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Surge in quick-fix property sales

Published 13th Aug 2007

In the past month, the number of homeowners looking for a quick sale doubled according to National Homebuyers
The firm which guarantees a purchase for homeowners looking to sell up sharpish has cited the Council of Mortgage Lenders’ (CML) statistics as a factor in this move – with Brits fearing rising interest rates could well trigger a collapse in the housing market.

Debt is one of the key factors now pushing twice as many homeowners to seek National Homebuyers’ help to sell up, however 75 per cent of the firm’s purchases are fuelled by a homeowner’s desire to relocate or due to family reasons such a divorce, personal health, death, retirement and the need to upgrade/downsize quickly.

When it comes to relocating it’s not just elsewhere in Britain these homeowners are looking. Almost 40 per cent just wanted to up sticks and move abroad as quickly as possible and with the least possible hassle – a big step and not one to be taken lightly.

David Harber of National Homebuyers explained: “The number of people contacting us because they are either currently in or are predicting financial difficulties has doubled since the beginning of this year.

“More people are uncomfortable with the state of the property market and homeowners want a fast way out. Our customer statistics are pretty shocking, however it shows how the tide is turning on the traditional property market.
“Furthermore the phenomenal increase in property values in recent years means that owners can escape their property and still make profit on the investment they initially made.

There also appears to be greater pressure to care for the family rather than get embroiled in debt or face months on the housing market. People are looking for immediate equity release that doesn’t come with waiting around for months hoping for a sale.”
By Ariane Buteux

Source: ' What Mortgage '

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