Regardless of rising financial pressure in most homes across the UK, newly released data from property purchasing specialist, House Buyer Bureau, has revealed home sellers utilising the quick sale method aren’t doing so because of financial hardship, but rather looking to sell sharpish in order to facilitate their onward purchase.
Last week, research by House Buyer Bureau revealed that there has been a significant increase in the number of sellers looking to shift their homes quickly in the current market. The quick sale specialists have today revealed the primary reasons driving home sellers to a quick sale based on their own internal data.
House Buyer Bureau analysed the primary reason provided by those considering a quick sale and found that the predominant factor was to help facilitate their onward purchase accounting for 28.2% of all enquiries
Those with an empty property to sell accounted for the second largest level of enquiries at 17.9%.
Family-related reasons ranked third (9.5%), whilst those buying or renting another property accounted for 7.5% of all enquiries.
A sale spurred by a bereavement ranked next, accounting for 5.8% of total enquiries, with financial difficulty accounting for 5.7%.
Ill health (3.8%), downsizing (2.2%), emigration (2%) and divorce or separation (2%) also ranked within the top 12 most common reasons for a quick sale.
Chris Hodgkinson, Managing Director of House Buyer Bureau, commented: “There is a common misconception that those looking to sell their home fast are forced to due to their financial situation. While this is certainly a factor in some cases, it’s far from the predominant reason that sellers utilise the quick sale route and they are far more likely to do so to rescue their onward purchase.
"In recent months, a higher level of market uncertainty has made this reason all the more prominent as many sellers have found their onward purchases in jeopardy, primarily due to their buyer withdrawing as a result of the increased cost of borrowing.”