price reductions.

“Ensuring you’re in the strongest possible position as a buyer is the best way to secure such a property and so the very minimum you should have is a mortgage in principle before you hit the market in search of a home.”



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