Number of Empty Properties on the Increase

The number of empty properties throughout England is on the rise, fuelling Government concerns that there are not enough houses for first time buyers in areas such as Leeds and Liverpool .

According to a report in the Telegraph, the number of vacant properties has increased for the first time in ten years. It now stands at 205,293 empty properties up and down the country and said to be worth an estimated £50 billion.

Fast House Sales in Leeds and Liverpool

The financial crisis in 2008 saw many home repossession and bankruptcies and a high of 326,954 empty properties. Since then, the number of empty properties around the country had been on the decline. 2017 saw this trend reverse and the number of vacant properties around England leapt by 2.6%.

While the number of long-standing empty properties remain highest in the capital, where many of the homes are second properties or investment properties where the buyer is holding on to them until the value increases. However,areas such as Leeds and Liverpoolare also high on the list with a registered 2709 properties standing empty in 2017 in Leeds and 3889 in Liverpool. In most cases, the reason for the homes being vacant is rarely due to the owners waiting for them rise in value and usually due to either repossession or the inability to sell the property.

Although the number of empty properties only accounts for around 0.9% of the housing stock in England, Government officials are keen to address the situation and bring these homes back into play to help ease the housing crisis.

Sadly, many of the empty homes in Liverpool and Leeds are now of a poor standard and need lots of refurbishing work to bring them back up to a liveable standard. In many cases, the owners of the properties needed to sell my house fast but a slow-moving housing market has not allowed this to happen.

 

Sell my house for cash | Need a fast house sale
Sell my house for cash | Need a fast house sale

How to Sell My House Fast?

This situation could have been avoided for many.If the owners of the properties had approached a property buying company such as buyingpropertyfast.com, they could have solved their problem quickly and would not be saddled with either an expensive empty property or had the bank repossess their home through defaulting on their mortgage payments.

Buyingpropertyfast.com allows people to sell my house for cash and in many cases, sell my house today. While many home owners feel that using approved property buying companies may lead to them losing money on the value of the home, having the property repossessed or standing empty long-term leads to much more money being lost and potential credit black-listing.

With so many long-term empty houses out there, many local councils are taking measures to bring them back into housing stock by forcing owners to sell at well below market value or increasing the amount of council tax charged on properties left vacant and unfurnished for more than two years. Some politicians have asked that capital gains tax be suspended for the sale of long-term empty investment or second properties to help deal with the situation and prompt more owners to put the properties on the market or reduce the asking price in order to get a quicker sale.

 

Landlords Offloading 3,800 Buy-to-Let Properties Each Month

The number of buy-to-let properties coming onto the market has risen sharply according to a report from the Ministry of Housing and sees no signs of slowing down.

Many landlords are facing tough times and are struggling to make decent returns on their buy-to-let investments. This has led many to decide to cut their losses and put their properties on the market.

The number of rental homes available has fallen sharply over the past year and a half, with approximately 3,800 buy-to-let properties being sold each month. This has left ministers concerned about the number of available rental properties and rising rents for tenants.

Various tax reforms along with mortgage changes for buy-to-let properties have led many landlords to reconsider their future in the rental sector. The changes see an end to the increasing number of privately-owned rental properties witnessed over the past two decades and have plunged the number of rental properties available for tenants into decline.

Stamp Duty and Tax Relief Changes

The introduction of a 3% stamp duty charge for buy-to-let properties along with changes to how much tax relief a landlord can claim has changed the landscape of private rentals.  Landlords now face higher start up costs along with lower returns than they did before the measures were brought in.

This situation has led to a significant rise in the number of properties up for sale, and with many landlords owning more than one property, they are often keen to sell my house fast and hope to recoup their investment as quickly as possible.

Need to sell my house fast
Need to sell my house fast

Third of One Property Landlords Considering Selling Up

According to a report released by Simple Landlord, around a third of landlords who hold just one rental property were planning to sell that property and come out of the rental sector. This leaves many in a desperate situation where they need to sell my house for cash.

Property buying companies can offer landlords a quick and easy solution by offering to buy property for cash. Anyone who finds themselves in the situation where they need to sell my house fast can use buyingpropertyfast.com to quickly sell their buy-to-let property and close this chapter of their lives.

How to Sell My House Fast?

A fast house sale is dependent on finding a buyer, however, in the open housing market this can often take months, and in some cases, even years. The traditional route of marketing your property with an estate agent and showing around potential buyers can be a long, drawn out experience and often expensive. In many cases they will need to either find a buyer who is willing to take on any sitting tenants they have or wait until their tenants’ lease is up for renewal.

Buyingpropertyfast.com can overcome these hurdles by offering a cash value for your buy-to-let property, regardless of the condition of the house and if you have tenants in situ.  So, if you want to sell my house today, this could be the solution for you.

Landlord Repossessions Set to Rise Rapidly

According to a recent report in the Independent, tenants failing to keep up with rental payments is causing a record number of evictions and repossessions by landlords. This is leading to many landlords being in a situation where they need a fast house sale in order to rectify their mortgage arrears and clear their debts.

Data released by the Ministry of Justice shows that while repossessions of owner occupied homes by building societies, banks and other money lenders has stabilised at a low level for the past few years, repossessions of rental properties have risen sharply.

Some financial experts are predicting that landlord repossessions may rise by 10% over the next few months as more tenants default on rent and more landlords become in mortgage arrears.

Rent Arrears Leading to Record Number of Repossessions

During the final quarter of 2017, there were more than 15,500 legal repossessions made by landlords to evict their tenants. Although London is a rising hotspot for areas where tenants are being evicted for rent arrears, other areas in the north and north east of the country such as Grimsby, Hull, Doncaster and Peterlee have also been particularly hard hit.

Interestingly, it isn’t just lower rental value properties that have been repossessed. London and the South East has seen a dramatic rise in the number of repossessions of high value rental homes, some worth millions of pounds.

 Sell My House Fast | Sell My House Today | Sell My House For cash
Sell My House Today | Sell My House For cash

Interest-Only Mortgages Outstrip Current House Values

In addition to tenants not paying their rents, repossession of rental properties from money lenders has increased as more landlords have been unable to repay their debts as lower house prices have meant they are unable to raise enough from the sale of the property to fully clear the outstanding mortgage.

Many landlords who took out Buy-to-Let mortgages on interest-only repayments in the 1990s are now finding their mortgage expired but their investment has considerably dropped in value and is no longer worth more than the original mortgage. While this is a problem in London, it is also a particular issue in Grimsby and Peterlee where house prices have still not recovered from the 2008 financial crisis.

Need a Fast House Sale?

This could be a reason for many landlords in areas such as Grimsby or Peterlee needing to sell their property fast. In order to appease their mortgage lenders, who need a fast house sale is often needed to offset the debt and stop them sliding further into financial trouble.

In many cases of landlord repossessions, the time taken between the landlord making the claim and the property being repossessed is now an average of 41 weeks according to figures from the Ministry of Justice.

Approved property buyers and companies that buy houses fast are offering people in these situations a rapid solution. Rather than have to sell their house via the route of an estate agent. Property buying companies can facilitate a fast house sale and buy property for cash.

BuyingPropertyFast.com is a reputable property buying company which specialises in buying houses for cash in Peterlee and Grimsby.

House Prices Slump in February

For the first time in six months house prices have fallen rather than risen, creating concern of a new trend. House prices in the UK have fallen by an average of £1,350 according to data released by the high-street lenders, Nationwide, which could cause major problems for people who need a fast house sale in Doncaster.

A recent Daily Mail article explains that although house prices rose by 0.8% in January, last month saw a 0.3% dip, slowing the increase in house prices from 3.2% to 2.2% so far this year.

House Price Increases Predicted to Be Slow in 2018

The Nationwide predicts that house price rises will be extremely slow this year, citing between 1% and 1.5% increase on the 2017 values.

The average price of a home in the UK fell in February to £210,402, going against the back to back increases witnessed in December ’17 and January ’18. Although monthly figures can fluctuate wildly, the building society was keen to stress that a slump in property value can indicate problems within the property market, particularly in areas such as Doncaster where the property market has been depressed for some time and house values have struggled to get back to pre-crisis levels.

Sell My House Today | Sell My House For cash | Need to sell my house fast
Sell My House Today | Sell My House For cash

Consumer Confidence Affecting the Housing Market

Consumer confidence and the lack of spending over Christmas and the New Year is also being cited as one of the reasons for the drop off in property prices. Household incomes are continuing to be squeezed due to a number of concerns such as inflation, slow salary increases, zero hours contracts, and the looming problem of Brexit and what that may mean for employment prospects in the country.

While lower house prices are good for those house hunting or wishing to get onto the property ladder, they can cause problems for those who need a fast house sale. If too many houses are on the market, people may have difficult in securing a quick sale and may need to look for alternative ways to sell their house fast in Doncaster.

The Nationwide also reported that mortgage approval levels are the lowest they’ve been for three years, as lenders tighten up their criteria for lending and fewer people feel they are in a financial position to commit to such a big financial undertaking. This too will have a knock-on effect for the property market and could further limit the number of potential buyers.

Companies that Buy Houses for Cash Can Help

Property buying companies can offer people who are wondering how to sell their house fast a viable option. Approved property buyers can buy property for cash, which can alleviate much of the waiting and stress involved with selling a property through the conventional route of estate agents and mortgage lenders.

BuyingPropertyFast.com can offer hope to people who need a fast house sale in the Doncaster area. This will allow them to quickly sell their home before the value of their property falls further and without the worry of opening up their home to viewers and making costly renovations to improve the marketability of the property.