By A rising number of people are choosing to sell their homes to professional cash buyers for a quick sale, according to the latest figures from the National Association of Property Buyers (NAPB).
Representing companies willing to offer an instant cash purchase on residential properties, the NAPB has revealed that its members purchased 2,718 homes between them in 2020 – a figure that had already grown by 7% by the end of the first quarter of 2021.
National Association of Property Buyers ensures all its members register with The Property Ombudsman Code of Practice and adhere to its Code of Practice.
By using a member of the NAPB or a company registered with TPOS, homeowners who are looking to sell their house quickly for cash can access both organisations if they have a concern or in the event of a dispute.
The strongest increases in enquiries over the first quarter of 2021 were from sellers in Birmingham and Derbyshire, which rose by 15% and 12% respectively.
The NAPB’s members include companies such as Property Solvers Ltd, House Buy Fast and Property Rescue Ltd, which offer to buy a residential property or to find a third-party buyer quickly. Members typically complete a purchase in an average of under 21 days from point of sale.
Ninety per cent of NAPB’s members expect to buy a higher number of properties on a quick sale basis by the end of 2021 compared to 2020.
“More and more consumers are realising that there are other options beyond the traditional routes to selling a home, particularly in circumstances where a quick sale is needed,” said Jonathan Rolande a founding member of The NAPB.
“The reasons for a quick sale can include all kinds of factors, from inheritance to difficulties associated with a property such as short leases or cladding problems.”
“During the Coronavirus pandemic some sellers have preferred to avoid house viewings, while others have simply wanted to remove any uncertainty or to avoid being part of a property chain.”
The NAPB works closely with The Property Ombudsman to raise and uphold high standards in the property buying sector.
Membership of the NAPB is on a voluntary basis and all members must sign up to The Property Ombudsman Code of Practice to ensure that consumers can expect a fair and transparent service.
If you are thinking of selling your home for cash, here is quick check list:
- Get at least three estate agents to give you a valuation for your property so you have a clear understanding of what your property is worth.
- Do your research on which cash-purchasing company to go to – they are not all at member of the National Association of Property Buyers.
- Check that the company is registered with The Property Ombudsman
- Get a legal adviser
- Get everything in writing
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