It is an ideal time to sell your home this summer with more buyers paying for properties with cash or putting down large deposits.
With almost four in 10 buyers paying cash for properties, now is a great time to put your home on the market with HouseMoov.
Figures from Nationwide building society show 38% of homes bought in the first three months of 2015 have been paid for using cash. The proportion of cash buyers is almost double what it was before the financial crisis hit in 2008 when just 20% of property purchases did not require a mortgage.
Robert Gardner, chief economist for Nationwide, credits the increase in the proportion of cash purchases with people finding it more difficult to get mortgages than before the crisis. But he also said many of the cash purchases were due to older people selling their homes and downsizing to something smaller.
Statistics from Mortgage Advice Bureau (MAB) show that the average housebuyer is putting down a deposit of £72,302 – the largest amount since records began. And the average deposit now accounts for 30% of the value of the property being bought.
These figures come after it was announced that house prices had risen by more than £100 a day during April. According to Halifax, the average house price in the UK leapt from £193,328 to £196,412 in just a month.
If you’re thinking of moving to a new property, now may be a good time to find out how much your current home is worth. All you need to do is fill out details on your home using HouseMoov’s simple valuation form.
Our expert team will then take the information and look at the sale prices of similar properties in your area. Using this and our knowledge of the housing market, we will then come up with an accurate valuation for your home.
But remember that whatever our free no-obligation valuation is, the asking price is down to you. We will offer you advice if you need it but the decision of how much to ask for your property is ultimately up to you and your individual circumstances.