Press Release: Enquiries to NPT up 305% in London since Brexit Referendum
- UK house-buying group National Property Trade reports 305% increase in London enquiries since 2016*
- 25% of enquiries motivated by relocation or emigration as UK housing market remains subdued
- Accelerated sale purchase value competes with open-market transactions- 65% increase in relocation enquiries since 2016
London, 25 March 2019 – Figures released today by UK house-buying group, National Property Trade, show enquiries in London have risen by 305% since 2016.
The company, which last year bought almost £30million worth of property, reported that enquiries coming from London and its immediate surrounds almost doubled in 2018 year-on-year, as vendors faced ongoing slowdown in market activity against the Brexit backdrop of economic and political uncertainty. Figures suggest that homeowners are becoming increasingly frustrated with the unforeseen delay and costs associated with selling property on the open market.
Wider industry research suggests the average property sale in the UK takes over five months to complete from the point of listing on the market. This includes around 11 weeks to complete the conveyancing process alone, whilst complex selling chains, unpredictable legal issues and lengthy delays result in approximately 25% of agreed sales failing to complete, often incurring legal costs for the seller.
Cormac Henderson, Founder and CEO of National Property Trade, comments: “The antiquated English house sale system means that sellers have no guarantee that an agreed sale will take place until the point of legal exchange. From the point of listing with an estate agent, this process can easily take 7 months. Our experience suggests the picture is worse than the industry presents, meaning that people are unable to plan their lives and regularly miss out on opportunities. As the housing market responds to challenging selling conditions, homeowners are looking to alternative means to sell their property. National Property Trade provides a solution to this; offering a risk-free, guaranteed transaction with no fees and a transparent, stress-free sales process.”
Recent figures show that property prices in London continued to fall in 2018, whilst increasing stamp duty rates further dampened market activity. National Property Trade currently buys property at an average of 85% of its market value, and the group hopes to see this figure increasing as the sector grows.
Cormac Henderson continues: “The accelerated sale sector was once perceived as a last resort, but homeowners are now recognising that it provides a financially sound and risk-free alternative to selling property. Transaction prices are competing with the open market and as the industry matures, these values are likely to rise.”
Further research from the award-winning company shows that customers’ motivation for selling is also changing in the Brexit environment, with almost 25% of UK customer enquiries in 2018 citing relocation or emigration as the reason for selling their home.
Cormac Henderson adds: “Around one third of our enquiries are motivated by the need to buy a new home, but the second most popular reason people look to accelerated sale is for relocation purposes, and this has risen 67% since 2016. These figures not only reflect wider UK economic activity, but also demonstrate that homeowners who are looking to sell a house quickly are increasingly referring to accelerated sales as a viable alternative solution to the open market.
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National Property Trade
National Property Trade was founded in 2007 to provide quick-sale property solutions, in response to the challenges faced by consumers in the UK housing market. Headquartered in London, the award-winning company is now one of the UK’s largest property buying services and operates nationwide. National Property Trade offers a range of buying solutions and aims to provide the best price for those looking to sell their house quickly. National Property Trade is a member of the regulatory bodies National Association of Property Buyers and The Property Ombudsman.
*Increase of 305% between January 2016 – Dec 2018